* 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
Dish of the day
Admissions:
Tooru (TOO.L), a company focused on the health and wellness sector, today announced its AIM admission and the acquisition of the operating businesses of S-Ventures, following its reverse takeover of Riverfort Global Opportunities (RGO.L).
Delistings:
Lunglife AI (LLA.L) left AIM today.
What’s baking in the oven?
Potential** Initial Public Offerings:
12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market on 10 June 2025. Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.
9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market. The Company developed and operates a proprietary online and mobile CFD trading platform, allowing primarily retail clients to trade CFDs across 870+ financial instruments, including currencies, commodities, indices, stocks, cryptocurrencies and exchange traded funds. For the year ended 31 December 2024, trading income was $50.1m, adjusted EBITDA of $9.7m and adjusted profit before tax of $7.6m. The current intention is to maintain a progressive dividend policy, and the dividend for FY2025 is expected to be set at approximately 50 per cent. of adjusted profits. Deal size TBC but timing is expected late June 2025.
Market Movers:
12th May: Sundae Bar Plc, formerly Kondor AI Plc, a technology Company mainly operating in the UK, announced its intention to move to AIM from the Access Segment of the Aquis Stock Exchange Growth Market. The Company's objective is to create a unified marketplace for businesses and AI agents that will address the growing demand for scalable, accessible AI solutions while simplifying the end-to-end process of bringing AI agents to market. The Company's securities are currently suspended on AQSE and concurrently with the Admission to AIM, the Aquis listing will be cancelled. Ora Technology (AQSE:ORA) will also delist from AQSE, following their acquisition by Sundae Bar as part of the transaction.
£2m is expected to be raised with an anticipated market capitalisation on Admission of circa £33m at the Placing Price of 8p. Expected AIM admission date is 3rd June 2025.
Banquet Buffet****
Blue Star Capital 9.5p £3.2m (BLU.L)
The investing company with a focus on blockchain, esports and payments, notes the announcement by SatoshiPay Ltd, its investee company, that Vortex, a decentralised exchange platform incubated by SatoshiPay, designed to enhance global payments by bridging stablecoins with local fiat currencies, has achieved $1m in transaction volumes since launching in Europe and Brazil, with $507k of the total achieved in May 2025. The Vortex platform enables users to seamlessly swap stablecoins for local fiat currencies at significantly lower costs than current market rates. This presents a substantial opportunity in a rapidly growing market, with cross-border stablecoin payments valued at US$27bn in 2023 and projected to reach US$137bn by 2028.
Capital Metals 2.85p £9.8m (CMET.L)
The mineral sands company approaching mine development stage at the high-grade Taprobane Minerals Project in Sri Lanka, announces a strategic investment of US$2m by Ambeon Capital PLC together with an option for a period of 45 days for it or its nominated investors to invest up to a further US$2m. The Investors are seeking to enter the country's mineral sands sector via Capital Metals' Project. Pursuant to Ambeon's investment in the Company, Ambeon and Capital Metals have signed binding subscription and relationship agreements, as well as a non-binding Memorandum of Understanding setting out the key commercial terms upon which they intend to collaborate in the development and operation of the Project.
Crimson Tide 51.5p £3.2m (TIDE.L)
The provider of the process management platform mpro5, announces that a major British supermarket has renewed its contract with the Company for a further three years. There is a break clause in the event of unsatisfactory service performance after one year. The renewal delivers Annual Recurring Revenue of approximately £660k in the first year and includes the potential for uplift beyond year one, based on performance and evolving requirements. The total contract value is nearly £2m and will exceed that if certain performance measures are met.
Digital 9 Infrastructure 8.275p £69.3m (DGI9.L)
The investment trust announces that it has completed the divestment of the Company's entire stake in EMIC-1 for a final consideration of US$43m (c.£32m), net of the US$2.6m previously announced transaction costs. The final consideration is c.US$1m higher than the consideration communicated by the Company in the announcement on 31 December 2024, due to the closing adjustment mechanism. Completion follows the satisfaction of all closing conditions with the buyer under the divestment agreement. The proceeds of the EMIC-1 completion in addition to the release of c.US$10m (c.£7m) of additional construction commitments on the Project, will allow the Company to significantly deleverage its balance sheet and repay £40m of the Revolving Credit Facility imminently. The remaining RCF balance of £13m, is expected to be repaid from further divestment proceeds and working capital surpluses in due course.
GreenRoc Strategic Materials 2.8p £6.8m (GROC.L)
The company focused on the development of critical mineral projects in Greenland, reports that the Greenland Government has started its public hearing of the Amitsoq Project's terms of reference. The hearing is part of the process with regard to the Company's application for an Exploitation Licence. The Company also reports that it has prepared a Mineral Resource estimate update for the Company's Thule Black Sands project in North Greenland. The target mineral is ilmenite, a titanium-bearing mineral and the Mineral Resource estimate update concerns the South Area of the GreenRoc licence which in total encompasses an approximately 8 km long coastal stretch of mineral sands.
Journeo 300p £49.4m (JNEO.L)
The provider of information systems and technical services to transport operators and local authorities has announced a £4.2m purchase order from Alstom SA, a major supplier within the rail industry, to design and supply CCTV and Automatic Passenger Counting systems to enhance safety, security and operational efficiency on CrossCountry's Voyager fleets. The purchase order forms part of a major refurbishment programme being caried out by Alstom for 70 Voyager trains and encompasses 312 cars, comprising 136 Voyager and 176 Super Voyager vehicles respectively.
Nuformix 0.1275p £2.8m (NFX.L)
The pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, announces, further to the Company's announcement on 30 April 2025, that the European Medicines Agency has granted Orphan Drug Designation in Idiopathic Pulmonary Fibrosis for tranilast, the active drug substance enabled for inhaled delivery in Nuformix's NXP002 lead programme.
Orphan Drug Designation in the European Union is granted by the European Commission based on a positive opinion adopted by the EMA Committee for Orphan Medicinal Products that can demonstrate potential for significant advancement in treatment of rare and debilitating diseases affecting no more than five in 10,000 individuals in the EU.
Physiomics 0.425p £1.2m (PYC.L)*
The mathematical modelling, data science and biostatistics company supporting the development of new therapeutics and personalised medicine solutions, today announced a sizeable contract extension award with an existing large pharma client. The project builds upon the contract award announced on 13 June 2024, where the Company's proprietary Virtual Tumour platform has been used to model the client's targeted oncology agents in combination with other modalities so to help inform dose and scheduling decisions. This contract extension allows the continuation of this work and further supports the client's expansion into new oncology indications. The project is valued at £143k and is projected to complete over the next six months, with the majority of the contract's value being recognised in the financial year ending 30 June 2026.
Sareum Holdings 15p £20m (SAR.L)*
The clinical-stage biotechnology company developing next-generation kinase inhibitors for autoimmune disease and cancer, today announced the initiation of a programme of toxicology studies for its lead TYK2/JAK1 inhibitor, SDC-1801. The studies, designed to support longer-term dosing of SDC-1801, will investigate the general toxicology and potential of SDC-1801 to interact with other drugs. These are key regulatory requirements ahead of the planned Phase 2 clinical development programme, which is expected to focus initially on psoriasis. This marks an important step in advancing Sareum's autoimmune pipeline, following the successful completion of its Phase 1 clinical trial in healthy volunteers, which demonstrated a favourable safety and pharmacokinetic profile. The toxicology studies required to prepare for Phase 2 clinical trials are being conducted at an established Contract Research Organisation and are expected to complete in Q4 2025. Sareum continues to make progress, in parallel, with its manufacturing and formulation optimisation activities to support the next stages of development.
Smarttech247 7.75p £8.8m (S247.L)
The provider of AI-enhanced cybersecurity services providing automated managed detection and response (MDR) for a portfolio of international clients, announced a series of contract renewals and expansions at a total value of $4.2m for periods of one to three years. The new contracts will contribute to the growth of Annual Recurring Revenue (ARR) and reinforce the strength of its VisionX platform for real-time threat detection and response. All of the contracts are ARR-based and are for Smarttech247's services across the pharmaceutical, manufacturing, financial, and industrial sectors. The Company report its sales pipeline continues to grow and it recently introduced new risk management features to the VisionX platform, enhancing its value proposition to enterprise clients seeking comprehensive, AI-powered cybersecurity solutions.
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