Author: Fiona Craig

Serica Energy (LSE:SQZ) has announced its intention to transfer the admission of its shares from AIM to the Main Market of the London Stock Exchange, with the move expected to be completed by the end of October 2026.

The UK-focused oil and gas producer plans to complete the transfer through an introduction of its existing ordinary shares. No new capital will be raised as part of the process.

Admission to the Main Market remains subject to the required regulatory approvals, and Serica’s AIM admission will be cancelled as part of the transition.

Serica Targets Broader Investor Base

Management said the proposed move reflects changes in the scale and development of the company and is intended to provide access to a broader investor base.

Serica also expects a Main Market listing to increase the company’s visibility and potentially improve liquidity in its shares. These remain company expectations rather than established outcomes.

The group said it intends to continue funding its growth plans from free cash flow generated by its existing operations, alongside its strategy of organic investment and mergers and acquisitions.

Spirit Energy Acquisition Set to Expand Portfolio

The planned listing change comes as Serica works towards completing its acquisition of additional operated and non-operated assets from Spirit Energy.

The assets include interests in the Cygnus, Clipper South and Greater Markham Area fields.

Serica said completion of the acquisition would make it the sixth-largest producer on the UK Continental Shelf, with production split between oil and gas.

Serica Maintains UK North Sea Focus

The company’s existing portfolio includes the Bruce, Keith and Rhum fields in the Northern North Sea and assets connected to the Triton FPSO in the Central North Sea.

Serica also holds a 40% operated interest in the Greater Laggan Area west of Shetland.

According to the company, its operations account for approximately 10% of UK gas production. Serica also said it has invested more than £1 billion in the UK supply chain since 2020.

About Serica Energy

Serica Energy is a British independent upstream oil and gas exploration and production company focused on the UK Continental Shelf.

Its strategy combines production from existing assets with organic investment and mergers and acquisitions. The company’s shares currently trade on AIM under the ticker SQZ, ahead of the proposed move to the London Stock Exchange’s Main Market.

Likewise Group (LSE:LIKE) reported a 15.4% increase in first-half 2026 revenue to £89.9 million and raised its full-year profit expectations following higher sales during the third quarter.

The flooring distributor reported a gross margin of 32.1%, while underlying profit before tax increased 79.5% to £1.32 million.

The company reported raw material cost pressures and supply disruption related to the Middle East during the period.

Full-Year Underlying Profit Expected at No Less Than £5 Million

Likewise said sales since July have increased 29.1%, leading the board to expect full-year underlying profit before tax to be materially ahead of previous expectations.

The company now expects underlying profit before tax of at least £5 million for the full year.

Likewise also increased its interim dividend by 20%.

£32.5 Million Fundraising Supports Distribution Expansion

The company completed a £32.5 million equity fundraising to provide additional capital for the expansion of its distribution network.

Likewise said the fundraising was significantly oversubscribed and included participation from new investors and management.

The company is expanding its logistics infrastructure through new or enlarged distribution hubs in Leeds, Newport, Derby and Corby, with an additional facility planned for Manchester.

The investment is intended to increase distribution capacity as Likewise works towards a longer-term revenue target of £300 million.

Likewise Targets Higher Capacity and Operating Margins

Likewise expects the expanded logistics network to provide capacity for additional sales volumes across its UK flooring distribution operations.

The company said increasing volumes through its distribution infrastructure is expected to support improvements in operating margins and its plans to increase its share of the UK flooring distribution market.

These objectives remain company targets and expectations rather than established outcomes.

About Likewise Group

Likewise Group is a UK distributor of floor coverings serving independent flooring retailers and contractors.

The company supplies a range of flooring products supported by point-of-sale displays and operates a distribution network that includes logistics hubs and cutting facilities across the UK.

Zephyr Energy (LSE:ZPHR) reported progress at its operated Paradox project in Utah during the six months ended 30 June 2026, while production from its non-operated assets exceeded management forecasts.

The company advanced operational and regulatory work required for initial gas exports from Paradox and increased its operated land position during the period. It also continued discussions relating to a potential farm-out and gas offtake arrangements.

Zephyr said its approach to developing the project remains focused on capital discipline, operational safety, risk management and stakeholder engagement.

Pipeline Inspection Supports Paradox Gas Export Plans

During the period, an inline inspection was successfully completed on the Enbridge-operated pipeline intended to transport gas from the Paradox project.

The inspection confirmed the integrity of the pipeline, allowing regulatory work to continue towards increasing its permitted operating pressure.

Zephyr said the results gave its board confidence that the proposed pressure uprating should not result in further operational hurdles and that the regulatory process being led by Enbridge will conclude satisfactorily. These remain company expectations rather than completed regulatory outcomes.

Following the inspection, Zephyr approved initial expenditure from its existing cash resources for additional gas-processing engineering and well-related work.

Zephyr Targets Up to 15 MMscf/d Processing Capacity

The additional engineering work is targeting initial gas-processing capacity of up to 15 MMscf/d, compared with the previous base case of 5 MMscf/d.

Zephyr expects initial Paradox gas production to come from the State 36-2R and Federal 28-11 wells. Additional wells could subsequently be brought into production, subject to available cash flow and required approvals.

The company is also in the late stages of selecting a marketing partner for the project.

Atlas LOI Could Provide Up to US$15 Million

Zephyr has signed a non-binding letter of intent with Atlas Oil Company covering a potential commodity purchase agreement.

If completed, the proposed arrangement could provide up to US$15 million of non-dilutive pre-production financing.

Zephyr said the potential funding could be used for infrastructure, well workovers and expanded gas-processing facilities. The agreement remains non-binding and subject to completion of definitive arrangements.

Non-Operated Production Exceeds Management Forecasts

Production from Zephyr’s non-operated portfolio exceeded management forecasts during the first half.

The company also continued changes to the portfolio through disposals of non-core acreage and the addition of drilling opportunities to its strategic partnership.

Management expects further developments as it works towards initial commercial production from the Paradox project.

About Zephyr Energy

Zephyr Energy is an oil and gas company focused on assets in the Rocky Mountain region of the United States.

Its operated portfolio includes the approximately 70,000-acre Paradox project in Utah, including reserves and resources within the White Sands Unit. The company also owns non-operated production interests across the Williston and other Rocky Mountain basins and has a US$100 million strategic investment partnership.

Character Group (LSE:CCT) said it expects full-year profit before tax and highlighted items to be approximately 20% above current market expectations following improved trading towards the end of its financial year.

The toy and games company reported higher sales during July and August, which offset weaker trading earlier in the year. As a result, revenue for the financial year ended 31 August 2026 is expected to be broadly in line with the previous year.

Character said the improvement in gross margins reported during the first half was maintained through the remainder of the financial year.

Warehouse Sale Takes Cash Above £20 Million

During the period, Character completed the £9.8 million sale of its warehouse in Middleton, Lancashire.

Following the transaction, the company’s cash reserves increased to more than £20 million.

The board is reviewing the group’s capital requirements and said the assessment will include consideration of whether excess cash should be returned to shareholders. No decision on a potential capital return has been announced.

Character Reports Positive Trading Ahead of Christmas

Character said trading remains positive as it enters the period leading up to the Christmas season, despite broader economic conditions.

The board said it remains optimistic about the financial year ahead, citing the group’s product portfolio and balance sheet.

Character plans to provide a further update when it publishes its audited annual report in December 2026.

About Character Group

The Character Group is a UK-based designer, developer and international distributor of toys, games and giftware, listed on AIM under the ticker CCT.

The company operates across the UK, Scandinavia and other international markets, including the US, with branded products distributed through retail and online channels.

Chrysalis Investments Limited (LSE:CHRY) has completed the sale of its remaining holding in Klarna Group for approximately £34 million and announced plans to return around £25 million to shareholders through a compulsory capital redemption.

The disposal follows a £6 million sale of Klarna shares in July 2026 and completes Chrysalis’s exit from the investment.

Under the capital return, approximately 4.1% of the company’s issued ordinary shares will be redeemed at 127.0 pence per share.

Redemption to Apply Pro Rata to Shareholders

The compulsory redemption will apply pro rata across Chrysalis shareholders, with no action required from investors.

The redemption price is based on the company’s last reported net asset value, adjusted only to reflect the sale of the remaining Klarna investment. Chrysalis said valuations for its other portfolio assets remain unchanged for the purposes of the calculation.

Following the £25 million capital return, the company expects to retain approximately £9 million of the proceeds from its latest Klarna disposal.

Cash Position Expected at Around £19 Million

Chrysalis expects to hold approximately £19 million in cash and cash equivalents following completion of the redemption.

The company said the remaining liquidity will provide an operating buffer and capital for potential follow-on investments in existing portfolio companies.

Chrysalis intends to continue returning excess capital to shareholders as further portfolio investments are realised, while considering its liquidity requirements and solvency obligations when determining the timing and size of any future distributions.

New ISIN for Remaining Shares

As part of the compulsory redemption process, Chrysalis will introduce a new ISIN for the ordinary shares remaining after the capital return.

The change forms part of the mechanics of the redemption and the resulting adjustment to the company’s issued share capital.

About Chrysalis Investments

Chrysalis Investments is a listed investment company focused on growth-stage businesses, including private and pre-IPO companies.

Its capital allocation policy includes returning surplus capital to shareholders following portfolio realisations while retaining funds for operating requirements and investments in its existing portfolio.

Gem Resources (LSE:GEMR) reported a loss before tax of £614,000 for the six months ended 30 June 2026, while outlining changes to its financing and natural resources portfolio.

The first-half result included a fair value loss relating to the company’s Bitcoin treasury holding as well as higher finance costs.

Following the end of the reporting period, £1.79 million of director loans and fees were converted into equity. The transaction reduced the company’s debt obligations and preserved cash that would otherwise have been required to settle those amounts.

Gem Resources Agrees £750,000 CREC Acquisition

Gem Resources has conditionally agreed to acquire Colombia-based gold processor CREC Material Co S.A.S. in an all-share transaction valued at £750,000.

CREC operates the El Yarumo gold processing plant in Colombia. Gem Resources said the proposed acquisition forms part of its strategy to increase its exposure to operating and revenue-generating natural resource assets.

Completion of the acquisition remains subject to the applicable conditions.

Gravelotte Operations Scaled Back

The company is reducing activity at its Gravelotte emerald mine in South Africa amid weaker conditions in gemstone markets.

Gem Resources is also considering a potential sale of the Gravelotte operation as it reviews the composition of its asset portfolio.

In Australia, the company is assessing a phased restart of operations at the Curlew Emerald Mine.

The developments form part of Gem Resources’ plans to diversify its activities beyond emerald mining and increase its exposure to operating natural resource and mineral-processing assets.

About Gem Resources

Gem Resources is a London-listed natural resources company with mining interests in South Africa and Australia.

The company has historically focused on emerald assets but is seeking to develop a broader portfolio of mining and mineral-processing operations. Its treasury holdings also include limited exposure to Bitcoin.

Hemogenyx Pharmaceuticals (LSE:HEMO) reported continued clinical development of its HG-CT-1 CAR-T therapy during the six months ended 30 June 2026, alongside preparations to expand the Phase I trial and develop potential commercial pathways in Europe.

The company’s second annual FDA Investigational New Drug report included safety and biological activity data from three adult patients treated at the lowest dose level of HG-CT-1, which is being developed for relapsed or refractory acute myeloid leukaemia.

Hemogenyx described the safety and biological activity findings as encouraging. Based on the results, the company plans to escalate dosing in adult patients and expand the Phase I study to include paediatric patients.

HG-CT-1 Manufacturing Transferred to Made Scientific

During the period, Hemogenyx completed the transfer of HG-CT-1 manufacturing technology to contract manufacturer Made Scientific.

The company said the move reduced its cost base and addressed a requirement for progressing dose escalation in the clinical programme.

HG-CT-1 is an autologous CAR-T cell therapy targeting FLT3 and is the company’s lead clinical development programme for acute myeloid leukaemia.

European Manufacturing and Hospital Exemption Plans Progress

Hemogenyx also continued preparations for potential early commercialisation of HG-CT-1 in Europe.

The company established manufacturing infrastructure in Estonia and entered into agreements intended to make use of hospital exemption frameworks in Estonia and Lithuania.

Hemogenyx said these arrangements could provide a pathway to early revenue and the collection of real-world treatment data alongside the ongoing U.S. clinical programme. Any potential revenue remains dependent on the progress and implementation of these arrangements.

First-Half Pre-Tax Loss Reaches £6.56 Million

Hemogenyx reported a loss before tax of £6.56 million for the first half of 2026.

The result included a significant non-cash share-based payment charge, while the company also reported reductions in underlying operating expenditure.

Hemogenyx raised £5.6 million during the period and ended June with cash and cash equivalents of £4.58 million. The company said the funds provide resources to continue the clinical development of its programmes.

About Hemogenyx Pharmaceuticals

Hemogenyx Pharmaceuticals is a UK-listed biopharmaceutical company developing treatments for blood cancers, with a particular focus on acute myeloid leukaemia.

Its lead programme, HG-CT-1, is a proprietary FLT3-targeted autologous CAR-T cell therapy currently undergoing clinical development.

Metir (LSE:MET) reported revenue of £367,000 for the first half of 2026, with equipment sales, a temporary halt to QuickChek SRB production and disruption to a continuous toxicity monitoring project in Qatar affecting the period.

Gross margin increased to 46.3% as the company made changes to its product economics.

Metir said it expects full-year 2026 revenue to be lower than the previous year and is seeking additional funding to support its planned activities.

QuickChek SRB Production Set to Restart

Production of the company’s QuickChek sulphate-reducing bacteria, or SRB, products was temporarily suspended during the first half.

Metir is working to restart and increase production of the kits, which form part of its plans to develop recurring consumables revenue.

The company also expects its installed base of continuous toxicity monitoring systems in Qatar to generate recurring consumables revenue. The Qatar project experienced disruption during the period as a result of regional conflict.

Metir is also undertaking validation work in Saudi Arabia as part of its activities in the Middle East.

PFAS Platform Records First U.S. Sale

Metir continued development of its PFAS detection technology during the period, reporting its first sale in the United States alongside field trials and new partnerships.

The company also expanded its relationships within the semiconductor industry and extended distribution of its Microtox and Modern Water products across several markets, including the Middle East, Australia and New Zealand.

Management said its priorities include converting its sales pipeline, increasing SRB kit production and developing recurring revenue from its installed equipment and consumables.

Company Seeks Additional Funding

Metir is seeking new funding as it works to progress its commercial and product-development plans.

The company has identified its PFAS technology, SRB products and continuous toxicity monitoring operations among the areas it expects to contribute to its growth plans for 2027. These expectations remain dependent on factors including funding, commercial execution and the progress of its various programmes.

About Metir

Metir is an AIM-listed provider of mobile and point-of-use water and environmental testing technologies.

Its portfolio includes Microtox instruments and reagents, QuickChek SRB kits, continuous toxicity monitoring systems and PFAS detection technology for municipal water, industrial and environmental monitoring applications.

NeoTerra Group (LSE:TERA) has applied for a US$5 million grant under the U.S.-Africa Strategic Investment Program to evaluate a potential expansion of its Monte Muambe fluorspar project in Mozambique.

The company currently plans to develop a fluorspar operation with annual production of 50,000 tonnes. NeoTerra said an expansion of the project’s mineral resource could support a larger operation and extend its potential mine life.

Programme Targets Expansion of Fluorspar Resource

The proposed programme would include additional drilling aimed at increasing the Monte Muambe fluorspar resource from 716,000 tonnes of contained CaF2 to approximately 4 million tonnes.

Funding would also be used for a regional study of the fluorspar and fluorine markets and a conceptual feasibility study examining the potential development of a hydrofluoric acid plant in Mozambique.

The company said the proposed work is consistent with Mozambique’s objective of increasing domestic value addition from its mineral resources.

NeoTerra Continues Work on Monte Muambe

NeoTerra said the grant application follows existing U.S. government support for the project. The company is also pursuing additional partnerships relating to the rare earths and gallium components of Monte Muambe.

The proposed programme remains dependent on NeoTerra securing the US$5 million grant, while any subsequent expansion or development would depend on the outcome of the planned studies and further project work.

About NeoTerra Group

NeoTerra Group is a London Main Market-listed exploration and development company focused on critical raw materials projects in Africa.

Its Monte Muambe project in northwest Mozambique contains rare earths, fluorspar and gallium and is covered by a 25-year mining licence. The company’s portfolio also includes the Sesana copper-silver project in Botswana.