Author: Fiona Craig

TBC Bank Group PLC (LSE:TBCG) has announced plans to raise its total shareholder payout for 2025, proposing a final dividend of GEL 3.87 per share, subject to investor approval. The dividend is scheduled for payment on 22 June 2026 to shareholders on the register as of 22 May. The amount will be converted into pounds sterling using the average Georgian lari exchange rate over five days, ensuring the sterling payout reflects prevailing currency conditions.

When combined with the quarterly interim dividends already distributed, the bank’s total dividend for 2025 will amount to GEL 8.87 per share — representing a 10% increase compared with the previous year. The dividend equates to a 35% payout ratio. Including a GEL 75 million share buyback completed during the year, total capital returned to shareholders rises to 40% of net profit, highlighting the group’s strong capital base and its continued focus on cash returns.

More about TBC Bank

TBC Bank Group PLC is a London-listed financial services holding company whose core operations are conducted through TBC Bank Georgia and TBC Uzbekistan. The group is centred on digitally driven retail and corporate banking, maintaining leading market positions in Georgian lending and deposits, while also operating Central Asia’s largest mobile-only bank and digital payments ecosystem in Uzbekistan.

The Smarter Web Company (LSE:SWC) has released audited results for the year ended 31 October 2025, highlighting £225.2 million in newly raised capital and a strategic shift marked by its move to the London Stock Exchange’s Main Market. The fundraising comprised £209.4 million in equity and £15.8 million through Bitcoin-backed convertible loan notes. The group reported profit before tax of £2.84 million, largely attributable to exceptional gains and fair value adjustments, while its core operations remained loss-making.

By year-end, the company held 2,660 Bitcoin and carried no fiat-denominated debt, positioning its balance sheet around what management describes as a substantial and distinctive Bitcoin treasury. The group views this digital asset reserve as a central pillar of its financial strategy.

Leadership reaffirmed a long-term, 10-year expansion plan focused on acquiring profitable, cash-generative businesses with recurring revenue streams. The objective is to rebuild sustainable earnings while steadily increasing Bitcoin per share. Management also pointed to the recent transition from the Aquis market to the Main Market of the London Stock Exchange as a significant milestone, expected to enhance trading liquidity and broaden institutional investor access. Ahead of its March AGM, the company has issued an updated annual report and investor presentation outlining its strategic direction and Bitcoin-centric balance sheet framework.

More about Smarter Web Company PLC

Smarter Web Company PLC is a UK-based digital services provider specialising in website design, development and online marketing solutions. Revenues are generated through upfront project fees, recurring annual hosting contracts and optional monthly marketing services. Since 2022, the company has integrated Bitcoin into its operations, accepting it as payment and implementing a formal Bitcoin Treasury Policy, making it one of the largest UK-listed public companies holding Bitcoin on its balance sheet.

Huddled Group (LSE:HUD) has scheduled a general meeting in London for 11 March 2026 to seek renewed authority to issue shares, after completing a £740,000 fundraising via a direct subscription and retail offer. The proceeds are intended to strengthen inventory levels and provide additional working capital to support its established e-commerce brands, as well as expansion into new sales channels.

The previous fundraising substantially utilised the share issuance authorities granted at the company’s August 2025 general meeting. As a result, the board is now requesting shareholder approval to issue additional subscription shares and to refresh its broader allotment powers. Management says the move is designed to preserve financial flexibility as the group continues to pursue its growth strategy.

From a performance standpoint, the investment case remains challenged by continued losses, narrow or negative margins, and ongoing negative free cash flow. These pressures offset strong top-line growth and a relatively low level of debt. Technical indicators suggest limited short-term momentum, while valuation metrics remain constrained by negative earnings and the absence of a dividend.

More about Huddled Group

Huddled Group plc, quoted on AIM under the ticker HUD, operates as an e-commerce group with a focus on the circular economy. The company manages a portfolio of online retail brands and has used recent capital raises to increase stock availability, reinforce working capital, and broaden its presence across additional distribution channels.

Wildcat Petroleum (LSE:WCAT) has unveiled plans to withdraw from the London Main Market and apply for admission to the Aquis Growth Market, marking a major strategic shift away from oil and gas toward gold processing operations in Sudan. Management cited the prolonged weakness in global oil markets and limited access to financing for African oil projects as key reasons behind the pivot. The company now intends to concentrate on gold processing, including alluvial mining, tailings reprocessing, and related activities within Sudan.

The proposed cancellation of the Main Market listing and the move to Aquis are conditional upon each other and subject to shareholder approval. There is no certainty that the Aquis admission, targeted acquisitions, or associated fundraising efforts will ultimately proceed. Wildcat aims to secure funding by the end of March to support at least a year of corporate operations. It plans to fast-track deployment of turnkey gold processing plants or acquire existing facilities to take advantage of elevated gold prices, with a stated objective of distributing the majority of future profits to shareholders through dividends.

Should shareholders endorse the proposals, Wildcat expects to utilise its established relationships with Sudanese authorities to secure suitable processing sites. The company’s strategy centres on accelerating gold production timelines to drive shareholder returns. While management believes an Aquis listing should preserve ISA and SIPP eligibility, actual access will depend on individual platform policies, meaning retail investors will need to confirm how their providers treat Aquis-listed shares.

From an investment perspective, the company’s rating is weighed down by its lack of revenue, ongoing losses, and continued cash burn, alongside shrinking equity levels. The absence of debt provides some balance sheet support. Technical indicators suggest recent momentum, although shares appear overbought in the short term. Traditional valuation measures offer limited guidance given the negative price-to-earnings ratio and absence of a dividend yield.

More about Wildcat Petroleum Plc

Wildcat Petroleum Plc is a London-listed company that historically pursued petroleum-related opportunities. It is now repositioning toward the gold sector, with a focus on building a Sudan-based gold processing platform. The strategy targets small- to mid-scale hard rock processing plants designed to treat ore tailings sourced from artisanal miners, who account for the majority of Sudan’s gold production.

Oil prices continued to climb on Thursday as diplomatic efforts between Washington and Tehran unfolded against a backdrop of heightened military maneuvers in the Middle East, raising concerns about potential disruptions to global crude supplies.

By 07:35 GMT, Brent crude had gained 23 cents, or 0.3%, to $70.58 per barrel, while U.S. West Texas Intermediate (WTI) rose 25 cents, or 0.4%, to $65.44 per barrel.

Both benchmarks had surged more than 4% in the previous session, marking their strongest settlements since January 30, as traders incorporated escalating geopolitical risks into pricing.

“Oil prices are rallying as the market becomes increasingly concerned over the potential for imminent U.S. action against Iran,” ING analysts said in a Thursday note.

“For oil markets, the concern is clearly what action would mean not only for Iranian oil supply, but also broader Persian Gulf oil flows, given the risk of disruption to shipments through the Strait of Hormuz.”

Iranian state outlets reported that the Strait of Hormuz was briefly closed on Tuesday, although it was not confirmed whether full operations had resumed. Roughly 20% of global oil shipments transit through the strategic waterway.

“Tensions between Washington and Tehran remain high, but the prevailing view is that full-scale armed conflict is unlikely, prompting a wait-and-see approach,” said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment.

“U.S. President Donald Trump does not want a sharp rise in crude prices, and even if military action occurs, it would likely be limited to short-term air strikes,” he added.

The White House said Wednesday that nuclear discussions in Geneva yielded some limited progress, though significant differences remain. Officials indicated Iran is expected to provide additional details in the coming weeks.

Iran also issued a notice to airmen (NOTAM) announcing planned rocket launches in southern regions between 03:30 GMT and 13:30 GMT on Thursday, according to the U.S. Federal Aviation Administration.

Meanwhile, U.S. naval assets have been deployed closer to Iranian waters. Vice President JD Vance stated that Washington was considering whether to continue diplomatic engagement or pursue “another option”.

Elsewhere, talks between Ukraine and Russia concluded in Geneva without meaningful breakthroughs. Ukrainian President Volodymyr Zelenskiy accused Moscow of delaying U.S.-led efforts to end the four-year war.

On the supply side, industry data provided additional support. Market sources citing the American Petroleum Institute reported declines in U.S. crude, gasoline and distillate inventories last week. That contrasted with Reuters poll expectations for a 2.1 million-barrel build in crude stocks for the week ending February 13.

Official inventory figures from the U.S. Energy Information Administration are scheduled for release later Thursday.

Gold prices pushed higher during Asian trading on Thursday, extending gains after a more than 2% surge in the previous session, as investors balanced ongoing geopolitical risks against mixed signals from the Federal Reserve.

Spot gold climbed 0.9% to $5,019.95 per ounce as of 02:03 ET (07:03 GMT), while U.S. gold futures rose 0.6% to $5,037.75.

The metal had rallied 2.1% on Wednesday, recovering much of the losses seen earlier in the week.

Trading volumes were thin, with several major Asian markets closed for holidays, which amplified near-term price swings.

Safe-haven flows persist amid global tensions; Fed outlook in focus

Continued geopolitical uncertainty remained a key driver of demand for bullion. Investors monitored rising frictions between the United States and Iran, including concerns about maritime security in the Strait of Hormuz and stalled nuclear negotiations.

Limited progress in Russia-Ukraine peace discussions also kept broader security risks elevated, supporting inflows into traditional safe-haven assets such as gold.

However, optimism was tempered after the release of the Fed’s latest meeting minutes, which revealed differing views among policymakers on the direction of interest rates.

Some officials indicated that further tightening could be warranted if inflation remains persistent, while others suggested that conditions may allow for rate cuts later in the year.

The possibility that U.S. interest rates could stay higher for longer boosted the dollar and Treasury yields, restraining additional upside in gold following its recent rebound.

The U.S. Dollar Index held steady after rising 0.6% overnight in reaction to the Fed’s slightly hawkish tone.

Gold typically loses appeal when interest rates rise, as higher yields increase the opportunity cost of holding a non-interest-bearing asset.

Investors are now awaiting Friday’s release of the U.S. personal consumption expenditures (PCE) price index — the Fed’s preferred inflation gauge — for clearer guidance on the policy outlook.

Broader metals firm; silver outperforms

Other precious and base metals also traded higher on Thursday.

Silver advanced 2.3% to $78.98 per ounce, while platinum gained 0.8% to $2,099.11 per ounce.

In industrial metals, benchmark copper futures on the London Metal Exchange edged down 0.5% to $12,920.20 per metric ton, while U.S. copper futures rose 0.5% to $5.80 per pound.

Bitcoin extended its recent downturn on Thursday, dropping below the $67,000 level after minutes from the Federal Reserve’s January meeting signaled a more hawkish stance and added fresh uncertainty around the outlook for U.S. interest rates.

Broader crypto markets were also pressured by a cautious risk environment, as rising geopolitical tensions between the United States and Iran dampened appetite for speculative assets. In contrast, gold attracted safe-haven flows.

At 01:06 ET, Bitcoin (COIN:BTCUSD) was down 1.3% at $66,963.8.

Digital assets also failed to keep pace with gains in global technology equities, despite their usual correlation with the sector.

Rate outlook weighs on crypto sentiment

Bitcoin remained under strain as investors digested the Fed minutes, which offered little comfort regarding the direction of monetary policy.

The record of the January meeting revealed growing differences among policymakers over the longer-term trajectory of rates and inflation. “Several” officials indicated that additional rate increases could be appropriate if inflation proves persistent.

Policymakers also discussed uncertainty surrounding the economic implications of artificial intelligence, with differing views on whether the technology will ultimately boost or hinder growth.

The renewed mention of potential rate hikes unsettled crypto traders, as higher borrowing costs typically reduce demand for speculative investments such as Bitcoin. Following the release of the minutes, flows appeared to shift toward the U.S. dollar.

Goldman Sachs chief downplays personal Bitcoin exposure

Goldman Sachs (NYSE:GS) CEO David Solomon said he personally owns very little Bitcoin, though he continues to monitor the asset and its evolving role in financial markets.

While Goldman has taken a measured approach to digital assets, Solomon has previously expressed interest in the sector’s long-term potential.

Speaking at the World Liberty Forum on Wednesday, he suggested the bank could consider expanding its involvement in cryptocurrencies, particularly if regulatory clarity improves under the Donald Trump administration.

Altcoins subdued ahead of key inflation data

Elsewhere, the broader crypto complex traded in a tight range, with limited positive catalysts to drive momentum. Like Bitcoin, most altcoins have experienced significant declines in recent months amid a broad cooling in investor enthusiasm.

Market attention is now turning to upcoming U.S. macroeconomic data for further guidance on interest rate policy. Of particular importance is Friday’s release of the Personal Consumption Expenditures (PCE) price index, the Fed’s preferred measure of inflation.

Ether, the second-largest cryptocurrency by market capitalization, fell 1.1% to $1,980.99, while XRP dropped nearly 4% to $1.4228.

Solana, Cardano and BNB posted losses ranging from 0.4% to 3%.

Among meme tokens, Dogecoin declined 2.5%, and $TRUMP retreated 1.7%.