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Tern plc (LSE:TERN) has finalised its open offer to qualifying shareholders, achieving take-up of approximately 81% of the shares made available. The company received valid applications for 78,163,662 new ordinary shares out of a possible 96,101,957.

The fundraising will generate gross proceeds of around £312,654 at an issue price of 0.40 pence per share, before expenses. Further details regarding the intended deployment of the capital are expected in due course.

Interim chair Iain Ross and chief executive officer and PDMR Albert Sisto both participated in the offer. Part of Sisto’s subscription was satisfied through the conversion of a US$42,000 loan provided by an entity under his control. Following admission of the new shares to trading on AIM, anticipated on 4 March 2026, the company’s enlarged issued share capital will comprise 750,877,367 ordinary shares. This updated total will serve as the basis for shareholder voting rights and regulatory reporting.

Despite the successful capital raise, Tern’s financial profile remains under pressure. The company has experienced a sharp contraction in revenue, substantial losses and negative operating and free cash flow. Technical indicators suggest the shares remain in a broader downtrend, although some oversold signals hint at possible short-term stabilisation. Valuation remains challenging to assess given negative earnings and the absence of dividend yield data.

More about Tern plc

Tern plc is an AIM-listed investment company focused on building and realising value from Internet of Things (IoT) technology businesses. The group invests in and develops IoT ventures, seeking to capitalise on growing demand for connected devices and digital security solutions across a range of industries.

Empyrean Energy (LSE:EME) has confirmed that a final investment decision (FID) has been taken for the Mako Gas Project offshore Indonesia, advancing the asset from appraisal into full-scale development. First gas is targeted for the fourth quarter of 2027.

The project, located within the Duyung Production Sharing Contract, is fully funded at the joint venture level. Capital expenditure to first gas is estimated at approximately US$320 million, substantially reducing financing uncertainty as drilling and construction activities accelerate.

Mako has been significantly de-risked through successful appraisal wells, reservoir testing and completion of gas processing design work. The development will be tied into the West Natuna Transportation System, providing established export infrastructure.

Cash flow visibility is strengthened by a long-term gas sales agreement backed by the Indonesian government, running through January 2037. This contractual framework underpins projected revenues and lowers commercial risk, positioning Empyrean to monetise its Indonesian interest and potentially enhance shareholder value once production begins.

From an investment perspective, the company continues to face financial headwinds, including the absence of revenue, ongoing losses, negative operating and free cash flow, and negative equity alongside rising debt levels. Technical indicators show strong upward momentum, although an elevated RSI suggests the shares may be overextended in the near term. Valuation metrics remain difficult to assess given negative earnings and no stated dividend yield.

More about Empyrean Energy

Empyrean Energy is an oil and gas exploration and development company with assets in Australia, Indonesia and the United States. The group is focused on advancing hydrocarbon projects such as the Mako Gas Field in Indonesia, aiming to supply gas into growing Asian energy markets and generate long-term production-based revenues.

Shield Therapeutics (LSE:STX) announced that China’s National Medical Products Administration (NMPA) has formally accepted a marketing authorisation application for its ferric maltol therapy, ACCRUFeR. The application was submitted by its regional partner, Beijing Aosaikang Pharmaceutical.

The filing is supported by clinical data previously reviewed by the U.S. Food and Drug Administration, as well as results from a Phase 3 study in Chinese adults suffering from iron deficiency anaemia associated with inflammatory bowel disease who are intolerant to conventional oral iron treatments. The trial demonstrated favourable efficacy and tolerability outcomes.

Acceptance of the application marks a significant regulatory milestone and positions Shield to enter China’s expanding iron deficiency anaemia market. The sector is projected to grow from approximately $280 million in 2022 to more than $600 million by 2030, offering substantial commercial potential if approval is secured.

The development would further broaden ACCRUFeR’s international footprint and strengthen Shield’s presence in Asia through its established licensing network. A successful approval in China would complement existing commercial and partnership arrangements in other major markets.

From an investment perspective, the company’s outlook is shaped by strong technical momentum and constructive corporate progress. However, ongoing financial pressures and valuation concerns remain key risk factors. While strategic regulatory advances provide optimism, underlying financial stability continues to be a critical consideration for investors.

More about Shield Therapeutics

Shield Therapeutics is a commercial-stage specialty pharmaceutical company focused on treating iron deficiency and iron deficiency anaemia with its oral ferric maltol product, marketed as ACCRUFeR in the United States and FeRACCRU in other territories. The group commercialises ACCRUFeR in the U.S. through Viatris and has licensed rights across Europe, Canada, Asia-Pacific and Greater China, where partners are responsible for development and commercialisation in key growth markets.

Central Asia Metals (LSE:CAML) has released an updated year-end Mineral Resource and Ore Reserve statement for its Sasa zinc-lead operation, reporting a total Mineral Resource of 20.5 million tonnes and an Ore Reserve of 6.9 million tonnes as at 31 December 2025. Based solely on the Svinja Reka deposit, the revised plan indicates a mine life extending to 2034.

The update reflects more challenging geological conditions at depth, including narrower orebodies and increased complexity, alongside higher cost assumptions. As a result, reserve tonnage is lower than previously reported.

The company anticipates recording a non-cash impairment charge of up to $120 million in its 2025 accounts, driven by the shorter projected mine life and revised operational and pricing assumptions. Management stressed that the accounting adjustment will not impact cash flow generation or alter its dividend policy.

To address operational headwinds, Central Asia Metals is advancing efficiency and cost-reduction initiatives at Sasa. Ongoing exploration activities and consideration of an ore-sorting project are intended to enhance performance and potentially extend the mine’s economic lifespan.

From an investment perspective, the group continues to exhibit strong financial fundamentals, including healthy margins, modest leverage and solid cash generation. Valuation metrics remain supportive, with a moderate price-to-earnings ratio and an attractive dividend yield. While technical indicators suggest a constructive broader trend, overbought signals point to possible near-term share price volatility. Recent earnings commentary reaffirmed commitment to shareholder returns, while acknowledging cost and grade pressures at Sasa.

More about Central Asia Metals

Central Asia Metals is a base metals producer focused on zinc and lead, operating the wholly owned Sasa mine in North Macedonia. The company prioritises sustainable cash flow generation and consistent shareholder returns, maintaining its stated dividend policy even as it navigates operational and geological challenges at Sasa.

Keller Group (LSE:KLR) achieved record results in 2025, reporting a 3.4% increase in revenue to £3.09 billion. Underlying operating profit rose 2.6% to £218.2 million, sustaining a margin of 7.1% despite currency pressures and varied regional trading conditions.

The group generated its strongest return on capital in 17 years at 30.7% and moved into a net cash position for the first time in over a quarter of a century. Its order book remained solid at £1.5 billion, supported by robust contributions from North America, EME and APAC operations.

Reflecting structurally improved cash generation, Keller increased its total dividend by 41.6% to 70.4 pence per share and announced plans for a further £100 million share buyback. The enhanced capital returns signal management’s confidence in the durability of earnings and future cash flows.

New chief executive James Wroath reaffirmed the company’s strategic priorities, which include expanding local market share, targeting higher-growth end markets and maintaining investment in people, safety standards and sustainability initiatives. The group aims to capitalise on long-term themes such as infrastructure investment and the global energy transition.

From an investment standpoint, Keller’s strong revenue growth, profitability and disciplined cash management underpin a constructive outlook. Technical indicators point to bullish momentum, while valuation metrics suggest the shares may offer relative value. The announced buyback programme further reinforces shareholder return prospects.

More about Keller Group plc

Keller Group plc is the world’s largest geotechnical specialist contractor, delivering advanced foundation engineering and ground-improvement solutions to the global construction industry. Employing around 10,000 people across five continents and completing approximately 5,500 projects annually, the company generates roughly £3 billion in revenue from infrastructure, residential and commercial markets.

Morgan Advanced Materials (LSE:MGAM) reported lower revenue and earnings for 2025 against a backdrop of subdued semiconductor demand and softness in European industrial markets. Trading conditions improved in the second half, helping to stabilise performance after a challenging start to the year.

Despite the earnings decline, the group maintained its total dividend and delivered improved cash generation and free cash flow. Net debt increased as the company continued to invest in semiconductor-related capacity and progressed its business simplification programme.

Management said the simplification initiative is largely complete and remains on track to generate £27 million in savings by 2026, helping to mitigate margin pressure. The sale of the majority of its Molten Metal Systems division and the launch of a strategic review of the Thermal Products business signal a sharper focus on higher-margin growth areas within the portfolio.

Operationally, Morgan is implementing turnaround plans at key sites, introducing group-wide procurement measures and rolling out a new ERP platform as part of a broader transformation effort. For 2026, the company expects modest organic revenue growth and an adjusted operating margin of around 10%. Leverage is projected to decline as disposal proceeds are received and transformation benefits begin to materialise.

From an investment perspective, Morgan retains a solid financial base and strong operational capabilities, although revenue and net income growth remain under pressure. Technical indicators suggest positive momentum, albeit with potential overbought signals warranting caution. Valuation metrics are mixed, combining a relatively elevated P/E ratio with an appealing dividend yield. Strategic actions, including portfolio reshaping and share buybacks, provide additional support to the medium-term outlook.

More about Morgan Advanced Materials

Morgan Advanced Materials is a global specialist in advanced materials, co-designing and manufacturing mission-critical components for essential industrial and technological applications. Established in 1856, the company employs approximately 8,100 people across 57 sites worldwide, serving diverse end markets including semiconductor, industrial and other high-performance sectors.

CyanConnode (LSE:CYAN) has received a revised indicative takeover approach from Esyasoft, proposing an all-cash offer that values the company at approximately £37.5 million, or 10.44 pence per share. The proposal represents a premium of up to 67% compared with recent trading reference points.

The board, advised by Strand Hanson, stated that it would unanimously recommend the offer to shareholders should Esyasoft proceed with a firm bid on the outlined financial terms and subject to agreement on other key conditions. The acquisition would be implemented through a scheme of arrangement, although there is no assurance at this stage that a binding offer will ultimately be made.

Directors highlighted the potential strategic rationale for combining the two businesses, citing opportunities for operational scale, enhanced capital backing and broader international growth. Roughly one quarter of CyanConnode’s recent revenue has been generated through the Esyasoft group, underscoring the depth of their commercial ties. Esyasoft has also previously provided US$20.25 million in convertible loan notes to help fund CyanConnode’s Goa smart metering project. Those instruments, however, are excluded from the proposed equity valuation. The approach remains subject to due diligence and other requirements under the UK Takeover Code.

From a financial standpoint, CyanConnode continues to face headwinds, including declining revenues, ongoing losses and negative operating cash flow. Valuation metrics remain constrained by negative earnings. Technical indicators offer some support, with the shares trading above key moving averages and showing positive MACD momentum, though elevated RSI and stochastic readings suggest the stock may be overbought, increasing near-term downside risk.

More about CyanConnode Holdings

CyanConnode Holdings is a UK-listed technology group focused on smart metering and narrowband radio frequency communications solutions. The company maintains a long-standing strategic relationship with Esyasoft and its affiliates, particularly in large-scale smart metering deployments in India and other global markets, where Esyasoft plays an important commercial and financial partner role.

XP Power (LSE:XPP) recorded a sharp recovery in order intake during 2025, with bookings rising 28% at constant currency to £225.9 million. The improvement reflects a reduction in customer destocking across industrial technology and healthcare markets, alongside a gradual pickup in semiconductor equipment demand.

Group revenue declined 4% at constant currency to £230.1 million, with the weakness largely confined to the first half of the year. Trading conditions improved in the second half, delivering 7% sequential revenue growth as end markets began to stabilise.

Adjusted operating profit fell 20% at constant currency to £17.3 million, as lower volumes weighed on overall earnings. However, restructuring measures and margin initiatives drove a 170-basis-point improvement in adjusted gross margin. Operating profit strengthened materially in the second half, rising from £4.8 million in H1 to £12.5 million in H2.

Balance sheet metrics improved significantly. Net debt was reduced to £41.5 million, cutting leverage to 1.2 times adjusted EBITDA following robust cash generation and a share placing. During the year, the company streamlined its operations, completed a new manufacturing facility in Malaysia, exited the RF market and indicated that recovering demand should help offset the impact of U.S. export restrictions to China through 2026.

Management highlighted 24 new product launches, improved supply chain performance and rising customer satisfaction as structural positives. The shift of manufacturing capacity from China to Malaysia, combined with tighter inventory discipline and cost control, is intended to support gross margins in the mid-40% range once markets normalise and to reinforce the group’s competitive standing in its core sectors.

From an investment standpoint, XP Power presents a mixed picture. Strong cash generation and improving gross margins are positive factors, but declining revenue, continued losses and previously elevated leverage temper the outlook. Technical indicators suggest the shares are in an uptrend, though potentially overbought in the near term. Valuation remains constrained by negative earnings and the absence of dividend yield data.

More about XP Power

XP Power is a Singapore-headquartered designer and manufacturer of power control solutions used in semiconductor production equipment, industrial technology systems and healthcare devices. The company integrates its products into blue-chip OEM platforms, generating multi-year revenue streams.

It operates manufacturing facilities in Vietnam, North America and Germany, serving customers across Europe, North America and Asia. Listed on the London Stock Exchange’s Main Market as part of the FTSE SmallCap index, XP Power specialises in IP-rich solutions that convert grid electricity into the precise power formats required by complex equipment. While representing a relatively small portion of total system cost, its components are critical to performance and reliability in demanding environments.

The group also maintains a global sales and support network spanning more than 20 locations, enabling close collaboration with customers throughout design cycles and supporting long-term partnerships across semiconductor, industrial and medical markets.

Kier Group plc (LSE:KIE) has outlined a forthcoming change in board responsibilities, confirming that Non-Executive Director Margaret Hassall will retire and relinquish her role as Chair of the Remuneration Committee on 29 May 2026. She will be replaced by Anne Baldock, a fellow Non-Executive Director who joined the board in July 2025 and currently chairs the Remuneration Committee at Pantheon Infrastructure plc.

The succession plan is designed to ensure stability in the company’s governance framework, particularly in relation to executive compensation oversight. Chair Matthew Lester acknowledged Hassall’s contribution in reinforcing Kier’s remuneration policies during her tenure. Baldock’s appointment brings additional experience in remuneration governance, reinforcing the board’s emphasis on aligning leadership incentives with long-term corporate performance.

Maintaining robust oversight of pay structures is expected to support Kier’s broader strategic objectives across the UK infrastructure and construction sectors, where disciplined execution and stakeholder confidence are critical.

From a market perspective, Kier’s recent earnings call and solid financial delivery have been central to its equity performance. Constructive technical indicators and a valuation viewed as reasonable provide additional support, although elevated leverage levels remain a point of consideration for investors.

More about Kier Group plc

Kier Group plc is a major UK-based infrastructure services, construction and property development group. The company focuses on delivering essential national infrastructure through integrated design-and-build expertise and project management capabilities, drawing on specialist technical skills to manage complex, large-scale projects sustainably.