AQUIS STOCK EXCHANGE
IntelliAM AI (INT) announced plans to move to AIM on 20 November. The AI company has raised £6.3m at 70p/share and a further £500,000 could be raised through a retail offer. Convertible loan notes worth £31,282 have been converted into shares. The retail offer closes at 4.35pm on 27 October. Lift Global Ventures () holds 86,956 shares, which were acquired one year ago.
Energy B (NRGB) is increasing its stake in a Gatwick energy site from 85.635% to 100%. AIM-quoted Arkadian Strategic Metals sold its 18.1% stake and Azzuro Resources sold 4% of Horse Hill Developments, which operates the Horse Hill oil and gas development. The total cost is £168,000. The transfer of the licence still has to be approved. The intention is to restart production in early 2027, depending on approval from the local authority. Energy B raised £707,500 at 12p/share.
Cardo health related probiotics developer ProBiotix Health (PBX) increased nine months sales by 36% to £2.68m and improved gross margin to 61%. Cash was £1.2m at the end of September 2026.
Ajax Resources (LON: AJAX) raised £2.32m at NOK 1(8p)/share ahead of starting trading on Euronext Growth Oslo on 26 October. The company remains on Aquis. Elmlea Properties, which is associated with Ajax Resources chairman Michael Hutchinson bought 125,000 shares at 8p each and has a 3.98% stake.
Arbuthnot Banking Group (ARBB) did better than expected in the third quarter and Shore has raised forecasts for 2026 and the next two years. Higher margin specialist lending has increased by 24% so far this year, while deposits were 7% higher at £4.9bn, providing cash to fund the growing loan book. Wealth management has moved into profit after gross inflows of £458m in the third quarter took funds under management to £3.09bn. the 2026 earnings have been raised 13% to 107.2p/share.
Wishbone Gold (WSBN) has published the delayed assay results for the Red Setter prospect. They show mineralisation at shallower depths.
Two directors of Delta Gold Technologies (DGQ) have bought shares. R Michael Jones bought 2,000 shares at 115p each and Jamie Tosh 8,500 shares at 114p each.
Valereum (VLRM) has a $300m first fixed charge over the White Hawk Asset portfolio. Valereum and Quorium Global Photonics are focused on securing the activation of liquidity for the VGOLD-CORE+ tokens.
Gledhow Investments (GDH) has raised £145,000 at 1p/share. Ethtry (LON: ETHY) has raised £210,000 at 0.15p/share.
Uranium explorer Reveille Resources (REV) has raised £30,000 from the exercise of warrants at 10p each. A further 1.43 million warrants have been issued with an exercise price of 17.5p.
Vaultz Capital (V3TC) says that management is focused on identifying transactions following the ending of the Bitcoin treasury strategy. NAV was £7.2m at the end of April 2026, which was before the change in strategy. The share price dipped 4.44% to 2.15p.
Marula Mining (MARU) has completed a positive due diligence review of the nine Tanzanian prospecting licences that it intends to buy a 95% interest in. Discussions continue.
ASSET MATCH
Greenshields Agri (GAH) has sold 522 acres of land at 18% ahead of book value. This will pay off 46% of debt and buyback nearly one-third of the shares in issue at 150p each. NAV has increased to 164p/share.
AIM
Sulfur battery technology developer Gelion (GELN) reported full year results ahead of expectations with revenues of £2.46m and a pre-tax loss of £5.33m. Net cash was £7.55m at the end of June 2026 and that should cover the next financial year. Earlier this week, there was positive news of the independent testing of its Nano-Encapsulated Sulfur (NESTM) Cathode Active Material (CAM) by National Laboratory of the Rockies (NLR) under the Cooperative Research and Development Agreement (CRADA), which confirmed Gelion’s own tests of its technology.
Disinfection products supplier Tristel (TSTL) increased revenues by 10% to £51.1m in the year to June 2026. Pre-tax profit was 15% higher at £11.7m. Net cash is £16m. North American revenues are growing, while the decline in legacy products masks the improvement in the UK. The digital platform is being rolled out and a new drain product is being launched.
Broker research on Metals One (MET1) has been published by CREST Corporate Broking following the proposed acquisition of Lions Bay Resources. Metals One already owned 305 and is exercising an option to take that to 49.99% and acquiring the rest of the business through a £6.5m share issue at 1.3p each. This replaces the previously announced deal back in June. Metals One will become a South Africa-focused gold miner. Former Harmony boss Graham Briggs will become chair of Metals One. There will be a phased restart at the Barbrook gold mine using existing infrastructure.
Cornish Metals (TIN) completed its £135m fundraising, including a share issue at 60p each, and the posting of the circular for a general meeting on 9 November. This fully funds the company until the initial production at the South Crofty tin mine and the ramping up of production after that. There is a six-year offtake agreement with Glencore. Chief development officer Fawzi Hanano bought 55,000 shares at 69.3p each. He holds 180,000 shares.
MS International (MSI) has won a £29.7m contract to supply 12 DS30M gun systems to the German Navy. This will be supplied over an unspecified number of years. Last year’s group revenues were £72m.
Paper and advanced materials manufacturer James Cropper (CRPR) says full year figures are expected to be better than currently forecast. The paper and packaging business performed strongly in the first half, helped by cost management. Full year EBITDA was expected to be £9.4m and the guided range has been raised to £10.3m to £11.3m. Interim results will be published in November.
Packaging manufacturer Robinson (RBN) says trading has further weakened in recent weeks. There is normally a pick-up in business in the early autumn, but this has been less than anticipated, while energy costs have risen faster than expected. Cavendish has slashed its 2026 pre-tax profit forecast by two-thirds to £500,000. Costs are being reduced and property disposals will provide additional cash. Net debt is expected to be £6.1m at the end of 2026.
Medical imaging technology provider Ixico (IXI) has won two contracts for programmes related to Alzheimer’s disease. They are worth £1.5m. The order book was previously worth £16m. The 2025-26 revenues will be better than expected.
Invinity Energy Systems (IES) shares also returned from suspensions after completing a retail offer and subscription. The vanadium flow battery technology developer raised £2.8m in a retail offer and the total raised was £25m. The company was seeking a minimum of £20m. Cornerstone investment of £12.5m was made by National Wealth Fund. Cash will be invested in accelerating product development and manufacturing, as well as covering ongoing losses.
The US Department of Health and Human Services has published the Kidney Care National Plan and the move towards kidney failure prevention is positive for Renalytix (RENX), which has developed kidneyintelX.dkd. This is a FDA-authorised and Medicare-reimbursed prognostic blood test for adults with type 2 diabetes and early-stage chronic kidney disease. This is the type of person that the new strategy is focused on.
Hydrogen technology developer Clean Power Hydrogen (CPH2) has undertaken an internal technical investigation into an incident last May during the final factory acceptance testing of the MFE220 1MW unit. An unexpected error caused a shutdown that led to significant damage to the equipment. It appears that the company’s membrane-free stacks were to blame. Component design and cleanliness were factors. Remedial research and design have started. Lisheen H2 Energy Park has extended its licence to own-use rights in the US and further discussions continue.
Professional services provider Diales (DIAL) was more profitable than expected in the year to September 2026. Operating profit will be at least £1.8m, compared with forecasts of £1.5m, on revenues of £44m. Gross margins have improved. Net cash was £3.3m.
Education services provider Malvern International (MLVN) says underlying full year revenues improved from £12.6m to £14.4m. However, there has been a swing from a small positive EBITDA to a loss of £2.5m, including a £700,000 loss on the closed Adult English Language Teaching (ELT) business. Net cash was £700,000 at the end of September 2026. A further loss is expected this year.
Dekel Agri-Vision (DKL) plans to raise cash to expand its cashew nuts operation in Tiebissou, Côte d’Ivoire. Third quarter cashew sales volumes were 72.3% ahead in the third quarter. The company has entered a Capital Access Window.
Synthetic DNA manufacturer 4basebio (4BB) raised £15m at 515p/share and this should help to make the shares more liquid, although major shareholders have subscribed for shares.
MAIN MARKET
Gulf Keystone Petroleum (GKP) plans to merge with ShaMaran Petroleum, creating a larger oil and gas producer in Iraq.
Shell company Bay Capital (BAY) plans to acquire Plenty Biologics, which is a virtual developer of biologic medicines, for £40m in shares at 15p each. There is an estimated $234bn market for biosimilar versions of drugs going off-patent. A £5m fundraising is planned ahead of the reintroduction of the company to the Main Market. Trading in the shares has been suspended.
