* 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:
Warehouse REIT (WHR.L) left the Main Market
What’s baking in the oven?
Potential** Initial Public Offerings:***
6th October: Shawbrook Group, the high-growth, high-return UK digital banking platform, announces that it is considering an IPO onto the Main Market. From 31 December 2013 to 30 June 2025, the Group grew its loan book significantly from £1.4bn to £17.0bn, whilst simultaneously delivering growth in its underlying profit before tax at a compound annual growth rate of 30 per cent. and a 20 per cent. median adjusted return on tangible equity. The Offer would comprise new Shares to be issued by the Company and existing Shares to be sold by the Company's existing sole shareholder, Marlin Bidco Limited. Any additional details in relation to the Offer, together with any changes to corporate governance arrangements, would be disclosed in a Confirmation of the Intention to Float announcement and/or in a Prospectus, if and when published.
3rd October: Princes Group, a leading international platform in the UK and European food and beverage sector, announces that it is considering an IPO on the Main Market The Group's branded product portfolio includes leading, recognised brands such as 'Princes', 'Napolina', 'Branston', 'Batchelors', 'Flora', 'Crisp 'N Dry', 'Delverde', 'Naked Noodle' and 'Vier Diamanten'. The Group achieved proforma revenues of £2.1bn in the 12 months to 31 December 2024, generating pro forma adjusted EBITDA of £122.3m at a margin of 6.0%. Deal details and timing TBC but offer would be comprised of new ordinary shares to be issued by the Company to raise net proceeds that support the Group in adding further inorganic growth via further acquisitions.
Market Movers
8th September: Pan African Resources (PAF.L) announced its intention to move from AIM to the Main Market. The Company is currently progressing workstreams to facilitate the Admission, which as updated on 23 September, is expected to occur on around 23 October 2025.
8th September: Richmond Hill Resources (AQSE: SHNJ) announced its intention to move from AQSE to AIM. There will be a placing to raise £1.4m at 1 pence per share and Admission of the enlarged ordinary share capital to trading on AIM expected to commence on 15 October 2025.
Banquet Buffet****
Chesterfield Resources 1.025p £1.6m (CHF.L)
The exploration and development company announced that it has raised gross proceeds of £375,192 via an allotment to Kashif Afzal, a Director of the Company, of 31,266,000 new ordinary shares at an issue price of £0.012 per share, representing a premium of approximately 50% to the closing mid-market price at 8 Oct 2025. The purchaser will receive one warrant for each New Ordinary Share exercisable at £0.02, where they are exercisable for a period of five years from the date of issue. The company also sold 443k shares in Sterling Metals Corp for approximately a gross consideration of CAD980k. The Company will retain 400,000 shares in Sterling Metals.
Cloudbreak Discovery 1.25p £17.5m (CDL.L)
The gold, precious and base metals resource explorer announced that it has secured the exclusive option to acquire the Crofton Gold Project, located 120 kilometres east-southeast of famous Australian gold mining centre of Marble Bar and 75km northeast of the mining centre town of Nullagine in the Pilbara region of Western Australia. The consideration is GBP10k for a two month option period with 56m new ordinary shares to be issued no later than 31 January 2026 in the event that the option is exercised. Previous soil and rock chip sampling campaigns in 2021 at Crofton have defined new prospects and returned bonanza-grade gold results, up to 253g/t gold and 215g/t silver, with visible gold being common in dumps adjacent to historic test pits.
Gem Resources 0.725p £4.5m (GEMR.L)
The emerald mining and development company with operations in South Africa and Australia, has announced that its board of directors has formally approved and adopted a Cryptocurrency and Digital Asset Treasury Policy, supported by an updated Financial Position and Prospects Procedures Board Memorandum and a new Company Standard Operating Procedure. The Policy establishes a clear framework for the acquisition, holding, and management of cryptocurrencies within GEMR's treasury and commercial operations. For the avoidance of doubt, the Policy does not change the Company's strategic focus on emerald mining and development and does not involve any admission of crypto assets to trading venues or public offers of crypto assets by the Company.
Gunsynd 0.195p £2.8m (GUN.L)
The investment company announces that, further to its announcement of 26 August 2025, it has now disposed all of its holdings in 1911 Gold Corporation. The Company has sold its remaining 1,833,333 shares in 1911 for CAD$1,333,852 (approximately £711,252) and now no longer holds any interest in 1911. The Company further advises that it no longer holds any interest in any other publicly listed companies with the exception of its holding in Richmond Hill Resources Plc. Gunsynd now intends to fully concentrate on its privately held assets in Canada and expects to receive assay results from its recent field work at both its Bear Twit and Barb Gold projects by the end of October 2025.
Hostelworld Group 122.75p £154m (HSW.L)
The social network-powered online travel agent released an update on trading for the nine months up to 30 September 2025. Revenue performance for Q3 grew 5% year-on-year, driven by a 2% increase in bookings and a 3% rise in Average Booking Value. The performance was boosted by an improved effective commission rate, which increased to 16.3% from 15.2% in Q3 2024, primarily due to the successful adoption of the 'Elevate' marketplace tool. Net revenue for the year to date totals EUR72.6m, which is broadly flat YoY, reflecting 1% growth in net bookings offset by lower deferred revenue benefits compared to the prior year. Adjusted EBITDA for the period was EUR15.4m with a 21% margin (YTD 2024: EUR17.8m and 25%), reflecting planned investments in growth initiatives and the timing of deferred revenue. The Group also maintains a robust balance sheet with a closing cash position of EUR10.9m and net cash of EUR6.6m
Intercede 175.5p £104.9m (IGP.L)
The cybersecurity software company specialising in digital identities, reports on trading for the six months to September 2025. Revenue is expected to decrease by 3.9% to around £8.2m due to temporary delays in some contract awards. This is primarily in the US and where the weaker dollar has particularly affected revenue. The subscription licence income improved up 71.4% of £0.36m and is a key strategic focus as the Group transitions towards a more subscription-based revenue model. This transition is supported by an order for a US publicly traded energy company, for MyID CMS, totalling $0.4m in subscription licence sales for 5 years. Good progress is reported in contract and renewal orders in Q2 FY26, totalling c$3.2m.
As at 30 September 2025, gross cash balances stood at £17.8m (30 September 2024: £16.2m).
Jangada Mines 1.175p £7.5m (JAN.L)
The Brazil focussed natural resource development company, announces an update on its fully funded exploration programme at the 7,211-hectare Paranaita Gold Project located in Brazil's historically significant Alta Floresta-Juruena Gold Province. The programme aims to expand the current resource from 210,000 to ~350,000 oz Au under the JORC code, and fast-track a PEA for a high-grade, open pit mine producing ~20,000 oz Au/year. The priority is the high-grade TP2 - c.106,600 oz @ 16.65 g/t Au and TP3.2 (within TP3) - c.34,600 oz @ 1.35 g/t Au zones, two of the six identified targets along the 8km mineralised corridor which has 15+ high-grade gold occurrences and historical sampling up to 135 g/t Au.
Motorpoint Group 158.5p £130.2m (MOTR.L)
The UK-based independent omnichannel vehicle retailer, provided an update on its trading performance for the six months ended 30 September 2025. Retail volume growth was 8.9% compared with H1 FY25 demonstrating strong outperformance versus wider used car market with total revenue increasing 15.0% on the previous period to £648m. The company had record retail volumes in both July and August, the highest months since 2018 (excluding the two months post lock down in 2021). Profit before taxation is expected to be c.£3.6m, up 80% (H1 FY25: £2.0m). H1 FY26 ended with a small net debt position of £0.5m, reflecting continued build-up of inventory levels to satisfy increased demand, and also includes completion of the £5m share buyback
Petro Matad 1.175p £21.6m (MATD.L)
The Mongolian oil company provided an operational update. The highlights are the Cazelle-1 well test exceeds expectations, Heron-2 completion run and pumping has commenced and the Heron-1 electrification installation is completed. The service rig was installed at Gazelle-1 in early October and testing operations began. The second flow period on a 1/4 inch choke a rate of c. 460 bopd was achieved with no formation water was observed throughout the flow periods. Oil gravity has been measured on site at 43 API which is like Heron-1 crude. The well has now been shut-in to gather pressure build-up data and the rig will be retained at Gazelle-1 to make the well ready for production. As the flow rate exceeded expectations it is a priority to get the well onstream as it shows the potential to significantly increase daily production and revenue.
Tertiary Minerals 0.065p £3.2m (TYM.L)
The Metal exploration company provided a summary of recent news highlighting the Target A1 prospect located within its Mushima North Project. Mushima North is located in the prospective Iron-Oxide-Copper-Gold region of Zambia. Highlights include intercepts of up to 58m at 49 g/t Ag and 0.26% Cu, with mineralisation remaining open in multiple directions and at depth. These results underscore the growing potential of Target A1 as a significant polymetallic discovery.
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