* 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:
iFOREX Financial Trading Holdings Ltd (IFRX.L) the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, began trading on the Main Market of the London Stock Exchange. The Offer Price was 195 pence per Ordinary Share, raising £8.75m, equating to a market capitalisation of approximately £43.3m.
Delistings:
None
What’s baking in the oven?
Potential IPOs:***
24th February: Tapir Holdings announced its intention to IPO onto AIM. Tapir Holding Ltd (TPH.BH) listed on the Bermuda Stock Exchange on 11 March 2024. The Company's sole asset is its 10.04 per cent. equity stake in Rendeavour Holdings Limited, incorporated in Bermuda and is an investor in East and West African urban development projects. On Admission, the Company will be an 'Investing Company'. The Company will seek to achieve its investment objective through further investments in Rendeavour and in other development projects or unquoted companies with suitable synergy across Africa. On Admission to AIM, the Bermuda Stock Exchange will become the secondary listing and AIM the primary listing for the Shares. Deal details TBC and expected Admission date is early March 2026.
Reverse Transactions:***
18 February: AIM quoted Beacon Energy (BCE.L) suspended on 27 June 2025, has published an Admission Document in relation to the Proposed Transaction announced on 7 October 2025 to make a significant strategic investment in LNEnergy Limited which constitutes a reverse takeover and raise gross proceeds of approximately £3.75m. The AGM is set for 5 March with restoration of trading of the enlarged shared capital expected on 6 March.
Market Movers:***
25 February: Roquefort Therapeutics (ROQ.L), the Main Market listed biotech company, is acquiring assets from Coiled Therapeutics, Inc. and A2A Pharmaceuticals, Inc. that and at the same time moving from the Main Market to the AIM market.
14 January: GlobalData (DATA.L), the data, insight, and technology Company expects to submit its application to move to the Main Market from AIM and to take place on 5 March.
Banquet Buffet****
The energy saving Company reports two new contracts which are part of the strategic aim of building long term partnerships with new and established Tier 1 clients in the public and private sectors, responsible for residential and non-residential property portfolios. The first is Sanctuary Housing, an initial two-year contract worth £2.6m per annum, providing retrofit insulation, ventilation upgrades, and renewable energy solutions to homes. The second starts in April 2026 and is focused on the delivery of installation of energy efficiency improvements to over 175 properties, running until the end of March 2028, generating revenue of c.£2.1m.
First Tin 16.00p £86.7m (1SN.L)
The tin development Company with advanced, low capex projects in Australia and Germany reports interim results to December 2025. A loss of £0.01m is recorded compared to £2.01m. A £6.3m equity fundraising was completed in December 2025 to advance key development activities, most notably in Taronga which is advancing towards Development Approval with a clear pathway through approvals. An updated Mineral Resource Estimate is underway and expected to support an extended mine life and underpin improved project economics ahead of the Definitive Feasibility Study update. There is also a non-binding Letter of Interest from the US Export-Import Bank for up to $120m in project financing to support Taronga's development. The resources in Germany are being expanded. The structural growth in tin demand, supply uncertainties and rising tin price present a significant opportunity for First Tin with projects strategically located in the safe and compliant jurisdictions.
Image Scan Holdings 1.65p £2.05m (IGE.L)
The Company gives an update at its AGM. Trading so far for FY 2026 is reported to be significantly ahead of last year’s, supported by several notable contract wins already announced. As a result, the Company expects to record a small loss at the half-year. The termination of the large UK defence programme subcontracted to Image Scan was disappointing and this defence programme had been expected to contribute materially to FY27 and FY28 revenue. The Company has entered FY26 with a strong order book, reflecting stronger demand across multiple markets.
Norman Broadbent 232.50p £4.44m (NBB.L)
The Executive Search and Interim Management firm acquires Society Ltd, a provider of executive search and related services in placing Board level positions, including not-for-profit, charities, education and public sector organisations, and in the Travel & Hospitality sector. The consideration is £33,001, which will be funded through the issue of 14,194 new shares. Society generated net fee income of £0.7m in each of the last two financial years to December 2025 and was broadly break-even in FY December 2025 at the operating level. This is the first acquisition in the Company’s modern era and the CEO states there is an ambitious growth strategy.
Ondine Biomedical 10.25p £51.84m (OBI.L)
The light-activated antimicrobial therapies provider issues shares for achieving its milestone of the submission of study results for publication in a leading peer-reviewed journal as part of its clinical trial Intensive Care Units (ICU) agreement pilot at the Canadian Royal Columbian Hospital (RCH) in British Columbia. This marks the successful conclusion of the world's first ICU-based clinical trial of the Company's Steriwave nasal photodisinfection system. The pilot study is an important step in expanding Steriwave into ICUs, opening the door to an additional C$4bn addressable market.
Oxford Metrics 54.00p £62.54m (OMG.L)
The smart sensing and software Company servicing life sciences, entertainment, engineering and smart manufacturing markets, updates on Trading since 1 October 2025 ahead of today’s AGM. Solid trading momentum is reported across both divisions and progress is being made against strategic priorities, with encouraging operational progress. In Motion Capture, the focus is on the highest-return opportunities and accelerating growth in emerging markets which is progressing well. Smart Manufacturing’s focus is on high-precision vision inspection, metrology and automation for blue-chip manufacturers. The Group continues to evaluate M&A opportunities across both divisions.
Rockfire Resources 0.21p £17.84m (ROCK.L)
The base metal, critical mineral and precious metal exploration Company updates on drilling at the 100%-owned Molaoi zinc deposit in Greece. The diamond drilling program to upgrade the Inferred Resource to Indicated status continues smoothly. A new development is that copper is starting to become more apparent, current drilling is beginning to surpass many of the historical high copper values. Further updates are set to follow as the drilling progresses including analytical results from the laboratory.
Strategic Minerals 3.45p £91.27m (SML.L)
The international mineral exploration and production Company reports assay results from drillhole CRD041 from the Redmoor Tungsten-Tin-Copper Project. The results confirm the continuity of the Sheeted Vein System containing high-grade tungsten and tin-dominant mineralisation, with copper and silver mineralisation. By comparison, the eastern and central portions of the deposit contain a higher proportion of tungsten-dominant mineralisation with higher tungsten grades. The Company is on schedule to complete its Shared Prosperity Fund match grant-funded activities by the end of Q1 2026. This includes the new Mineral Resource Estimate and economic updates, which the CEO expects will further highlight the potential of Redmoor as one of the highest grades, undeveloped, tungsten resources in Europe.
Tracsis 352.50p £95.24m (TRCS.L)
The transport technology provider updates on trading for the Interims to January 2026 and announces a new multi-year contract with a short line freight railroad in North America to deploy its Train Dispatch software product. H1 FY26 revenue is expected to be c.£39m compared to £36.3m with an adjusted EBITDA expected to be c.£5.0m against £3.8m. There is revenue and margin growth in both Divisions, with continued growth in recurring licence and consumer-driven transactional revenues. New multi-year contract wins are being delivered as planned, particularly in the US. There is a net cash of £25.8m which is up from £22.1m last year. Full year expectations remain unchanged.
Touchstone Exploration Inc 8.25p £27.76m (TXP.L)
The Calgary, Alberta based Company engaged in acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas reports an independent reserves evaluation. The before-tax NPV of future net revenues increased 35% year-on-year to $107m. The before-tax NPV for 1P reserves was $336m which is down 5%, with $653m for 2P reserves down 3% from 2024. The CEO is focused on developments in Carapal Ridge-3 for production in late March 2026 and commissioning the Cascadura compressor in 2Q 2026.
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