AIM movers: Hardide contract and Caledonia Mining hit by Zimbabwe tax changes

Andrew Hore
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AIM movers: Hardide contract and Caledonia Mining hit by Zimbabwe tax changes

Advanced coatings provider Hardide (LON: HDD) has received a significant order from a North American energy sector customer with a value of £1.75m. This is higher than expected and there could be more to come. The forecast revenues for 2025-26 have been raised by £1m to £8m and pre-tax profit increased from £600,000 to £1.1m – indicating the operational gearing. The share price jumped 49.1% to 9.875p.

Shares in Kazakhstan-focused Caspian Sunrise (LON: CASP) returned from suspension following the publishing of annual results for 2024 and interims to June 2025. There was a $17.1m loss, including $5.3m from continuing operations, in 2024. Interim revenues from continuing operations were $3.3m and the loss was $1.8m. In the second half there will be a $23m gain on disposals that raised $88m. The West Shalva contract area has been acquired, and the Block 8 contract area purchase should be completed by the end of the year. Potential mineral acquisitions are being sought. The share price gained 23.3% to 2.65p.

Cadence Minerals (LON: KDNC) and its joint venture partners in the Amapa iron ore project have executed a binding prepayment offtake agreement. There is a $4.6m prepayment and working capital facility. This provides cash to restart the Azteca plant without the need for further share issues. This will generate early cash flow to finance the Amapa project, where Cadence Minerals owns 37.5%. The share price rose 9.59% to 4p.

SpaceandPeople (LON: SAL) has secured a three-year exclusive agreement with London North Eastern Railway for promotional events in its stations. These include Newcastle, York and Doncaster. This follows renewals with other train companies and SpaceandPeople has the rights to more than 1,600 stations. Zeus maintains its 2026 pre-tax profit forecast at £750,000, up from £500,000. The share price rebounded 6.13% to 225p.

FALLERS

Catenai (LON: CTAI) investee company Alludium attended the Web Summit 2025. The AI agent platform is designed automate complex work and streamline operational processes and this is the first major promotion for the technology. It has resulted in interest in partnerships. The share price slid 7.84% to 0.235p.

CleanTech Lithium (LON: CTL) says that its Chile-based subsidiary has had a legal action brought against it seeking payment of the second instalment of the payment for the acquisition of 23 mining concessions at Laguna Verde in Chile. The vendors of the concessions were awarded a lien over the subsidiary, even though it was not legally served with the claim. It is seeking to have the proceedings annulled. The share price fell 7.08% to 5.25p.

Impax Asset Management (LON: IPX) reported a 17% dip in full year revenues to £142m, while pre-tax profit fell 43% to £28m. Net cash was £68m at the end of September 2025. The total dividend is 12p/share. The loss of the St James’s Place mandates meant that assets under management fell from £37.2bn to £26.1bn, but it should start to recover by next September. However, the timing of the loss of mandates means that pre-tax profit is unlikely to rise by much this year, despite the lower interest charge. The share price declined 6.85% to 161.7p.

Zimbabwe is changing its royalty and tax regimes. There is an increase in the royalty rate from 5% to 10% when the gold price exceeds $2,500/ounce – applied to the full gold price – and the 100% upfront deduction for capital spending will be spread across the life of the project. This could affect the Bilboes gold project being developed by Caledonia Mining Corporation (LON: CMCL), where production costs would be much higher, as well as its existing production. Cavendish has reduced its 2026 earnings forecast from 2.97 cents/share to 2.62 cents/share. The share price dipped 5.65% to 2170p.

Strategic Minerals (LON: SML) has completed drilling at the Redmoor tungsten tin copper project in Cornwall. More than 5,000 metres of drilling has been completed with CRD041 intersecting the full extent of the sheeted vein system with visible signs of mineralisation and additional zones. There are further drill holes still to be analysed and metallurgical testing is progressing. The share price decreased 4% to 1.2p.

Tekcapital’s Innovative Eyewear partners with SmartBuyGlasses for global retail distribution

UK Investor Magazine
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Tekcapital’s Innovative Eyewear partners with SmartBuyGlasses for global retail distribution

Tekcapital portfolio company Innovative Eyewear has announced a fresh distribution deal with a major player in eyewear as the company ramps up its sales and marketing network.

Innovative Eyewear has secured a retail partnership with SmartBuyGlasses to distribute its Reebok-branded smart eyewear globally.

The collaboration will see SmartBuyGlasses, one of the world’s largest independent designer eyewear retailers, offer Innovative Eyewear’s smart glasses with prescription options and international shipping. The partnership enables customers across SmartBuyGlasses’ network of localised websites to purchase the frames with custom lenses.

SmartBuyGlasses operates in more than 30 countries across Asia Pacific, Europe, Africa and the Americas. With over 15 years in the industry, the e-retailer offers an extensive range of eyeglasses, sunglasses and contact lenses.

“Going live with Reebok® Smart Eyewear on SmartBuyGlasses meaningfully expands our global reach, while keeping the customer experience familiar: great-looking eyewear that happens to be smart,” said Harrison Gross, CEO of Innovative Eyewear.

“There is a natural alignment of smart eyewear with ecommerce – both bring transformative approaches to user needs and experiences. For the optical customer I see a fantastic synergy between our products and SmartBuyGlasses’ mission to make the eyewear buying experience more accessible and affordable. We look forward to partnering with them to bring an exciting new generation of smart frames to their customers worldwide.”

Aquis new entrant Connecting Excellence launches retail offer to invest in Bitcoin

Andrew Hore
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Aquis new entrant Connecting Excellence launches retail offer to invest in Bitcoin

Executive search firm Connecting Excellence Group (XCE) is planning to join Aquis and raise cash to invest in its Bitcoin strategy. A placing and subscription will raise at least £1.5m and small investors are being given the chance to take part in a WRAP retail offer of up to £250,000 at 2.1p/share.

Leeds-based XCE is an international executive search company which owns the Spencer Riley brand. Core sectors include engineering, life sciences, automation, logistics and professional services. The business has space to grow into and may make acquisitions to increase scale.

In the 17 months to June 2024, Spencer Riley revenues were £2.23m and pre-tax profit of £225,000. The majority of revenues are generated by overseas clients, and the business has been profitable for nine years.

XCE has started an operation focused on recruiting Bitcoin experts for companies seeking to commence a Bitcoin treasury strategy or for Bitcoin businesses.

The Bitcoin treasury strategy is designed to help with attracting experienced sales personnel and teams for the business with performance linked share option incentives related to revenues and cash flow. This could take the recruitment business into new sectors.

The company started buying Bitcoin in 2021 and currently owns 9.27 and an average price of £37,500 each. The cash will enable many more to be purchased. Management plans to spend a minimum of £1.3m on Bitcoin. Surplus cash generated by the business will also go towards buying Bitcoin.

Chief executive and founder Scott Ellam will continue to be the largest shareholder.

Investors can apply for shares via Interactive Investor, AJ Bell and Hargreaves Lansdown, while retail brokers can contact WRAP@Winterflood.com.

The offer closes at 4.30pm on 4 December. The result should be announced by 9 December, which is the date of admission to Aquis. The minimum subscription is £500.

Director deals: Non-execs buying Seraphim Space IT

Andrew Hore
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Director deals: Non-execs buying Seraphim Space IT

Seraphim Space Investment Trust (LON: SSIT) has grown its assets, but the share price has declined in recent weeks. It fell to 77.2p after the latest quarterly figures.
This sparked share buying by two non-executives. Chair Will Whitehorn bought 11,000 shares at 78p each, taking his stake to 161,000 shares, and a relative of Angela Lane acquired 8,000 shares at 78.0541p each, taking her family interest to 55,000 shares.
Business
The investment trust gives investors the opportunity to invest in advanced space technology and the growing companies involved in the sector. Fund manager Seraphim Spa...

Adsure Services Investor Presentation November 2025

UK Investor Magazine
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Adsure Services Investor Presentation November 2025

Watch the online presentation for Adsure Services, featuring CEO Kevin Limn.

Adsure Services PLC specialises in providing dynamic support to organisations navigating the complex world of strategic risks.

The company’s portfolio of advisory and assurance services is designed to align with the key economic risks shaping today’s business landscape. With dedicated teams of specialists, the firm delivers bespoke solutions tailored to specific organisational challenges.

Empowering businesses to seize opportunities and thrive in an ever-evolving environment, Adsure Services stands ready to support the journey toward long-term success.

Download the presentation slides.

Cake Box Investor Presentation November 2025

UK Investor Magazine
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Cake Box Investor Presentation November 2025

Watch Cake Box Investor Presentation, featuring CEO Sukh Ram Chamdal.

A request from his daughter for an egg-free fresh cream birthday cake inspired businessman Sukh Chamdal to launch his first concept store in London in 2008. In 2018, with 91 stores, Cake Box was listed on AIM. It now has a franchise estate of 250+ locations, and aims to reach 400.

Download the presentation slides.

Cornish Metals Investor Presentation November 2025

UK Investor Magazine
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Cornish Metals Investor Presentation November 2025

Watch the online presentation for Cornish Metals, featuring Chief Development Officer Fawzi Hanano.

Cornish Metals is a dual-listed company (AIM / TSX-V: CUSN) focused on advancing the South Crofty high-grade, underground tin project towards a construction decision. South Crofty is a strategic tin asset in the UK and covers the former producing South Crofty tin mine in Cornwall which closed in 1998 following over 400 years of continuous production.

Download the presentation slides.

AIM weekly movers: boohoo begins recovery with lower loss

Andrew Hore
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1
AIM weekly movers: boohoo begins recovery with lower loss

Online retailer Boohoo (LON: DEBS) is starting to improve its performance, but there is a long way to go. In the six months to August 2025, revenues fell from £385.4m to £296.9m, but there was a swing from an adjusted loss of £9.2m to an operating profit of £1.8m. There was still a pre-tax loss. Cost savings have been made and a full year pre-tax loss of £11.5m is forecast. Net debt should start to decline. There is a new incentive scheme for executives. Chief executive Dan Finley could be paid £148.1m if the share price reaches 300p within five years. Goldman Sachs has raised its share price target for the online retailer from 16p to 17p, but still says sell, while Barclays has cut its target from 13p to 11p and remains underweight. Despite this, the share price soared 104% to 23p.

European Metals Holdings (LON: EMH) joint venture Geomet has secured a €360m grant for the Cinovec lithium and tin project in the Czech Republic.  This is Europe’s most advanced lithium project. EMH owns 49% of Geomet, which is expected to publish a definitive feasibility study soon. Zeus has modelled a 25-year mine life and an NPV10 of $1.04bn. Zeus has a fair value share price of 75p. The share price jumped 92.7% to 21.2p.

Lung imaging technology developer Polarean Imaging (LON: POLX) has signed a distributor agreement with DK Healthcare in South Korea. It has also won an order from the National Taiwan University Hospital for a Xenon MRI research system through its partner Philips. Polarean Imaging is asking for shareholder approval to leave AIM at a general meeting on 15 December. Even so, the share price recovered 47.1% to 0.125p, which is well below the 0.4p prior to the announcement of a strategic review.

Tanfield Group (LON: TAN) says the US courts have granted a motion for partial summary judgement in the dispute over Snorkel International, where Tanfield has a 49% stake that is the subject of a call option by the other shareholder. This summary judgement says that the 49% stake cannot be acquired for nil as the partner wanted to. A valuation plus interest will be calculated. The trial will begin in October. The share price increased 40.1% to 6.725p.

FALLERS

Syngas technology provider Eqtec (LON: EQT) has total debt of £6.1m and requires more cash for working capital. Major shareholder Rebel Ion may end up acquiring the £5.1m loan and the £700,000 convertible loan, which will be immediately converted. There is a standstill agreement with the existing lenders of the £700,000 convertible loan and this lasts until the end of the year. Existing shareholders may be offered the chance to acquire part of the debt. Discussions continue. The share price declined 37.1% to 0.11p.

Security technology supplier Thruvision (LON: THRU) grew interim revenues 36% to £2.6m, even though retail revenues were lower. Cash was £2.1m at the end of September 2025. The second half will be tougher than expected and Allenby has reduced its full year revenues forecast from £8m to £5m, while the loss is raised from £2.21m to £3.55m. There will still be cash by the end of March 2026. Herald has sold its 8.89% stake and Dr Graham Cooley has raised his shareholding from 6.8% to 7.02%. The share price is one-third lower at 0.55p.

Premier African Minerals (LON: PREM) has raised £500,000 at 0.0575p/share. This will be invested in the processing plant for the Zulu lithium and tantalum project. The share price dipped 32.4% to 0.0575p.

CelLBxHealth (LON: CLBX) raised £6.8m at 1p/share and could raise up to £1m more from a retail offer closing on 1 December. A capital reorganisation will reduce the nominal value of the shares so that they can be issued at this price. There will be £1.9m spent on R&D, £1m for sales and market and £1.2m for reorganisation and IT systems. The cancer diagnostics company will progress partnerships and reduce annual operating costs by more than £5.9m. Ther will also be development of additional assays for the Parsortix platform. The share price slid 30.9% to 1.175p.

This US tech stock could be crucial to the future of AI data centres

UK Investor Magazine
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9
This US tech stock could be crucial to the future of AI data centres

Marvell Technologies is at the forefront of boosting data centre bandwidth with fibre-optic solutions that increase the efficiency of data centre build-outs.
It's working closely with Amazon and Microsoft on the development of their own data centre stacks to reduce dependence on Nvidia chips and has announced a series of deals over the past six months.
Marvell delivered record quarterly revenue of $2.01bn in its second quarter, representing 58% year-on-year and 6% quarter-on-quarter growth. Earnings per share hit $0.67, up 123% year-on-year on a Non-GAAP basis.
Gross margins remained robust at...

Aquis weekly movers: Valereum planning fundraising through US listed vehicle

Andrew Hore
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6
Aquis weekly movers: Valereum planning fundraising through US listed vehicle

Valereum (LON: VLRM) has entered into an agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. There will be a one year option over a stake of 49.9% in Valereum in return for the royalty and streaming income. This will help to accelerate development of the crypto and blockchain platforms and finance acquisitions. The share price jumped 146% to 14.75p.

Digital asset company Vaultz Capital (LON: V3TC) holds 135 Bitcoin. Two resolutions related to a share capital reorganisation and a reduction in nominal value were withdrawn from the AGM following shareholder feedback. The share price bounced back 53.3% to 2.875p.

Ajax Resources (LON: AJAX) had cash of £1.37m at the end of August 2025. It is in the process of acquiring the Paguanta silver lead zinc project in Chile. Drilling should commence soon at the Eureka project. The cash will finance this and a JORC compliant mineral resource estimate. The share price gained 34.9% to 7.25p.

AI software company IntelliAM AI (LON: INT) has won contracts in the building products sector. They cover 15 sites and should generate £250,000 in this financial year. Annual recurring revenues were £1.18m at the end of September 2025, Cash was £786,000 and a further £250,000 has subsequently been raised at110p/share. A WRAP retail offer could raise up to £150,000 more. This will fund the delivery of the co-development partnership with a global engineering manufacturer. The share price is 18.2% higher at 130p.

WeShop (NASDAQ: WSHP) shares ended the week at $145.21. WeCap (LON: WCAP) has an interest valued at around 28p/share. The share price increased 8.33% to 2.6p. Hot Rocks Investments (LON: HRIP) owns a stake worth $21.8m and the share price rose 3.7% to 1.4p, which values the investment company at £3.4m.

Mendell Helium (LON: MDH) has extended the broker option of up to 10 million shares until 3 December. A further £12,000 has been raised via subscription at 3p/share. The share price improved 4.35% to 3p.

Chairman Richard Oldfield bought 25,000 Shepherd Neame (LON: SHEP) shares at 467.6p each. The share price edged up 0.4% to 466p.

FALLERS

Cannabis medicines developer Ananda Developments (LON: ANA) is calling a general meeting on 12 December to gain shareholder approval to leave Aquis. This will save money and may make it easier to raise cash. Initial data from a phase 1 human study for MRX1 has shown a positive safety profile. The final study should be complete in the second quarter of 2026. The share price slumped 51.1% to 0.11p.

Trading in Amazing AI (LON: AAI) shares was suspended following the resignation of Guild Financial Advisory as corporate adviser. The company has hired Rosenblatt Law to pursue a legal action against Tom Winnifrith and Share Prophets Ltd. Chief executive Paul Mathieson is also pursuing legal action, although his social media comments will not help him. The share price had fallen 21.4% to 0.275p by the time of suspension on Wednesday.

Wishbone Gold (LON: WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price was 19.4% lower at 0.725p.  

Café chain Cooks Coffee Company (LON: COOK) increased interim revenues by 111% to NZ$5.77m, helped by managed stores in Ireland via the partnership with Dairygold. Pre-tax profit fell from NZ$530,000 to NZ$68,000. Overall store sales were 26.9% ahead at NZ$45.5m. There are currently 100 stores, most of which are franchised, with a target of 300 by 2034. Net debt is NZ$1.73m. Since the half year end total sales have risen 21.8%. The share price dipped 5.56% from its 2025 high to 8.5p.

Sulnox Group (LON: SNOX) has secured a major distribution agreement for its reduced emissions additives in the marine sector through Drew Marine USA, which operates in 1,200 ports around the world. The share price slipped 4.17% to 57.5p.

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