AQUIS STOCK EXCHANGE
Ethtry (ETHY) has signed a binding agreement to acquire Dunbar Energy, and the vendors will own 50% of the enlarged group. Part of the consideration will be based on performance with up to 15% of the enlarged share capital that can be issued. Existing warrants will be repriced. This is part of the strategy to supply gas to power data centres.
Bitcoin investor Stack BTC (STAK) is planning to acquire Direct Bullion for up to £12m in cash and shares, which will be issued for at least 6p each. The initial payment is £3m in cash and £4m in shares locked up for four years. This is a reverse takeover. Direct Bullion generated revenues of £52.1m and post-tax profit of £2.15m in the latest financial year and existing director Paul Withers is the owner of Direct Bullion. Revenues nearly quadrupled over two years as the gold price rose. Profit after tax more than doubled. London-based Direct Bullion is a precious metals dealer, selling gold coins and bars. Other precious metals businesses may be acquired alongside Bitcoin investment.
Mollyroe (MOY) is acquiring AI film production platform developer Cascade Holdings for £4.68m in shares at 0.266p each. A placing will raise £1.93m to fund marketing. There will be a phased launch. Mollyroe has already invested £725,000 in Cascade via convertibles. A major Ip rights holder has signed up to the platform. The company will change its name to Cascade Studio AI. There will also be a ten-for-one share consolidation.
Time to ACT (TTA) has created a thermal processing division combining Diffusion Alloys and metal treatment and engineering, which was acquired in May. The company has been profitable over the past three months and if targets are achieved cash overhead costs should be covered this year. Repayment terms have been restructured for the convertible loan owed to Johnson Matthey. The first payment will be in March 2028 or when Diffusion Alloys completing significant volumes of coating work for Johnson Matthey. This should start in 2027.
Tomahawk Metals (TMHK) has analysed data and completed 3D modelling on licences in Slovakia. Three licences have been secured and eight million shares issued for their transfer to a subsidiary. Two more licences have been applied for, and the option payment will be 5.33 million shares. Potential resources are antimony, gold and polymetallic.
Recycling company Majestic Corporation (MCJ) increased interim revenues from $18m to $37m, while pre-tax profit jumped from $600,000 to $3.3m. Cash was $4.4m at the end of June 2026. The Wrexham facility should be open by the end of the year.
Evrima (EVA) investee company Eastport Critical Metals Corp, where it owns 3.83% and warrants, reported assay results from the drill hole at the Semarule rare earth elements project in south-central Botswana. This shows strong grade continuity and there is potential for a material scale resource. The intervals include 47.5 metres at 0.64% TREO.
Coinsilium (COIN) has provided a $250,000 convertible loan facility to BeatingHeart, which is developing an AI-powered advertising and commercial content-production platform. Coinsilium also has a 12-month advisory agreement for the Singapore-based company, which is planning a commercial launch before the end of the year. Initial markets are fashion, beauty, lifestyle, e-commerce and social-media marketing.
Ajax Resources (AJAX) has appointed a qualified person to validate the database and technical work on the Pereira Velho gold oxide project in Alagoas, Brazil. This will help towards a mineral resource estimate.
Gledhow Investments (GDH) has invested in Future Metals, Talisman Mining and Gateway Mining since the start of the new strategy. Cameron Pearce will step down as a director and focus on advising the company. Cairn has been appointed corporate adviser.
Valereum (VLRM) has received the first quarterly instalment of 13,975 VGOLD-CORE+ tokens.
Drakewood Capital announced that it no longer has a 20.1% stake in VSA Capital (VSA).
JP JENKINS
Sports Global Group (SPGL) has been set up to build and acquire sportswear and kit and it joined JP Jenkins on 15 September.
Video games publisher and developer Devolver Digital (DEVO) made the move from AIM on 16 September.
ASSET MATCH
Peel Hotels (PEEL1) has sold the Caledonian Hotel in Newcastle.
AIM
Legal services provider Keystone Law (KEYS) is going from strength to strength and continues to generate enough cash to pay special dividends. Interim pre-tax profit rose 31% to £9.6m. Trading is ahead of expectations. The growth in the number of principals has slowed, but they are taking on more people to help them grow income. Net cash is £10.5m. The interim dividend is 9.6p/share and there is a special dividend of 15p/share.
Digital advertising services provider Dianomi (DNM) is recommending a bid from performance advertising service provider Taboola Europe. The offer is 64p/share in cash and a contingent consideration unit that could be worth up to 24p/share. The initial cash consideration is worth £19m. The two companies have complementary media relationships. The contingent consideration is based on existing Dianomi publisher clients signing up for new agreements.
Fewer and less valuable cask sales hit first half income at quality whisky supplier Artisanal Spirits Company (ART) and it was only partly offset by higher branded sales. This has not changed full year guidance. Interim revenues were 5% lower at £9.2m. Branded sales in North America were positive and there are still benefits to come from recent changes in the region. China was weak but is showing signs of improvement.
Building products supplier Alumasc (ALU) has a growing order book that augurs well for a recovery in the current financial year. Last year. Pre-tax profit fell from £14.2m to £10m. Some of the decline was due to a previous boost from the timing of sales to CLK airport. The dividend was unchanged at 11.1p/share. The water management division was the weak area, but this is an area with the best prospects for recovery. Growth came from housebuilding products despite the weak market. The pension surplus increased.
Employee benefits and insurance provider Personal Group Holdings (PGH) increased interim pre-tax profit from £3.8m to £4.6m. The interim dividend is 10% higher at 9p/share. Cash is £29.4m. the main growth in profit came from the insurance division as the penetration of the employee bases of client companies and organisations. Annualised premium income is 12% ahead at £42.4m. A new digital service has been launched and that could broaden the potential market. The performance of the benefits platform could improve in the second half.
Scotland-based housebuilder Springfield Properties (SPR) has signed its first main works agreement under a build to lease housing partnership with a major energy infrastructure provider in the North of Scotland. The new homes will house the partner’s employees. This deal is for the first site of 29 homes. Revenues will be generated when the homes are completed and then monthly rental income. More deals should follow. In the year to May 2026, revenues fell from £280.6m to £243.7m, while pre-tax profit declined from £20.1m to £12.9m due to the lower level of land disposals. The recent land disposals have wiped out net debt. The dividend has increased by 50% to 3p/share.
Broadcast software provider Pebble Beach Systems (PEB) had a strong first half and the mix of revenues meant that margins were relatively high. Interim revenues were 10% ahead at £6.5m, while pre-tax profit jumped from £1.1m to £1.9m. A higher proportion of software sales helped. Net debt was down to £800,000 at the end of June 2026. There were £6.3m of new orders won in the first half.
EnergyPathways (EPP) has signed a collaboration agreement with Finland-based Hycamite TCD Technologies to evaluate graphite and low-carbon hydrogen production technology for the planned EnergyPathways hydrogen plant, which is part of the MESH energy storage project in the east Irish Sea and Cumbria. This could also produce fertiliser. The company has applied for patents for technology it has developed.
Audio and content creation equipment supplier Focusrite (TUNE) says it remains in line with full year expectations. The interims will be published in early November. Interim revenues are expected to be 3% ahead and margins improved. Audio reproduction orders recovered, but first half sales were lower because of weakness in China. There will be £2.3m of tariff refunds. Net debt was £2m at the end of August 2026.
Strategic communications company Aeorema Communications (AEO) has sparked another upgrade of expectations. Second half trading has been strong. Revenues should be £22.6m and pre-tax profit has been raised from £810,000 to £1m.
MAIN MARKET
Fully listed financial management software developer Aptitude Software (APTD) interim revenues declined 12% to £28.8m. Annual recurring revenues slipped 2% to £49.9m, but the reduction related to older software and the AI autonomous finance figure was 12% higher at £20.1m. There is an increasing pipeline of opportunities, mainly through partners. Sales cycles have extended, though. Operating profit improved 4% to £5.1m. Net cash is £15.7m after £2.6m in share buybacks. The interim dividend is unchanged at 1.8p/share. The strategic review continues and cash offers for the company are being pursued.
