Blog

Kavango Resources (LSE:KAV) has announced that the seller of the Nara Gold Project in Zimbabwe, Simon John Bowman, has failed to meet obligations under a call option agreement covering 45 mining claims. The company had exercised its option in June 2025 to acquire full ownership of the project, but alleges the agreed terms were not fulfilled. Kavango said it will now pursue legal remedies, including enforcement of contractual rights and potential compensation claims against Bowman and his company, Romjack Mining, in an effort to safeguard shareholder interests.

Despite the dispute, Kavango confirmed it will continue progressing operational priorities elsewhere in its portfolio. The company plans to increase gold production at the Hillside Gold Project while advancing efforts to farm out exploration assets located within the Kalahari Copper Belt. Management indicated that strengthening existing producing assets and partnerships could help offset risks associated with the Nara situation and support continued regional growth.

Kavango’s outlook remains constrained by financial pressures, including substantial operating losses and ongoing cash outflows alongside early-stage revenue generation. These factors are partly balanced by a balance sheet showing positive equity and moderate leverage levels. Technical indicators present a mixed picture, with neutral momentum and signs of short-term stabilisation, while valuation remains difficult to justify given a negative price-to-earnings ratio and the absence of dividend income.

More about Kavango Resources

Kavango Resources is a Southern Africa-focused metals exploration and gold production company listed in London and on the Victoria Falls Stock Exchange. The group is developing a portfolio of gold assets, including the Hillside Gold Project in Zimbabwe, while also pursuing base metals exploration opportunities within the Kalahari Copper Belt.

Oxford Nanopore (LSE:ONT) reported revenue of £223.9 million for 2025, representing growth of 24.2% at constant currency, alongside improved gross margins and a narrower adjusted EBITDA loss. Performance was supported by broad-based demand across geographic regions and customer groups, with particularly strong momentum in Clinical, BioPharma and Applied Industrial markets, as well as continued uptake of the PromethION sequencing platform. The company maintained a solid cash position despite incurring restructuring expenses aimed at refining its strategic priorities and advancing its journey toward profitability.

During the year, Oxford Nanopore progressed several large-scale research and population genomics programmes and strengthened its position in infectious disease testing through collaborations with Cepheid and bioMérieux. The company also achieved regulatory progress with the registration of its first in vitro diagnostic product, GridION Dx, marking a step forward in expanding into regulated clinical markets. Additional initiatives included expanding manufacturing capacity, continuing intellectual property litigation to defend its technology, and announcing a leadership transition, with industry executive Francis Van Parys appointed as chief executive officer. Management expects revenue growth in the low-20% range for 2026 and reaffirmed targets of achieving EBITDA breakeven in 2027 and positive cash flow by 2028.

The company’s outlook reflects improving revenue momentum and a strong equity base, although ongoing losses and negative cash flow continue to weigh on financial strength. Technical indicators remain supportive but appear somewhat stretched, while valuation metrics are constrained by the lack of profitability. Forward guidance is constructive, though investors remain mindful of execution risks and operational challenges.

More about Oxford Nanopore Technologies plc

Oxford Nanopore Technologies plc is a UK-based life sciences company specialising in nanopore-based molecular sensing and DNA and RNA sequencing technologies. Its portfolio — including PromethION, MinION and associated flow cells, consumables and software — serves research, clinical, biopharmaceutical and applied industrial markets globally, with an increasing emphasis on regulated clinical diagnostics and infectious disease applications.

Roquefort Therapeutics (LSE:ROQ) has agreed to acquire an exclusive global licence for AO-252, a clinical-stage, orally delivered small-molecule inhibitor targeting TACC3 that is capable of penetrating the brain, from Coiled Therapeutics Inc. The transaction, valued at £31.875 million and to be satisfied in shares, is expected to reposition the company as a clinical-stage oncology developer. AO-252 is currently undergoing a Phase I clinical trial in the United States for advanced solid tumours and will sit alongside the company’s existing STAT-6 programme, which is being prepared for clinical evaluation.

In connection with the acquisition, Roquefort plans to raise £8.5 million through a conditional placing and subscription priced at 10 pence per share, with participation from senior management. Net proceeds of approximately £7.7 million are intended to fund key clinical development milestones for AO-252 during 2026 and 2027, as well as provide additional working capital. The company also intends to cancel its listing on the Main Market, apply for admission of its enlarged share capital to AIM, and rebrand as Coiled Therapeutics plc. A refreshed board structure is planned as part of the transition, with management aiming to capitalise on growing pharmaceutical industry interest in precision oncology treatments, particularly targeting prostate and ovarian cancers.

The company’s outlook remains constrained by financial fundamentals typical of early-stage biotech businesses, including ongoing losses, cash burn and variability in pre-commercial revenues. Technical indicators suggest a continued downward share price trend, although a relatively low level of debt offers some balance sheet support. Valuation metrics remain limited by a negative price-to-earnings ratio and the absence of dividend income.

More about Roquefort Therapeutics plc

Roquefort Therapeutics plc is an oncology-focused biotechnology company developing precision cancer treatments aimed at novel biological targets such as TACC3 and STAT-6. The business is transitioning toward a clinical-stage development model focused on therapies for solid tumours, including ovarian and prostate cancers, and plans to operate under the new name Coiled Therapeutics plc following its proposed move to AIM.

Home REIT (LSE:HOME) confirmed that all resolutions proposed at its annual general meeting on 27 February 2026 were passed, including the re-election of directors, the reappointment of auditors, and approvals granting authority for potential share buybacks and tender offers. Approximately 64% of the company’s issued share capital participated in the vote, indicating meaningful — though not unanimous — shareholder engagement.

The board highlighted a notable level of opposition to the resolution concerning adoption of the 2024 annual report and accounts, reflecting similar shareholder concerns raised at the previous year’s AGM. According to the company, the dissent primarily relates to delays in publishing financial results, a qualified audit opinion tied to revenue recognition from properties repossessed from non-performing tenants, and ongoing uncertainty linked to the company’s managed wind-down process. Directors said they will continue to engage with investors and take shareholder feedback into consideration.

More about Home REIT plc

Home REIT plc is a UK-listed real estate investment trust focused on residential property investments. The company is currently undergoing a managed wind-down, with the board no longer viewing the business as a going concern, following operational and financial difficulties that have weighed on performance and investor confidence.

Senior plc (LSE:SNR) reported a solid performance for 2025 from its continuing operations, with revenue increasing 6% at constant currency and adjusted profit before tax climbing 24%. Growth was led by strong momentum in the Aerospace division, while the Flexonics business maintained resilient double-digit margins. Group adjusted operating margin improved to 8.6%, return on capital employed rose to 13.1%, and free cash flow increased by 37%, contributing to a stronger balance sheet and a reduction in leverage to 0.9x.

During the year, the company completed the disposal of its Aerostructures division on 31 December 2025, marking a strategic shift toward becoming a focused specialist in fluid conveyance and thermal management technologies. The transaction also reduced risk within the group’s financial structure, supported further by a UK pension buy-in arrangement. Strong cash conversion enabled a 25% increase in the total dividend, while Senior’s inclusion on the CDP Climate A List highlighted progress in sustainability performance. Management said trading at the start of 2026 has met expectations and reiterated confidence in achieving its medium-term financial objectives, underpinning prospects for improved shareholder returns.

Senior’s outlook is primarily supported by consistent financial delivery, including steady revenue growth, improving operating profitability and dependable cash generation. Share price performance reflects a strong upward trend, although technical indicators suggest momentum may be stretched, and valuation metrics appear less compelling due to a relatively higher earnings multiple and modest dividend yield.

More about Senior plc

Senior plc is an international engineering manufacturer producing high-technology components and systems, with expertise in fluid conveyance and thermal management solutions serving aerospace and industrial markets. Following the divestment of its Aerostructures business, the group is sharpening its focus on advanced engineered products through its Aerospace and Flexonics divisions, supplying global OEMs and tier-one manufacturers.

Eco Atlantic (LSE:ECO) released unaudited results covering the three- and nine-month periods to 31 December 2025, reporting cash holdings of US$2.9 million, zero debt and total equity of US$18.7 million at period end. The company subsequently reinforced its financial position in January 2026 by raising an additional US$10 million from Israeli institutional investors. During the period, Eco also transitioned trading of its shares onto the London Stock Exchange’s SETS platform, a move intended to improve liquidity and broaden access for global institutional shareholders.

On the operational front, Eco expanded its strategic collaboration with Navitas Petroleum through a framework agreement that grants Navitas options to farm into both the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa. In exchange, Eco will receive upfront option payments alongside potential future farm-in funding and carried work commitments. In South Africa, the company renamed Block 1 as Block 1 CBK in tribute to co-founder Colin Kinley, transferred a 25% stake to B-BBEE partner OrangeBasin Energies, and continued advancing preparations at Block 3B/4B despite environmental approval delays outside its control.

In Namibia, Eco refocused exploration efforts toward deeper, proven geological plays and agreed to farm out its entire interest in PEL 98 to locally owned Lamda Energy, subject to regulatory approval. The company is also reviewing additional farm-out opportunities across its wider asset base amid growing interest from third parties. Meanwhile, in Guyana, Navitas secured an option to acquire an 80% operated interest in the Orinduik licence, with Eco retaining a 20% carried stake through future exploration or appraisal phases as both partners work with government authorities to define the next development programme.

Following the reporting period, Eco gained indirect exposure to Navitas’ broader regional growth through Navitas’ proposed farm-in to JHI’s PL001 licence in the North Falklands Basin, linked to the Sea Lion development, where Eco holds a 6.6% interest. Management said the strengthened balance sheet, expanded strategic partnerships and multiple farm-out catalysts across several jurisdictions position the company to advance its offshore exploration portfolio while potentially creating shareholder value through carried drilling and appraisal activity.

More about Eco Atlantic Oil & Gas

Eco (Atlantic) Oil & Gas is an exploration-focused oil and gas company targeting offshore Atlantic Margin basins, with licences spanning South Africa, Namibia and Guyana, alongside an indirect interest in the Falkland Islands. Listed on AIM and the TSX Venture Exchange, the company works with regional and international partners to progress frontier offshore exploration assets aimed at large-scale hydrocarbon discoveries.

Gana Media Group (LSE:GANA), formerly known as Mobile Streams, is repositioning itself as a sports, media and entertainment platform focused on Latin America, with Mexico at the centre of its growth strategy. The AIM-listed company operates across sports publishing, technology-enabled online betting and casino services, and digital offerings including NFTs and LiveScores platforms, all supported by its proprietary Streams Technology infrastructure.

For the six months ended 31 December 2025, revenue rose to £1.05 million, driven mainly by work linked to the rollout of a Mexican sports betting operation. During the period, adjusted operating losses narrowed to £147,000 as management implemented tighter cost controls alongside its strategic transformation. The group also secured approximately £2.2 million through equity fundraising and completed a reverse takeover involving Estadio Gana and Capital Media Sports. Full ownership of these businesses was finalised after the reporting period, strengthening both its financial position and operational presence in Mexico as the company works toward profitability in sports publishing and online gaming.

Following the period end, Gana converted advance subscriptions, carried out a placing and warrant exercises, and expanded its shareholder base while completing the reverse takeover and adopting its new GANA ticker. Management has highlighted the strengthened local leadership team in Mexico and the strategic importance of the Streams Technology platform as key advantages in capturing opportunities created by the increasing overlap between sports media content and betting services.

The company’s overall assessment remains weighed down by financial quality concerns, including continuing operating losses and negative free cash flow despite improving revenues and relatively low leverage. Technical indicators suggest a persistent downward share price trend, with only limited support from oversold momentum signals. Valuation metrics remain constrained by the absence of profitability and dividend income.

More about Gana Media Group

Gana Media Group, previously Mobile Streams, is an AIM-quoted content and data intelligence business building an integrated sports, media and entertainment ecosystem across Latin America, particularly in Mexico. Its core activities include sports publishing and technology-driven online betting and casino services, alongside digital products powered by its Streams Technology platform, such as NFTs and LiveScores websites.

The company’s legacy mobile data operations now represent a small portion of overall activity as it pivots toward Mexican sports betting and iGaming. Recent acquisitions of Estadio Gana and Capital Media Sports, combined with expanded senior management capabilities in Mexico, are intended to strengthen its local media footprint and support long-term growth in its online gaming operations.

MTI Wireless Edge (LSE:MWE) announced that it will release its full-year 2025 results on 4 March 2026, followed by a live investor presentation scheduled for 12 March through its newly launched in-house Investor Hub platform. The initiative is part of the company’s broader strategy to strengthen shareholder communication and offer deeper visibility into its operational performance and growth strategy.

Chief executive Moni Borovitz said trading momentum remained strong throughout 2025, with revenue exceeding $50 million for the first time and operating profit increasing by roughly 30% year on year. As a result, earnings per share are expected to come in significantly above prior market forecasts. The company highlighted supportive industry trends, including rising global defence budgets, expanding water management needs and continued 5G infrastructure deployment. Growing demand for its ABS antenna solution has further reinforced MTI Wireless Edge’s positioning across defence, water technology and next-generation communications markets.

The company’s outlook is supported primarily by strong financial execution and positive corporate developments. A solid balance sheet and healthy profitability metrics underpin performance, while record revenue and earnings growth demonstrate operational progress. Technical indicators point to bullish momentum, although some caution remains warranted given signs the shares may be approaching overbought territory. Valuation appears appealing, supported by a reasonable price-to-earnings ratio and a dependable dividend yield.

More about MTI Wireless Edge

MTI Wireless Edge is an Israel-based technology group focused on communication and radio-frequency solutions delivered through three core divisions. Its antenna business develops smart, MIMO and dual-polarity antennas for both defence and commercial applications, while its Mottech division provides remote monitoring and control systems for water and irrigation management. MTI Summit supplies RF and microwave components alongside consulting and integration services, primarily serving government and defence customers.

The group operates globally across markets including 5G backhaul, broadband connectivity, public safety networks, agriculture and water infrastructure, as well as advanced defence systems. Its product portfolio ranges from commercial off-the-shelf and customised antennas covering frequencies from 100 KHz to 174 GHz, to irrigation solutions based on Motorola’s IRRInet platform and specialised engineering services supporting aerostat, SIGINT, radar and communications programmes.

Bunzl (LSE:BNZL) reported revenue of £11.8 billion for 2025, representing a 3.0% increase at constant exchange rates, although adjusted operating profit declined by 4.3% as group operating margin narrowed to 7.7%. The margin pressure was largely driven by weaker performance across its North American and Continental European divisions. Despite the drop in profitability, the company delivered strong cash generation, achieving 95% cash conversion and £579 million in free cash flow, alongside a small dividend uplift and completion of a £200 million share buyback programme. During the year, Bunzl completed eight acquisitions while continuing to expand its own-brand offering and digital capabilities as part of its longer-term growth plans.

Management pointed to improved operational momentum in the second half of the year. Margins in Continental Europe began to stabilise, the UK & Ireland division recorded margin expansion, and declines in North America moderated following restructuring initiatives and cost-efficiency measures. Looking ahead to 2026, Bunzl reaffirmed expectations for moderate revenue growth at constant exchange rates and a slightly reduced operating margin, signalling a steadier yet cautious earnings outlook against a backdrop of persistent economic and geopolitical uncertainty. The company also noted a strong acquisition pipeline expected to support continued market consolidation and future expansion.

Bunzl plc’s outlook reflects dependable financial performance supported by shareholder returns and ongoing strategic acquisitions. However, technical indicators continue to suggest a bearish trend, while mixed sentiment from recent earnings discussions points to a degree of caution. The shares appear fairly valued, with the company’s dividend yield offering additional investor appeal.

More about Bunzl plc

Bunzl plc is an international distribution and services group specialising in non-food consumables, including packaging, cleaning and hygiene supplies, safety equipment and related services. The company operates across North America, Europe, the UK & Ireland and other global markets, supplying customers in foodservice, grocery, healthcare, industrial and retail sectors, and continues to expand through acquisitions in highly fragmented markets.