Touchstone Exploration got off to a storming start to the new year with shares surging on positive drill results. The firm has reported encouraging results from its Carapal Ridge-3 development well in Trinidad and Tobago, the first well drilled into the pool in nearly two decades.

The well encountered approximately 1,082 feet of net sand, including around 1,000 feet of net Herrera sand, with wireline logging and drilling data indicating hydrocarbon-bearing sands throughout the interval.

CR-3 targeted both producing Herrera sands above a 30-foot shale marker and previously untested sands below it. The well discovered roughly 635 feet of net sand in the developed reservoir and 365 feet in the unproduced section, with drilling terminated at 8,200 feet whilst still in clean sand.

During drilling, the well naturally built angle and approximately 341 feet was drilled horizontally into the unproduced Herrera package, optimising reservoir exposure. The horizontal section will be produced initially, with uphole sands potentially perforated later.

“The CR-3 well is our inaugural development well on the Central block and the first well drilled on the field in over 17 years. The well was executed successfully by our drilling team and represents our first horizontal well drilled into the Herrera reservoir,” said Paul R. Baay, President and Chief Executive Officer.

“As anticipated, CR-3 encountered hydrocarbon-bearing sands both below and above a key shale marker. We intend to initially produce from the lower horizontal section of the well, with significant volumes of uphole sands available for potential future perforation. While the well has resulted in thick pay zone across multiple horizons, the ultimate deliverability will not be known until the well is completed and tied into the facility. Several variables will influence performance, including the fact that the formation has not previously been produced from a horizontal well and the management of downhole pressures.”

Auction Technology Group has unanimously rejected eleven unsolicited proposals from its largest shareholder FitzWalter Capital Limited, calling the approaches “opportunistic” and undervaluing the online marketplace operator.

The proposals, received since 11 September 2025, culminated in the most recent offer of 360 pence per share in cash dated 23 December. ATG’s board concluded that each proposal “fundamentally undervalued” the company and its future prospects.

The board believes the repeated approaches – many at identical prices – demonstrate FitzWalter is attempting to acquire the company whilst its public market valuation remains “disconnected from the company’s fair value” rather than working towards a recommendable transaction.

Given the proposals never reached recommendable levels, FitzWalter was not granted access to non-public due diligence. ATG is in a difficult position because FitzWalter is a major shareholder and it is obliged to engage, even though it rejects the proposals.

ATG remains confident in its standalone prospects as a publicly listed company, highlighting its recent acquisition of Chairish in August 2025 and ongoing platform enhancements.

“ATG remains confident about achieving its ambitions as a publicly listed company and delivering significant shareholder value. As a sector leader, ATG is in a strong position to extend its leadership and expand its footprint to capture more of the under-served and significant TAM for curated second-hand goods,” said Scott Forbes, Chair of ATG.

“The Board has undertaken significant engagement with FitzWalter over the past four months. The Board believes FitzWalter’s proposals fundamentally undervalue the business and that it is time for FitzWalter either to make a proposal which reflects fair value, or otherwise allow the business to dedicate its full focus and resources on the execution of its strategy.”

There were four companies that left AIM in November 2025. Two decided to leave, one did not have a nominated adviser and the other ran out of time to make an acquisition. Winvia Entertainment (LON: WVIA) was the only new admission during November.

4 November

Smarttech247

Cyber security company Smarttech247 left AIM because it believes that this will bring more flexibility in strategy. Full year revenues were ahead of expectations at €14.2m, three-quarters of which was recurring.

Smarttech 247 had been planning to join AIM for more than one year before it floated on 15 December 2022. There was £3.67m raised at 29.66p/share. Smarttech247 was originally going to reverse into former AIM shell Conduity Capital, previously New Trend Lifestyle. The last AIM price was 4p.

Smarttech247 provides cybersecurity services via a combination of automation and human analysis. The core platform is VisionX. There is also the automated managed phishing platform NoPhish and vulnerability software ThreatHub. Contracts are being won and renewed. The shares joined the JP Jenkins matched bargain facility.

5 November

Future Metals NL

Future Metals NL felt that there was no significant value in being on AIM because most of the share trading was on the ASX and it was difficult to raise money. Depositary Interests were swapped for the same number of ordinary shares traded on the ASX.

Future Metals NL did not raise any cash when it gained a secondary quotation on AIM on 21 October 2021 to go with its existing ASX listing. Future Metals was previously known as Red Emperor Resources, which had been involved in oil and gas, and it cancelled its original AIM quotation to make it easier to complete its acquisition of Great Northern Palladium in June 2021 when it raised A$10m.

This brought Future Metals the Panton PGM project, located in the north of Western Australia and discovered in the sixties. There was a JORC mineral resource of 14.3Mt at 5.2g/t PGM and 2.4m ounces of gold at the time. There is also nickel, cobalt and copper mineralisation. A strategic review of assets is underway.

The introduction price was 10p, which valued the company at £34.3m. The last AIM price was 1.1p

21 November

Woodbois Ltd

Forestry and timber company Woodbois was hit by disruption in Gabon. Sales restarted in the middle of 2025. Cash was a problem, but a loan was extended until the end of 2026.

Trading in the shares was suspended at 0.03p on 1 July 2025 because the 2024 accounts were not published. Allenby resigned as nominated adviser on 20 October 2025 after being told that Woodbois wanted to appoint a new firm. No appointment was made.

The company joined AIM as Obtala Resources on 24 April 2008 when £3.5m was raised at 20p/share. It was a minerals explorer focused on Tanzania. A readmission took place on 17 September 2010 when the new holding company was registered in Guernsey. More mining assets were acquired, and it also moved into timber supply and retail outlets. Woodbois was acquired in July 2017 and became the focus of the company.

25 November

Inspirit Energy Holdings

Inspirit Energy became a shell when its business was wound down, and it did not make an acquisition within the allotted timescale. Inspirit Energy was developing a prototype mCHP boiler that generates both hot water and electricity using hydrogen or gas. The company ran the business for more than one decade, but progress was slow.

In 2024, Inspirit Energy became a shell again because the lead engineer of its subsidiary has to stop working for the company to care for a relative. This put waste heat recovery engine development on hold. Earlier in the year, the company secured an order to develop an Inspirit waste heat recovery engine for waste to energy technology developer Eqtec (LON: EQT). A compulsory striking off action was discontinued in June.

Inspirit Energy started out as automotive emissions reducing technology developer Kleenair Systems International, and it joined AIM on 20 March 2006 when £1.25m was raised at 45p/share – £45 after a 100- for-one share consolidation. At the beginning of 2009, Kleenair ran out of cash and entered a company voluntary arrangement. Creditors received 40.6 million ordinary shares and 12.2 million B shares that were convertible into ordinary shares. The new investing policy was focused on acquiring businesses in environmental and energy sectors.  

In 2009, the company considered investing in a South African coal briquetting business and there was a potential name change to Resource & Recovery Corporation. Eventually at the beginning of 2011, £440,000 was used to acquire 18.7% of Inspirit Energy. There was a reverse takeover on 26 July 2013 when the other shares were bought, and the name changed to Inspirit Energy Holdings. The last AIM share price was 0.0019p.