A deal-heavy Friday swept across the small-cap universe, with Lansdowne Oil & Gas executing a strategic pivot into Brazilian graphite, PureTech Health receiving a significant lift from a US$254.9m Nasdaq IPO by its spin-out Seaport Therapeutics, and Redcentric unveiling a £90m-plus return of capital to shareholders. Corporate activity ranged from completed acquisitions and bond pricings to abandoned deals and licence lapses, making for one of the busier news days of the year in the segment.
Lansdowne Oil & Gas pivots to Brazilian graphite with £1.9m raise
Lansdowne Oil & Gas (AIM:LOGP) agreed a conditional acquisition of São Gabriel Mineração Ltda, giving it ownership of the Macaubas graphite project in Brazil, and simultaneously raised £1.9m via a placing to fund exploration at the asset. The deal marks a fundamental strategic reset for the company, which has been seeking a new direction, and the announcement sent the shares up 11.11% to 0.1p.
Seaport Therapeutics IPO delivers a windfall for PureTech Health
PureTech Health (NASDAQ/LSE:PRTC) climbed 8.46% to 138.4p after Seaport Therapeutics, a company it founded, priced an upsized IPO at $18 per share, raising approximately $254.9m and setting up trading on the Nasdaq Global Select Market under the ticker SPTX. The listing crystallises meaningful value for PureTech, which retains an interest in the neuroscience-focused therapeutics business it incubated.
Redcentric proposes 160p tender offer after data centre disposal
Redcentric (AIM:RCN) will return more than £90m to shareholders through a 160p-per-share equity tender offer, following completion of the £122.85m sale of its data centre business. The managed IT services provider's shares traded at 131.997p, up 1.15%, leaving a material spread to the tender price that underscores the significance of the capital return for shareholders.
Kistos prices $300m bond to back Oman acquisitions
Kistos Holdings (AIM:KIST) priced a US$300m senior secured bond at par, carrying a 9.875% coupon and maturing in four years, with proceeds earmarked to fund its Oman-linked acquisitions and repay Norwegian debt. The bond proceeds are contingent on completion of the Oman deals, tying the financing tightly to the strategic transaction. Shares eased 0.49% to 317.45p.
Augmentum Fintech secures FCA approval for Verdane takeover
Augmentum Fintech (AIM:AUGM) confirmed the Financial Conduct Authority has unconditionally approved Frontier Bidco's recommended cash acquisition, satisfying the key regulatory condition for the scheme of arrangement with Verdane. The FCA clearance removes the most significant outstanding hurdle for the deal to proceed, with shares nudging 0.5% higher to 110.05p.
TEAM completes EPIC Guernsey acquisition
TEAM (AIM:TEAM) completed the acquisition of EPIC Funds Services Guernsey, issuing 5.24m new shares as the sole consideration for the fund administration business. The completion adds another fund services operation to TEAM's growing wealth and asset management infrastructure, though shares slipped 2.42% to 16.1p on the day.
Star Energy raises ~£9m to grow geothermal production
Star Energy Group (AIM:STAR) closed a placing at 15p per share, raising approximately £8.4m, alongside a directors' subscription and a retail offer of up to 4m new shares at the same price to raise a further £0.6m. The combined fundraise is intended to materially grow production at its UK geothermal assets. Shares added 0.68% to 16.36p, a modest premium to the placing price.
PipeHawk extends Utsi Electronics disposal long-stop to June
PipeHawk (AIM:PIP) pushed the completion deadline on the proposed sale of Utsi Electronics to 30 June, allowing additional time to satisfy the condition under the National Security and Investment Act 2021. The extension keeps the disposal on track and the announcement lifted the shares 16.36% to 3.2p, signalling market confidence that the transaction will ultimately complete.
GenIP raises £350,000 to fund staffing and product development
GenIP (AIM:TEK) raised £350,000 via a share placing to fund headcount growth, product research and development, and general working capital as it pursues its commercial growth plan. The capital injection provides a near-term runway for the IP management technology business, though shares slipped 2.94% to 6.6p on the day of the announcement.
Mindflair backs autonomous game-testing start-up ManaMind
Mindflair (AIM:MFAI) disclosed that Sure Valley Ventures' second fund, in which it holds an interest, has led a US$1.5m pre-seed round into ManaMind, a start-up developing autonomous game-testing technology. The investment adds another early-stage technology holding to Mindflair's portfolio, though shares fell 10% to 0.45p.
Beacon Rise abandons £1.35m ProActive Training acquisition
Beacon Rise Holdings (AIM:BRS) terminated its proposed £1.35m acquisition of ProActive Training after negotiations broke down over commercial terms and valuation. The collapse of the deal leaves Beacon Rise without the training business it had been pursuing, and shares fell 5.88% to 160p in response.
Aterian posts wider £2m loss as exploration build-out continues
Aterian (AIM:ATN) reported a loss before tax of £2.02m for the year ended 31 December 2025, widening from a £1.62m loss in 2024, as the company continued to invest in exploration and its trading infrastructure. Shares fell 3.67% to 23.6p.
Active Energy to raise £1.3m for Middle East digital-asset push
Active Energy Group (AIM:AEG) announced plans to place approximately 1.58bn new shares at 0.0825p each, raising gross proceeds of £1.3m to fund working capital and the acquisition and development of digital asset infrastructure in the Middle East. The placing price represents a discount to the market, though shares still edged 3.44% higher to 0.1112p.
Total Graphite to refresh Montepuez feasibility study
Total Graphite (AIM:TGR) is engaging consultants to update the 2017 Definitive Feasibility Study and Value Engineering Study for its Montepuez graphite project in Mozambique, with the aim of revalidating project economics, testing a lower-capex phased development pathway, and supporting offtake and financing discussions. Shares were broadly flat at 1.498p, down 0.13%.
Power Metal and Fermi identify fertile hydrothermal system at Perch River
Power Metal Resources (AIM:POW) and joint-venture partner Fermi Exploration reported mineralogical and isotopic evidence pointing to a fertile hydrothermal system along the Rapids Fault at the Perch River project. The findings strengthen the geological case for the project and advance the exploration thesis for the partnership.
accesso appoints Lee Cowie as new chief executive
accesso Technology Group (AIM:ACSO) appointed Lee Cowie as Chief Executive Officer with effect from 1 May, succeeding Steve Brown, who stepped down as CEO and as a director while remaining available to the board during the handover period. Cowie's appointment marks a leadership transition at the ticketing and guest experience technology group.
Georgina Energy raises £1m as work programmes advance
Georgina Energy (AIM:GEX) raised approximately £1m via a placing of 37.04m new shares at 2.7p each to advance its work programmes and provide general working capital. The placing price represented a discount to the prevailing market, and shares fell sharply, declining 17.81% to 3.0p.
Kodal Minerals loses Nielle licence in Côte d'Ivoire
Kodal Minerals (AIM:KOD) reported that the Nielle exploration licence in the Tongon-Banfora greenstone belt has expired, removing the company's remaining interest in the project. The lapse eliminates a portfolio asset and shares fell 6% to 0.2914p.
Shield Therapeutics reports 54% ACCRUFeR growth and positive EBIT
Shield Therapeutics (AIM:STX) reported Q1 2026 net revenue of $18m and positive EBIT of approximately $2.5m, driven by a $7.9m development milestone and 54% growth in its ACCRUFeR iron deficiency treatment franchise. The combination of milestone income and strong prescription growth delivered the company's first quarter of positive operating earnings.
Clontarf Energy opens MOU talks with Bolivia's YLB for lithium samples
Clontarf Energy (AIM:CLON) engaged Bolivia's state lithium company YLB to seek a memorandum of understanding to ship large bulk samples from the Coipasa and Uyuni brine deposits for processing at Next-ChemX's pilot plant in India. The initiative represents a concrete step towards demonstrating the commercial viability of Clontarf's Bolivian lithium assets, with shares up 1.95% to 0.0209p.
Union Jack Oil delays Crossroads spud pending rig maintenance
Union Jack Oil (AIM:UJO) announced that the planned spud of the Crossroads Well in southern Oklahoma has been postponed while the rig undergoes maintenance, with an updated spud date expected to be provided in early May. Shares eased 1.82% to 3.878p.
Marula Mining pilots battery recycling facility in Kenya
Marula Mining (AIM:MARU) and Kenyan social enterprise WEEE Centre will establish a lithium-ion battery recycling and black mass processing facility through a special purpose vehicle, Urban Mining, with an initial commitment of EUR 500,000. The pilot project, sited in Kenya, positions Marula at the early stage of the African battery recycling supply chain.
OptiBiotix sells SkinBioTherapeutics stake to bolster working capital
OptiBiotix Health (AIM:OPTI) realised £675,000 from the sale of a portion of its SkinBioTherapeutics shareholding to strengthen working capital, while retaining a 2.2% minority stake in the dermatology-focused spin-out. The disposal converts a listed equity holding into cash at a time when the company is managing its near-term liquidity position.
