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Hargreave Hale AIM VCT plc (LSE:HHV) reported a difficult first quarter of its 2025/26 financial year, with unaudited net asset value per share declining by 1.25p to 35.21p and a NAV total return of -3.43%. Performance was impacted by a weak AIM market and subdued UK economic conditions.

Qualifying investments were slightly negative overall. Strong gains in Hardide, Skillcast, and Tortilla Mexican Grill were more than offset by sharp falls in defence and diagnostics holdings Cohort and Diaceutics, along with weakness in Property Franchise Group. The non-qualifying portfolio provided some stability, particularly through fixed income holdings and UK small-cap funds. The VCT remained well above the HMRC qualifying threshold at 84.11%, increased its exposure to qualifying assets and fixed income, and continued to deploy capital via new and follow-on AIM investments. During the period, it exited Polarean Imaging and a gold miners ETF and repurchased 2.6 million shares, with the shares trading at a modest discount to NAV.

After the quarter end, NAV per share recovered to 36.33p as at 31 January 2026. The trust also committed to making further qualifying investments, pointing to continued portfolio rotation and a cautiously optimistic stance despite ongoing UK macroeconomic pressures and a still-quiet IPO environment.

From an outlook perspective, the VCT benefits from a conservative, debt-free balance sheet, but this is offset by volatile earnings, a sharp revenue decline in 2025, and persistently negative operating cash flow. Technical indicators remain weak, suggesting oversold conditions and negative momentum, while a high dividend yield and recent corporate activity offer partial support.

More about Hargreave Hale AIM VCT plc

Hargreave Hale AIM VCT plc is a UK-listed venture capital trust investing primarily in smaller, high-growth companies quoted on London’s Alternative Investment Market. The trust offers exposure to early-stage and developing businesses through a diversified mix of qualifying and non-qualifying assets, including direct equity investments, UK small-cap funds, and fixed income, with the aim of delivering tax-efficient income and long-term capital growth under the HMRC VCT framework.

Ninety One Limited (LSE:N91) has disclosed that Sanlam Investment Holdings (Pty) Ltd has taken a significant beneficial interest in its shares on behalf of clients. The transaction lifts Sanlam’s aggregate holding in the relevant class of Ninety One Limited securities from zero to 19.9% of the company’s issued share capital.

The required regulatory notifications have been submitted to South Africa’s Takeover Regulation Panel, with Ninety One’s board confirming that the disclosure is based on information provided by Sanlam. The move introduces a sizeable new institutional shareholder to the register, which could influence shareholder dynamics and is likely to be viewed as a vote of confidence in the business.

From a market perspective, Ninety One’s overall investment case continues to be underpinned by strong financial performance and an attractive valuation, supported by constructive earnings commentary and recent strategic actions. While technical indicators point to some near-term caution, the group’s solid fundamentals and strategic positioning are seen as supportive of longer-term growth.

More about Ninety One

Ninety One plc and Ninety One Limited are dual-listed asset management companies incorporated in England and Wales and South Africa, with primary listings on the London Stock Exchange and the Johannesburg Stock Exchange. The group provides a broad range of investment products and services to institutional and retail clients, with shares trading under the ticker N91 in London and Johannesburg and NY1 for Ninety One Limited on the JSE.

GEO Exploration Limited (LSE:GEO) has approved a wide-ranging equity-based remuneration package for its board, opting to compensate executive and non-executive directors with shares rather than cash fees. The package includes the issue of new ordinary shares, the grant of 490 million new share options, and an extension to the expiry of warrants originally issued as part of a 2023 fundraising.

The measures materially increase directors’ exposure to the company’s equity while reducing near-term cash outflows. Following the changes, directors collectively hold around 14.4% of the enlarged share capital, rising to approximately 23.5% on a fully diluted basis. The options and share awards are subject to a mix of performance and time-based vesting conditions, designed to encourage long-term value creation and retain key management.

The warrant extensions, most of which are held by the chief executive and chief financial officer, together with the option grants, are classified as related-party transactions under AIM rules. These arrangements have been reviewed by the company’s nominated adviser and deemed fair and reasonable. The approach highlights GEO Exploration’s reliance on equity-linked incentives to preserve cash, support project development, and potentially generate future funding if warrants are exercised.

More about GEO Exploration Limited

GEO Exploration Limited is an AIM-listed resources company focused on early-stage exploration projects. Operating under the capital constraints typical of junior explorers, the group makes extensive use of equity-based instruments to remunerate and incentivise directors and staff, preserving cash for operational and strategic priorities while aligning management interests with those of shareholders.

Kore Potash Plc (LSE:KP2) has reported a change in the number of CHESS Depositary Interests representing its ordinary shares on the ASX, with CDIs falling to 582,964,712 at 31 January 2026 from 589,194,233 a month earlier. This represents a net reduction of 6,229,521 CDIs over the period.

The movement reflects transfers between ASX-quoted CDIs and ordinary shares traded on AIM and the Johannesburg Stock Exchange, rather than any issuance or cancellation of shares. Correspondingly, the number of directly held ordinary shares increased to 4,592,973,603. The update points to an internal rebalancing of how Kore Potash’s equity is held across its dual listings, with no impact on total share capital but potential implications for where trading liquidity is concentrated.

From an outlook perspective, the company continues to face financial challenges, including a drop in revenue to zero in 2024, ongoing losses, and recently negative operating and free cash flow. These pressures are partly offset by a deleveraged balance sheet following 2024. Technical indicators remain broadly neutral, while valuation remains difficult to justify given negative earnings and the absence of a dividend.

More about Kore Potash Plc

Kore Potash Plc is a potash-focused mining company with ordinary shares listed via CHESS Depositary Interests on the Australian Securities Exchange and directly on London’s AIM and the Johannesburg Stock Exchange. The structure reflects a multi-market investor base supporting the development of the company’s fertiliser-related mineral assets.

Kosmos Energy Ltd (LSE:KOS) has disclosed a number of equity transactions involving senior executives under its long-term incentive arrangements. The update covers new grants of restricted share units, along with the vesting of previously awarded units and associated sales of common stock to meet tax withholding obligations.

The disclosures show that senior executives including SVP and General Counsel Josh R. Marion, Vice President and Chief Accounting Officer Ronald W. Glass, chief executive Andrew G. Inglis, and executive Neal D. Shah received significant new awards. These restricted share units are scheduled to vest in equal annual instalments between 2027 and 2029. At the same time, a portion of shares was sold following vesting events to satisfy tax requirements, rather than for discretionary disposal purposes.

The transactions highlight the continued use of equity-based incentives as a core element of Kosmos Energy’s executive remuneration framework, designed to align management interests with those of shareholders. The disclosures were made in line with EU market abuse regulations governing transparency around director and executive dealings.

More about Kosmos Energy

Kosmos Energy Ltd is an independent oil and gas exploration and production company with a primary focus on offshore assets. Listed on the New York Stock Exchange, the group uses share-based incentive plans, including restricted share units, as a key component of compensation for its executives and senior management.

Tortilla Mexican Grill plc (LSE:MEX) has announced a wide-ranging leadership reshuffle as it moves into its next phase of growth. Founder Brandon Stephens has returned as group chief executive, while former LEON managing director Mac Plumpton has been appointed UK CEO. Former Gail’s chief Marta Pogroszewska joins the board as a non-executive director, and Mexican chef Edson Diaz-Fuentes takes on the role of food ambassador.

In parallel, former YUM! Europe CFO Francesca Tiritiello has moved from the board into an advisory position focused on franchise development. Outgoing CEO Andy Naylor and non-executive director and audit committee chair Keith Down have stepped down. The refreshed leadership team has been tasked with delivering a five-point strategy that includes upgrading the menu, completing the rebranding of French sites by 2026, optimising the UK estate by exiting loss-making locations to improve margins, establishing a scalable European franchise model, and using AI and data tools to enhance operational performance.

The changes come after a period of strong like-for-like sales growth in the UK and improving trading in France, with management positioning the group to pursue its ambition of becoming a leading pan-European fast casual Mexican brand. Despite this strategic momentum, the company’s outlook remains constrained by weak financial performance, including net losses and negative equity. While technical indicators point to strong share price momentum, they also suggest the stock is extremely overbought. Valuation remains difficult to assess given negative earnings and the absence of dividend data.

More about Tortilla Mexican Grill plc

Tortilla Mexican Grill plc is the largest fast casual Mexican restaurant operator in the UK and Europe, running a network of burrito- and taco-focused outlets offering affordable, fast casual dining. The group is pursuing a pan-European growth strategy, including the integration and rebranding of Fresh Burritos sites in France, and aims to improve unit economics and scale through a mix of company-owned restaurants and franchising partnerships.

Hammerson plc (LSE:HMSO) has announced the appointment of Michelle McGrath as an Independent Non-Executive Director, effective from 9 March 2026, strengthening the board’s depth of experience across property and capital markets. McGrath previously served as an Executive Director at Shaftesbury Capital and earlier held responsibility for the property portfolio at Capital & Counties Properties, bringing extensive expertise in investment, asset management, leasing, marketing, and corporate finance within the UK listed real estate sector.

On appointment, McGrath will join Hammerson’s Remuneration Committee and Nomination & Governance Committee. At the same time, existing board member Robert Noel will step down from the Remuneration Committee, representing a focused refresh of the company’s committee structure and governance framework.

From a market perspective, Hammerson’s outlook is supported by positive technical indicators and the strategic significance of recent corporate developments, which have helped underpin investor confidence. These factors are tempered by ongoing financial challenges, particularly around profitability and cash generation. Valuation signals are mixed, with a relatively high P/E multiple balanced by a solid dividend yield.

More about Hammerson plc R.E.I.T.

Hammerson plc is a UK-listed real estate investment trust focused on owning, operating, and investing in commercial property assets. The group is active across investment, asset management, leasing, and marketing within its portfolio, positioning it as a significant participant in the UK listed real estate market.

Future plc (LSE:FUTR) has announced a series of board leadership changes following its annual general meeting. Former Senior Independent Director Mark Brooker has been appointed chair and head of the nomination committee, succeeding Richard Huntingford, who has stepped down. Alan Newman has taken on the role of Senior Independent Director while continuing as chair of the audit and risk committee. Angela Seymour-Jackson has been appointed chair of the remuneration committee alongside her existing position as chair of Go.Compare, with Ivana Kirkbride also joining that committee.

The changes represent a refresh of governance across several key oversight roles. At the AGM itself, shareholders approved all 21 resolutions with strong majorities, with around 75% of the issued share capital voting. The level of participation and support was seen as a clear endorsement of the company’s governance framework and overall strategic direction.

From a market perspective, the company’s outlook remains mixed. Financial performance continues to face pressure from declining revenue and profitability, while technical indicators point to ongoing bearish momentum. These headwinds are partly offset by a valuation that suggests the shares may be undervalued and by strategic initiatives outlined at the most recent earnings update, which offer some potential upside if execution improves.

More about Future plc

Future plc is a global specialist media group producing trusted, niche content across approximately 175 brands in a wide range of verticals. The group monetises its audiences through advertising, eCommerce affiliate partnerships, and direct consumer revenues such as subscriptions and magazine sales, with content distributed across websites, newsletters, video, print publications, and live events.

Tandem Group plc (LSE:TND) reported a resilient performance for the year ended 31 December 2025, with revenue increasing 6.2% to £26.2m despite subdued consumer confidence and ongoing macroeconomic pressures. A strong first half, tighter cost discipline, careful inventory management, and favourable currency movements supported improved profitability, with profit before tax and exceptional items expected to be slightly ahead of market expectations.

Performance varied across divisions. Toys, Sports and Leisure revenue fell 17.5% as discretionary spending weakened and retailer buying patterns shifted, although licensed wheeled products and own-brand ranges continued to make progress. By contrast, the Bicycles division delivered a 37.6% revenue increase, driven by strong demand for both electric and mechanical bikes and a solid performance in children’s bikes, supported by the launch of the new HOY range in collaboration with Sir Chris Hoy. Golf revenue rose 8.6%, benefiting from momentum in the Pro Rider portfolio, while Home & Garden sales surged 30.1% on strong demand for heating, cooling, and outdoor products, aided by trend-led new product launches.

Trading at the start of 2026 has been in line with management expectations. The group is targeting FY2026 revenue growth broadly in line with FY2025, alongside further margin and profit improvements. Growth plans are supported by new national retail partnerships, continued product innovation, opportunities for European expansion, and a robust balance sheet. Tandem is due to publish its full-year 2025 results on 23 March 2026, with a presentation to be made available on its website.

From a market perspective, the outlook remains mixed. While improved profitability and recent insider share purchases provide positive signals, bearish technical indicators, a relatively high P/E multiple, the absence of a dividend, and negative cash flow weigh on sentiment.

More about Tandem Group plc

Tandem Group plc is an AIM-listed company that designs, develops, distributes, and retails sports, leisure, and e-mobility products. Its portfolio includes toys, sports and leisure equipment, bicycles and e-bikes, golf products, and an expanding home and garden range, with a focus on branded, licensed, and own-label products sold through national retail and distribution partners.