* 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:
All Things Considered Group (ATC.L), the independent music company delivering representation, services and creative commercial solutions, announced it has moved to AIM from AQSE today. As part of the Admission, the Company raised £8.6m at a price of 125p. The market capitalisation of the Company at the Issue Price was approximately £29.3m.
Delistings:
Challenger Energy (CEG.L) has left AIM.
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 £111m. Expected Admission date is 23rd 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.
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****
Andrada Mining 3.5p £65.5m (ATM.L)
The emerging African critical minerals miner with a portfolio of exploration, development and early-stage production assets in Namibia provides the following operational performance update for Q3 November 2025. The Lithium Ridge JV with SQM is encouraging and a third drill rig has been deployed to compliment the existing drilling program with results in H1 2026. Tin concentrate produced increased by 14% YoY to 429 tonnes supported by higher throughput from the Continuous Improvement programme. The tin market prices have risen by 40% Year-to-Date as tin shipments have risen 25% to 15 shipments ensuring enhanced concentrate production into a tightening global tin market.
Artemis Resources 0.375p £15.0m (ARV.L)
The gold & copper focused resources company which owns 100% of the Karratha Gold and Copper project and Cassowary Project, reports an emerging gold zone in Titan East. Diamond drilling is underway to obtain geological and assay information to assist in defining the scale and orientation of the mineralised zone. This follows results from a 6-hole RC program in November testing a 600m strike length of the shear zone, with numerous assays pending. Drilling at Titan East demonstrates the potential for a significant, coherent mineralised system beneath shallow cover. The combination of the previously reported high-grade intercept and the newly reported wide intersection reinforce the Company’s interpretation of a substantial shear-hosted gold structure with encouraging width and continuity.
Character Group 243p £43.0m (CCT.L)
The designers, developers and international distributor of toys, games and giftware reports FY August 2025. Revenue declined by 23% to £100.5m and PBT fell from £6.6m to £1.2m with Gross margins remaining at 26.2%. It’s been a difficult year with the imposition of tariffs on imports to the US severely impacting H2. The US accounted for approximately 20% of last year’s turnover with most of the production sourced from China. Due to the strength and breadth of product portfolio, profitability has been maintained and the Group continued to generate cash, ending the year with cash at £12.6m, even after spending £1.96m in executing its share buyback programme. The final dividend has been cut to 3.0p from 11.0p. The landscape in all the Group's markets is still looking unsettled, and conditions are likely to remain challenging for the rest of the first half of FY 2026.
EnQuest 10.2p £189.62m (ENQ.L)
The provider of creative solutions through energy transition provides a Q4 Operations update. The Company continues to improve operations across the portfolio and expects to deliver against all 2025 guidance targets. The delivery of gas on the Seligi 1b project in Malaysia was achieved in December, nine months ahead of schedule, with full production expected in January 2026. This accelerated delivery underlines EnQuest's commitment to investing in quick payback projects in lower-cost jurisdictions, with the added benefit that the Production Sharing Contract mechanisms across the South East Asia business providing a hedge against lower commodity prices. The enhancement of the Group's liquidity through a new $800m facility finances the opportunity for value-accretive growth, both in the UK and across South East Asia.
GENinCode 2.85p £8.18m (GENI.L)
The predictive genetics company focused on the prevention of cardiovascular disease and risk assessment of ovarian cancer, announces a collaboration with Sohin Genetics. Sohin will distribute the CARDIO inCode-Score Polygenic Risk Score test for the prevention of coronary heart disease. Sohin Genetics provide integrated healthcare services, especially in diagnostics, to their network of hospitals and clinics. Sohin Genetics will commercially promote and market the product in Mexico which has an estimated cardiovascular disease market of $4.3bn and is the leading cause of death. The CARDIO inCode-Score is a clinically validated, polygenic risk score (PRS) based on DNA extracted from a simple saliva or blood sample and is being made available at affordable pricing to international healthcare systems. This distribution agreement follows an earlier one with the Mexican Association for the prevention of Atherosclerosis.
N4 Pharma 0.525p £4.4m (N4P.L)
The UK biotech developing Nuvec, its proprietary gene delivery system to enable advanced therapies for cancer and other diseases provided an operational update and business review. The collaboration with the Centre for Continuous Manufacturing and Advanced Crystallisation in the field of nanoparticle drug delivery, based at the University of Strathclyde, is progressing well. The programme remains on track towards key in vitro and in vivo studies planned for H1 2026 to build out the commercial data. The latest studies indicate that Nuvec nanoparticles would offer a significant commercial advantage particularly in terms of stability. The Company expects a strong flow of data-driven news in the coming months as it builds a robust, high-quality data package to support future commercial discussions.
Netcall 109.5p £186.68m (NET.L)
The enterprise software company that unites automation and customer engagement in one AI-powered platform, announced an AGM statement. The statement confirms that positive momentum has continued in the first half of FY26 with demand for the Liberty cloud platform increasing as organisations move to unified automation, AI and customer engagement, platforms that modernise operations and reduce complexity. This is driving growth and supporting recurring revenue visibility. New business remains healthy across core sectors and there is a strong pipeline and robust balance sheet. The M&A strategy will
continue following the recent acquisition of Jadu, which adds accessibility-first digital experience and AI capabilities and expanding the presence in local Governments. The Group are confident of continued progress in 2026.
RC Fornax 8.25p £4.02m (RCFX.L)
The UK-based consultancy delivering outcome-based engineering solutions to the defence sector announced that it has received a further contract extension valued at approximately £470,000 from an existing tier-1 defence client. The extension represents the next incremental phase of delivery under an ongoing engagement and relates to the continued provision of specialist engineering services to support a defined programme. The next delivery cycle will be executed over six-months, as RC Fornax continues to expand its support for this client.
Synectics 230p £38.6m (SNX.L)
The advanced security and surveillance solutions provider updates on trading for the 12 months to November 2025. Revenue is expected to be about 21% higher at £68m, with EBITDA of £8.5m compared to £6.3m and a PBT of no less than £6.0m compared to £4.7m. This performance includes the delivery of a significant, non-recurring gaming contract in South-East Asia, which contributed around £12m to FY 2025 revenue. There is a record cash balance of £14.1m compared £9.6m. This strong position provides the Group with the ability to fund its investment programme and continue exploring selective strategic acquisition opportunities. The dividend is to increase 11% to 5p reflecting confidence in the prosects and the finals are to be announced in March 2026.
Victoria 31.47p £36.0m (VCP.L)
The international designers, manufacturers and distributors of innovative flooring, reports Interims to September 2025. Revenue decreased 11% to £528.7m against a backdrop of mixed macroeconomic conditions and softer consumer demand across key markets. The underlaying loss before tax increased from £12.6m to £15.4m. The Group, however recognises a statutory operating loss of £44.7m and statutory net loss after tax of £139.4m. This is primarily driven by exceptional costs relating to the provision taken in respect of the Rugs reorganisation and one-off costs relating to the refinancing of the Group's senior debt. The net debt including lease liabilities has increased from £857.1m to £1,oo3m. The Board remains cautious about the near-term outlook due to various factors and the disruption within the legacy Belgian operations, as production is relocated to Turkey temporarily impacting rug shipments.
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