Corporate finance dominated small-cap news, with a cash shell pre-funding its reverse takeover, an investing company backing a fintech launch, and a drinks group cracking the US market after eighteen months of regulatory delay. Elsewhere, resource explorers delivered a run of high-grade drill results across silver, gold and gallium, while several mid-caps updated on trading and contract wins.
Anemoi lines up $3.2m ahead of Trasna reverse takeover
Anemoi (AIM:AMOI), the AIM-listed cash shell, has secured $3.2m through advance subscription agreements ahead of its previously announced reverse takeover of Trasna Solutions Technologies, with the shares up 7.64% to 1.55p. The structure is designed to keep both sides funded while the deal awaits formal completion, a period that can otherwise leave a target starved of working capital and a shell with nothing to show shareholders.
Of the total, $2.2m will pass through to Trasna to fund its growth, converting into equity in the enlarged company at a 20% discount to the RTO pricing once the deal completes; if the takeover collapses, the same money converts instead into shares of the private Trasna entity. The remaining $1m stays with Anemoi itself, on identical discount terms, reverting to AMOI stock rather than Trasna shares should the deal fail. Management is targeting completion by the end of the third quarter or early in the fourth quarter of 2026.
"I am pleased to report that the proposed Trasna RTO is progressing apace and, while there is always execution risk, I am confident that the prospects for completion by the end of Q3/2026 or early Q4/2026 remain realistic," said Duncan Soukup, chairman of Anemoi.
The dual-tranche structure is a pragmatic hedge: it removes the funding gap that so often stalls reverse takeovers between announcement and completion, while giving subscribers a fallback claim on the shell's own stock if the deal falls through. For existing holders, the 20% conversion discount is dilutive by design, but the alternative, a starved target and a stalled deal, would be worse for the RTO's credibility with the wider market.
Caledonian raises £612,000 to fund Aspire launch
Caledonian Holdings (AIM:CHP) has conditionally raised £612,000 gross through a placing and subscription of 48.96m shares at 1.25p, with the stock falling 18.92% to 1.5p on the raise. The AIM-quoted investing company is assembling an integrated financial services group around Aspire Commerce Group, its wholly owned subsidiary, and the proceeds are earmarked for working capital and the commercial launch of Aspire's multi-currency business accounts and debit cards.
Caledonian says the proposition is operationally ready, with cards already in stock and testing complete, and the new funds will also help convert Aspire's pipeline of trade finance opportunities into funded transactions. The company points to advanced talks with third-party funders and foreign currency partners spanning south-east Asia, China and the Middle East. "This fundraising represents an important step in moving Aspire from platform readiness into the next stage of commercial deployment," said Jim McColl, Caledonian's executive director.
The sharp share price fall alongside the raise reflects the dilution from pricing new stock at 1.25p, a discount that existing holders will have to absorb even as the company frames the round as the bridge from platform-building to actual revenue generation. Whether that framing holds will depend on how quickly the trade finance pipeline converts into funded, fee-earning business.
Light Science Technologies revenue falls, but second half rebound builds
Light Science Technologies Holdings (AIM:LST) reported revenue of £3.73m for the six months to 31 May, down from £5.06m a year earlier, with shares dropping 11.56% to 1.415p on the results. The technology and manufacturing group, which targets fire safety and food security markets, swung to an adjusted operating loss of £0.69m against a £0.04m profit a year earlier, as gross margin slipped to 30.5% from 36.3%.
The decline stemmed from delays in project approvals at the Building Safety Regulator, which held back conversion in the passive fire protection division, alongside the end-of-life of a key product line for the contract electronics manufacturing division's largest pest control customer. The half was reshaped by a £6.6m gross fundraising that financed three acquisitions, most notably the 14 April purchase of RLUK Injection, owner of the Injectaclad fire barrier system, leaving total cash and undrawn facilities at £2.72m at period end.
"The strong end to H1 and strong momentum carried into the current period underpins management's confidence in a substantially stronger second half," said Simon Deacon, chief executive. The RLUK acquisition changes the investment case materially: it adds a fire barrier product to a division already exposed to regulatory delay risk, and the coming half will test whether the newly enlarged group can convert acquired revenue into the margin recovery management is promising.
Distil secures first US order for Blavod vodka
Distil (AIM:DIS), owner of RedLeg Spiced Rum, Blackwoods Gin and Vodka, and Blavod Black Vodka, has received its first order through AIKO Importers, its US distribution partner, sending shares up 28.0% to 0.064p. The AIM-listed drinks group appointed AIKO back in April 2025, but progress stalled amid tariff uncertainty and delays to Alcohol and Tobacco Tax and Trade Bureau approvals, partly held up by US government shutdowns.
Vodka is the largest spirits category in the US by both volume and value, and AIKO's network spans 185 distribution partners across the US, Canada and Puerto Rico, with retail relationships including Costco, Total Wine and Spec's. Production will run through Inter-Continental Brands, the manufacturing arm of Fortitude Spirits Group, marking the first production run under that new UK distribution agreement. "We regularly receive requests for the product from customers and consumers, demonstrating strong brand awareness and demand," said the AIKO executive chairman.
The scale of the share price reaction reflects how long this route to market has been stalled, over a year between appointment and first order, and the size of the prize if Blavod gains even a foothold in the largest spirits market globally. The real test now is repeat ordering and shelf placement, not the first shipment itself.
Sunda Energy: New Zealand regulator grants permit to Matahio
Sunda Energy (AIM:SNDA), trading at 1.075p, saw New Zealand's regulator award a 10-year petroleum mining permit covering the Puka field and Oru prospect, a key plank underpinning the company's planned acquisition of Matahio Energy NZ.
The permit removes a significant piece of regulatory uncertainty from the deal, clearing a path for Sunda to proceed with the acquisition on a firmer footing regarding the underlying assets' legal status.
Elizabeth Hill drilling extends silver zone west of resource
Diamond drilling at Alien Metals (AIM:UFO)'s Elizabeth Hill Silver Project has intersected 67.1 metres at 19 g/t silver from surface, with shares rising 8.24% to 0.092p. The intercept extends a near-surface mineralised zone west of the company's current resource model.
The result points to potential resource growth beyond the existing model boundaries, giving Alien Metals scope to expand the project's footprint ahead of any updated resource estimate.
Oxford BioDynamics strikes UAE prostate test deal with Dubai clinic group
Oxford BioDynamics (AIM:OBD) has agreed its first Gulf commercial partnership, making its EpiSwitch PSE prostate cancer test available across Dubai London Clinics & Hospitals' network, with shares up 3.85% to 0.135p.
The deal gives the diagnostics group a commercial foothold in a new region, extending EpiSwitch PSE's reach beyond its existing markets and offering a template for further Gulf healthcare partnerships.
PensionBee revenue jumps in first half
PensionBee (AIM:PBEE) grew assets under administration by 37% to £8.6bn in the first half, with shares little changed at 144.22p, down 0.54%. The online pension provider narrowed its adjusted EBITDA loss as UK operations turned sharply profitable.
The UK profitability shift marks a meaningful inflection point for a business that has spent years scaling ahead of earnings, suggesting the group's core market is now covering its own costs even as international expansion continues to weigh on the group total.
DP World revenue rises despite Middle East trade disruption
DP World (91SN), trading at 119.02p, posted first-half revenue growth of 13.1%, but adjusted EBITDA fell 5.6% as conflict-related disruption hit vessel traffic into Jebel Ali Port.
The divergence between rising revenue and falling profitability underscores the operational cost of the disruption, with the ports and logistics operator absorbing the impact on margins even as top-line volumes elsewhere held up.
B HODL signs letter of intent with Zeus Wallet
B HODL, the Bitcoin treasury company, has signed a letter of intent to connect its Lightning Network liquidity to Zeus Wallet's infrastructure, under which it will earn routing fees.
The arrangement gives B HODL a fee-generating use for its Bitcoin holdings beyond simple treasury accumulation, adding a modest but distinct revenue line tied to network activity rather than price appreciation.
Amaroq beats H1 gold guidance as flotation circuit comes online
Amaroq (AIM:AMRQ) produced around 9,000 ounces of gold in the first half, above the midpoint of its guidance range, with shares down 1.17% to 106.73p despite the beat. The newly commissioned flotation circuit at Nalunaq lifted recoveries toward 90%.
The recovery improvement is the more significant number here: a circuit performing near 90% materially changes the mine's economics going forward, independent of any single period's ounce count.
Ethernity flags potential upside from patent licensing push
Ethernity Networks (AIM:ENET) said early feedback suggests its patent-monetisation process could generate substantial upfront licensing proceeds, with shares up 16.67% to 0.0014p.
The company remains cash constrained, meaning any licensing proceeds would arrive as a critical funding lifeline rather than simple upside, underscoring how much rides on converting early interest into signed agreements.
Petro Matad clears PetroChina backlog after seven-month delay
Petro Matad (AIM:MATD) has finalised its 2026 Oil Sales Agreement with PetroChina, ending a seven-month delay, with shares up 4.76% to 1.1p. "We finally have an agreed and now implemented 2026 Oil Sales Agreement after seven months of effort and delay," said chief executive Mike Buck.
The resolution clears a significant overhang for the Mongolia-focused explorer, restoring visibility on offtake terms that had been in limbo since early in the year.
Rank Group profit jumps as digital growth offsets tax hit
The Rank Group (LSE:RNK) saw profit rise as digital growth offset a tax hit, with shares up 3.04% to 102.84p. "There is material growth runway ahead, most obviously for our Grosvenor casino venues where gaming machines optimisation is an area of sharp focus and significant opportunity," said Richard Harris.
The comments point to machine optimisation across the Grosvenor estate as the next lever for growth, a lower-capital route to earnings expansion than opening new venues.
Richmond Hill confirms high-grade gold at Sakoose and New Church Lake
Richmond Hill Resources (RHR) reported surface sampling at its Martello property returning assays up to 25.9g/t gold, with shares up 12.5% to 1.35p. Drilling is now targeted for the fourth quarter.
The high-grade surface results give the company a clear rationale for prioritising Martello in its upcoming drill programme, with the fourth-quarter timeline setting the next catalyst for the stock.
NeoTerra hits 85% gallium extraction rate in test work
NeoTerra Group (AIM:TERA) said initial metallurgical testing at its Monte Muambe project in Mozambique achieved an 85% gallium extraction rate, with shares up 11.54% to 2.175p. The work validates both a pre-concentration route and an acid-leaching process for gallium recovery.
Confirming two viable processing routes gives NeoTerra flexibility in designing a future flowsheet, an important step for a critical-minerals project where extraction economics often determine viability more than grade alone.
GreenRoc advances Amitsoq graphite project and Denmark pilot plant
GreenRoc Strategic Materials (AIM:GROC) reported progress on three fronts, with shares up 8.21% to 3.03p: purification equipment is shipping to its Danish pilot plant, further graphite intersections have been made at Amitsoq, and EIB advisory work has begun on the project's business case.
The simultaneous movement on processing, resource definition and financing advisory suggests the project is progressing toward a development decision on multiple tracks at once, rather than being bottlenecked on a single workstream.
Shuka Minerals finds new orebody at Kabwe zinc mine
Shuka Minerals (AIM:SKA) reported that a ninth drill hole south of previously mined zones at its Kabwe Project revealed a near-surface orebody carrying zinc, lead, copper and vanadium, with shares up 2.55% to 2.82p.
The polymetallic nature of the discovery, four separate metals in one orebody, adds optionality to the project's potential economics beyond a single-commodity mine plan.
Crism Therapeutics clears site setup for glioblastoma trial
Crism Therapeutics (CRTX) has completed site initiation for its Phase II glioblastoma study, with shares up 5.5% to 10.55p, clearing the way for patient recruitment within weeks.
Site initiation completion is a procedural but necessary milestone, moving the trial from setup into the recruitment phase that will determine how quickly data eventually reads out.
Arecor's AT278 diabetes data published in peer-reviewed journal
Arecor Therapeutics (AIM:AREC) saw its AT278 diabetes data published in a peer-reviewed journal, with shares up 6.89% to 63.6p. Dr Jan Jezek, the company's chief scientific officer, said the findings address "one of the longstanding challenges associated with concentrated insulin therapies" in high-BMI type 2 diabetes patients.
Peer-reviewed publication lends independent scientific credibility to AT278's profile, a step that can support future partnering or licensing conversations beyond the immediate data itself.
tinyBuild sues Max Ent Games over unpaid royalties
tinyBuild (AIM:TBLD) has filed a lawsuit against Max Ent Games alleging more than $1.9m in unpaid royalties from the game Smalland, with shares down 8.26% to 10.0p.
The litigation signals a breakdown in what had been a licensing relationship, and the outcome will determine whether tinyBuild recovers the disputed sum or absorbs it as a write-off.
Bezant completes first blast at Hope & Gorob copper project
Bezant Resources (AIM:BZT) completed its first blast at the Hope & Gorob copper project, with shares down 4.0% to 0.12p despite the milestone. "The blast was successful with excellent fragmentation and extremely well positioned relative to ore," said Colin Bird, Bezant's executive chairman.
The successful blast is an early but tangible sign of physical progress on site, moving the project from planning into active mining operations.
Marula Mining still awaits Kilifi export and Kinusi copper sales
Marula Mining pushed back its first manganese shipment from Kenya's Kilifi operation and delayed copper deliveries to Traxys, even as site works restarted at its South African manganese mines.
The repeated delays across two separate revenue streams raise questions about execution timing, even as the resumption of South African site works offers a partial counterbalance.
Mulberry appoints Dr. Martens ex-CEO and finance veteran to board
Mulberry Group (LSE:MUL) named Sara Dickinson and Kenny Wilson, the former Dr. Martens chief executive, as independent non-executive directors, effective from its 9 September AGM, with shares up 1.95% to 209.0p.
Wilson's retail turnaround experience in particular brings relevant sector credibility to the board as Mulberry continues to navigate its own brand repositioning.
First Tin's Taronga reserves upgrade promises longer mine life
First Tin (AIM:1SN) reported an upgrade to Ore Reserves at its Taronga project, with shares down 2.0% to 12.25p despite the improvement. "The combination of increased Ore Reserves, a lower strip ratio and the potential for a materially longer mine life provides further support for the development of Taronga," said chief executive Bill Scotting.
A lower strip ratio alongside more reserves is a favourable combination for project economics, reducing the waste-to-ore ratio that drives mining costs even as the resource base grows.
Hamak Strategy hires consultant Akoko gold study
Hamak Gold (AIM:HAMA) has appointed Snowden Optiro to run a Preliminary Economic Assessment on its Akoko oxide gold project in southwest Ghana, with shares down 5.69% to 0.613p. Findings are due within three months.
The PEA will be the first formal economic test of Akoko's viability, giving the West Africa-focused explorer a concrete near-term catalyst.
Genel confirms Tawke and Peshkabir output restarted
Genel Energy (LSE:GENL) said production has resumed at both its Tawke and Peshkabir fields in Kurdistan following the spring shutdown, with shares up 1.49% to 64.24p.
Genel stressed that access to export markets would more than double free cash flow from the Tawke field, meaning the restart of production alone only partially restores the field's economic value until export routes are fully reinstated.
TPXimpact lands £25m Ministry of Justice contract
TPXimpact Holdings (AIM:TPX) (AIM:TPX) has been named successful bidder on a three-year probation digital delivery contract worth £25m, with shares down 4.16% to 73.08p despite the win. The contract takes new business won so far this financial year to £58m.
The scale of new business won this year gives the group visibility on forward revenue, even as the share price move suggests the market had already priced in a contract of this size.
