* A corporate client of Hybridan LLP.
** Potential means Intention to Float (ITF) or similar announcement has been made.
***Arranged by type of listing and date of announcement.
****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.
Dish of the Day
Admissions:
Pathos Communications (NEWS.L), the technology-enabled, human-led PR Company announced its admission to AIM today. The Company collaborates with its clients to create and distribute articles and media across a variety of platforms, including established news outlets, digital media and podcast channels. The Company's client base comprises SMEs, including micro-SMEs, which can benefit from public exposure through media and news publishers. The Company is incorporated in the UK, with its primary operations in Dubai. The Company's offerings to its clients are supported by its proprietary AI-driven technologies, which are used to generate ideas, undertake market research and create news articles with limited human input required to generate highly efficient outputs. The company raised £5.6m at 30p. At the Issue Price, the Company had a market capitalisation on Admission of approximately £20.0m.
Delistings:
None
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th December: Greengage & Co Group has announced its intention to IPO onto AQSE. The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients. It provides business-to-business (B2B) introductions to electronic-money (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. Offer details TBC and expected Admission on or around 24th December.
3rd December: Sintana Energy, the oil and natural gas exploration Company listed on the Toronto Venture Exchange, has announced its intention to dual list on to AIM. The Company’s interests include eight licences in two countries, Namibia and Uruguay, as well as a pending indirect interest in a licence in Angola (and legacy assets in The Bahamas and Colombia), thus providing diversified exposure to a range of geologic plays, basins, operators, regulators, and geopolitical regimes. The portfolio is anchored by an indirect interest in the significant discoveries in the Mopane Complex (contained in Petroleum Exploration License 83 in the Orange Basin, Namibia), together with additional high-impact exploration catalysts across multiple other assets. No capital being raised on Admission and the anticipated market capitalisation on Admission will be £137m. Expected Admission date is 17th December.
Market Movers:***
12 December: Ultimate Products (ULTP.L), the owner of a number of leading homeware brands including Salter and Beldray, has announced its intention to move from the Main Market to AIM.
The Company’s current market capitalisation is approximately £50m and no capital will be raised on Admission on 15 January 2026.
18 November: Roquefort Therapeutics (ROQ.L) proposes to change its name to Coiled Therapeutics plc. The Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
19 November: All Things Considered Group (AQSE: ATC) independent music Company which delivers representation, services and creative commercial solutions announced a conditional equity fundraising of £8.6m and subsequent move to AIM. Admission to AIM is expected to occur on or around 17 December. Net proceeds of the Fundraising will provide additional working capital and a strengthened balance sheet to continue ATC's growth strategy.
11th November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January 2026, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Main Market. The Group does not intend to raise funds in connection with the move.
Banquet Buffet****
Fulcrum Metals 6.625p £8.2m (FMET.L)
The company focusing on the use of innovative cyanide free technology to recover precious and critical metals from mine waste in Canada, notes the announcement released on 15 December 2025 by investee company Terra Balcanica Resources Corp., regarding the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton, Saskatchewan uranium projects. Fulcrum has agreed to amend the Uranium portfolio option agreement with Terra to reflect an assignment of the option and the remaining underlying terms including payments owed to Fulcrum and work commitments on the properties to Terra's wholly-owned subsidiary Terra North Resources Corp. Fulcrum currently holds 5,801,498 shares in Terra. These were part of the option payment schedule up to and including the year 1 option exercise.
Genflow Biosciences 1.85p £9.1m (GENF.L)
The biotechnology company focused on extending healthspan through advanced gene therapies, today announced that all dogs enrolled in its ongoing clinical trial have successfully received the full administration of the Company's investigational SIRT6-based gene therapy. Importantly, no adverse events were reported during the dosing phase of the study. No serious, moderate, or minor side effects were observed, demonstrating a strong safety and tolerability profile for the therapy. The study is being conducted as a blinded clinical trial and, as such, efficacy outcomes cannot yet be assessed. Genflow expects a first efficacy read in mid-to-late January 2026, which will include blood analyses and muscle biopsies to evaluate potential therapeutic benefits related to sarcopenia, overall healthspan, and lifespan-associated biomarkers.
Invinity Energy Systems 17.75p £99.5m (IES.L)
The global manufacturer of utility-grade energy storage, confirmed that construction of the 20.7 MWh Invinity Copwood VFB Energy Hub (formerly known as the LoDES project) is proceeding on schedule with the first phase of delivery now complete. 40 Invinity Vanadium Flow Batteries have now been delivered from the Company's Motherwell facility and installed at the site in East Sussex, UK, with shipping of the remaining batteries and the installation of the 3 MWp solar array planned for the New Year. The project, expected to be the largest vanadium flow battery in Europe when operational, remains on schedule to be completed in Q1 2026 ahead of connection to the grid and commercial operation later in 2026.
Ondine Biomedical 10.25p £53.1m (OBI.L)
The life science company and Mid Yorkshire Teaching NHS Trust have been shortlisted for the 'Most Impactful Use of Technology on Clinical Practice' award at the prestigious 2026 HSJ Partnership Awards, following the successful implementation of Ondine's Steriwave nasal decolonisation technology. This award recognises the exceptional contributions from companies and technology partners that work with NHS organisations to implement solutions that are delivering meaningful improvements in clinical practice and patient outcomes. Introduced to reduce surgical site infections in patients undergoing hip and knee replacement surgeries at Mid Yorks' Pontefract and Pinderfields hospitals, the Steriwave intervention was associated with a 71% reduction in SSI over a six-month period, along with significant cost savings and tangible improvements in patient outcomes.
Oxford BioDynamics 0.25p £10.7m (OBD.L)
The precision clinical diagnostics company bringing specific and sensitive tests to the practice of medicine based on its EpiSwitch 3D genomics platform reports on FY September 2025. Revenue improved to £1.1m from £0.6m driven by growth in the PSI clinical test. The Operating loss declined to £11.1m from £12.9m. After fundraising generating £7.35m the cash declined to £1.4m from £2.8m although a further £7m was raised in November 2025 to fund the ongoing business. The former UK Prime Minister, Rishi Sunak in his role as an Ambassador for Prostate Cancer Research visited OBD's Oxford HQ. The successive record months of PSE orders have continued to November 2025.
SulNOx Group 87.5p £106.9m (AQSE:SNOX)
The greentech company delivering lower fuel costs and emissions with zero capex, has announced that it has secured a strategically important patent in Australia. Consistent with Sulnox's more than 100 patents granted to date in other major markets, this latest patent for emulsification covers a range of formulation versions which includes both the Berol 6446 Heavy Sulphur Fuel Oils emulsifiers and Sulnox Eco Fuel Conditioners which enhance all diesel, petrol/gasoline and biofuels, and marine fuels including Marine Gas Oil and Marine Diesel Oil, Very and Ultra Low Sulphur Fuel Oils and HSFO. Sulnox continues to expand its global reach into the southern hemisphere in partnership with major distributors, and opens new stock locations.
Tavistock Investments 4.25p £18.7m (TAVI.L)
The company providing support services to a network of independent financial advisories and sells term-life and other protection policies to retail clients announced further to previous disclosures that it has today provided an update on the ongoing litigation with Titan Wealth Services Limited and Titan Asset Management Limited. In June 2025, Tavistock made an application to expand the scope of its counterclaims against Titan to include, inter alia, new causes of action in respect of Titan's Model Portfolio Service for breach of confidence, alleged misuse of trade secrets and copyright infringement, and to add Titan Wealth Holdings Limited as an additional party. Titan opposed the application and itself applied to strike out and/or for summary judgment in relation to parts of Tavistock's counterclaims. After a court hearing held on 11 December 2025, Tavistock was awarded the cost of the applications with Titan being ordered to pay to Tavistock an interim amount on account of costs of £250k within 28 days of the hearing.
Tertiary Minerals 0.055p £2.8m (TYM.L)
The mineral exploration and development company has commenced work to produce a JORC-compliant Exploration Target for Target A1 at its silver-copper-zinc prospect within the Mushima North Project. The exploration target is to be finalised in Q1 2026 once laboratory analysis results for silver are returned from recent (Phase 3) drilling, which included the highest-grade copper intersection to date. Additional mineralogical study results are due in the coming weeks. Mushima North is located in the prospective Iron-Oxide-Copper-Gold region of Zambia. Target A1 is a polymetallic, silver-copper-zinc prospect located 28km to the east of the historic Kalengwa copper-silver mine which is currently under redevelopment.
Time Finance 52.5p £48.1m (TIME.L)
The independent specialist finance provider provided an update in respect of the Group's trading performance for the six-months ended 30 November 2025. The highlights included own-book new business origination up 48% to £62m (H1 2024/25: £42m) with gross lending book up 12% to £235m at 30 November 2025 (30 November 2024: £209m). Revenue was up 3% to £18.8m compared to 18.2m for H1 2024/25 while profit before tax was up 10% to £4.3m from £3.9m in H1 2024/25. The balance sheet was strengthened with net tangible assets up 14% to £47.2m at 30 November 2025 from £41.5m on 30 November 2024.
Touchstar 57.5p £4.6m (TST.L)
The supplier securing the logistics of people and product to a variety of industrial sectors updates on Trading for FY December 2025. The softness in the UK economy has continued and has led to customer hesitancy in placing orders and made it difficult to forecast the timing of sales, particularly short-term ones. As a result, FY25 revenue is expected to be below market expectations at around £6.7m, with only a small pre-tax trading profit. FY25 results have also been impacted by non-trading costs including the restructuring and changing accounting treatment of software development costs. Despite lower profitability, the Company's balance sheet remains healthy and year end cash should remain at over £2m. The relatively new CEO reported that the transformation within the Company has been radical and given the business new energy and been completed. There is a clear vision, "Secure the Logistics of People and Product" and the rate of revenue growth is expected to have a step change in 2027 with further acceleration into 2028.
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