* 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:
None
Delistings:
None
What’s baking in the oven?
Potential** Initial Public Offerings:***
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.
2nd December: Pathos Communications, the technology-enabled, human-led PR company announced its intention to IPO onto AIM by mid-December. 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 small-medium enterprises (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 the DIFC, United Arab Emirates. 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. Offer details TBC.
27th November: Power Probe, the producer of automotive electrical diagnostic tools for professional service technicians, announced its intention to IPO onto AIM. The suite of electrical diagnostic tools and accessories offered by the Group are compatible with all major vehicle engine types and manufacturers and can be used in all types of commercial and passenger road vehicles, including light and heavy goods vehicles and motorcycles. The Directors believe the Group is well positioned to benefit from a number of positive, long-term tailwinds in this market, including the non-cyclical growth of the global Car Parc, the increasing average age of vehicles, and increasing vehicle complexity. The Company's main country of operation is the United States. Offer details TBC and timing expected mid December 2025.
25th November: Connecting Excellence Group, the international executive recruitment group with a Bitcoin treasury strategy, announced its intention to IPO onto the Aquis Stock Exchange Growth.
Admission is expected to occur on or around the 9 December under the TIDM 'XCE'. As part of its Admission to Aquis, the Company intends to raise a minimum of £1.5m by way of a placing and subscription of New Ordinary Shares at 2.1 pence per share, to support XCE's Bitcoin treasury strategy and future growth. The Company’s flagship subsidiary, Spencer Riley Limited, was founded in 2014 and is headquartered in Leeds, UK. It is an international executive search firm delivering £1.52m in revenue and £659,000 in gross profit in the last financial year. Since 2021, it has realised a compound annual revenue growth rate of 37%.
Market Movers:***
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); The 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.
Banquet Buffet****
Alba Mineral Resources 0.0125p £2.5m (ALBA.L)undefined
The gold and critical raw materials focused exploration and development company provides an operational update. The work at Clogau has focused on implementation of the recommendations of HM Inspectorate of Mines following a periodic visit. The Company is in the process of clearing out the blast material from the previous test blast and making other final preparations in readiness to commence drilling and blasting in the coming days. Alba has agreed to acquire a 51% interest in the Motzfeldt Critical Metals Project in south Greenland. Completion and reporting on the results of the mineralogical test work is expected in the second half of January. The Company is earning an interest in the Finnsbo copper-gold-rare earths project in Sweden. The maiden drilling programme returned mineralised core. There will be an assessment of the drilling when the geochemical assays have been completed and reported.
Ariana Resources 1.55p £36.24m (AAU.L)
The mineral exploration, development and production company with gold project interests in Africa and Europe, announced its first gold-silver dore pour has been completed. The pour is at the Tavsan Mine, which is 23.5% owned by Ariana and was for 13.4kg of gold-silver. Up until Q4 2025, 24,400 oz of gold and 83,770 oz of silver had been produced from Tavsan processed via the Kiziltepe plant. Production is expected to ramp up over the coming months and reach steady-state production by Q2 2026 and becomes an important source of cash generation for Ariana.
GENinCode 2.85p £8.2m (GENI.L)
The predictive genetics company focused on the prevention of coronary heart disease and risk assessment of ovarian cancer, reports the test approval by the New York State Department of Health, Clinical laboratory Evaluation Program, of CARDIO inCode-Score Polygenic Risk Score for the prediction and prevention of coronary heart disease. The approval of CARDIO inCode-Score test by New York State now enables full state coverage under US Centers for Medicare and Medicaid Services with the test included in the 2025 Clinical Laboratory Fee Schedule at an average reimbursement of~$500.00 per test. GENinCode continues to progress discussions with the FDA and expects to submit additional data requested to complete its De Novo assessment in Q1. 2026. Approval by the FDA is required to sell the test in a medical device/kit format that can be used across a broad range of US laboratories.
Hercules 41p £33.0m (HERC.L)
The technology enabled labour supply company for the UK infrastructure and construction sectors, expands into Scotland. This is pivotal time for the Scottish construction industry, which is experiencing robust growth, record infrastructure investment, and a critical need for skilled workers. The Company’s Motherwell office is designed to address the acute need for skilled labour across both site-based and office roles. Scotland's construction sector reached £16.7bn in output in 2024 and is forecast to grow by 2% annually, with the workforce expected to rise to 214,500 by 2029. A permanent presence allows Hercules to support some of its existing clients more closely, while capturing the significant demand for skilled workers across the region.
Mindflair 0.65p £3.4m (MFAI.L)
The company focused on investing in Artificial Intelligence related technology reports that Sure Valley Ventures in which Mindflair holds an interest, has made a new investment. The investment is in Mirror Security Ltd a Dublin-based cybersecurity company specialising in data protection across the generative AI ecosystem. Spun out of University College Dublin (UCD), Mirror has raised $2.5m in pre-seed funding in a round co-led by SVV and Atlantic Bridge, with participation from strategic angel investors, to scale its breakthrough encryption platform for AI Security. Mirror is addressing one of the most urgent problems in enterprise AI adoption which is the lack of reliable data confidentiality in model training and inference. In November, Mirror announced a multi-million-dollar strategic agreement with Inception AI, to deploy its full AI security stack across Inception's enterprise and government ecosystem, enabling secure, scalable AI adoption.
Ondo InsurTech 24p £33.4m (ONDO.L)
The claims prevention technology for home insurers reports Interims to September. Revenue increased 26% to £2.1m with a 110% increase in recurring revenue to £1.8m. The underlaying gross margins are 54% and the EBIDA loss is £3.3m with net cash of £0.6m. Revenues in the current year are expected to be in the range of £4.5 to £5.0m and that EBITDA loss will be around £5.0 to £5.5m. All US partners have placed repeat and expanded orders and to facilitate the US growth, a placing of £2.2m at 25p has also been announced.
Physiomics 0.34p £1.1m (PYC.L)*
The mathematical modelling, data science and biometrics company supporting the development of new therapeutics and personalised medicine solutions, announces that the CEO Peter Sargent will be stepping down to pursue other opportunities, with effect from 29 May 2026. Following the strategic review in early 2024, the Company has made considerable progress on its principal growth initiatives. The Company expects to deliver total revenues in line with market expectations and will be posting its interim results to December 2025 during the first week of March 2026. Dr Jim Millen, currently Non-Executive Chairman, has confirmed that he will be available to resume the position of Executive Chairman. The Company has commenced its search to appoint a new CEO and further announcements will be made in due course.
Shield Therapeutics 11.35p £118.9m (STX.L)
The commercial-stage pharmaceutical company specialising in iron deficiency announces improved senior term debt financing. The revised term extends the loan facility from $20m to up to $50m including $15m to be made available for future M&A opportunities and a $10m accordion feature. The momentum of ACCRUFeR growth in the US has put Shield on a path to turning cash flow positive by the end of 2025. This positive shift in the Company's financial performance has enabled Shield to evaluate multiple options to refinance the current term debt and secure improved terms with its current debt provider, SWK. It has also lowered the debt related costs and access up to $30m of additional capital to provide further flexibility to future growth opportunities, including potential future M&A, as a way of further leveraging the commercial platform that has been built in the US.
Solvonis Therapeutics 0.239p £15.27m (SVNS.L)
The emerging biopharmaceutical company developing novel medicines for high-burden central nervous system (CNS) disorders, announces that its novel AI-discovered compound, SVN-015, targeting methamphetamine and cocaine use disorders, has been accepted into the US National Institute on Drug Abuse's (NIDA) Addiction Treatment Discovery Program (ATDP). The NIDA will fund and conduct early preclinical evaluation of SVN-015. In the programme’s first stage, NIDA will fund and carry out in vitro predictive safety studies on SVN-015 to assess potential cardiovascular risks. If the results are supportive, SVN-015 could advance into ATDP efficacy studies in validated preclinical models of methamphetamine and cocaine addiction. If the efficacy studies are successful, Solvonis would be well positioned to compete for a non-dilutive NIH research grant, which can provide up to $3m per year for as long as five years. This creates a potential pathway from funded NIDA preclinical work through to potential NIH-funded clinical trials in humans. This is currently no approved drug treatments for methamphetamine and cocaine addiction.
SysGroup 15.5p £13.0m (SYS.L)
The partner for cloud, cybersecurity, and AI enablement, delivering end to end solutions at the intersection of cybersecurity and digital transformation for the UK mid-market reports Interims to September 2025. Revenue of £9.9m is 3% lower than the comparative period but improving with growth of 10% in Q2 over Q1. There was a small decline in gross margins from 49.6% to 48.5% and the EBITDA reduced to £0.2m from £0.3m. The loss before tax increased to £1.6m from £1.1m and the net cash is £3.1m. The Company is making a strategic shift to a consultative, end-to-end Go-To-Market approach which is delivering tangible results such as a three-year Managed IT Services and technology refresh contract with a major UK non-profit institution. The FY performance is expected to be in line with expectations, and the CEO considers SysGroup to be well positioned for margin expansion and a return to growth in FY27.
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