The UK still appears to be the golden child in Europe, helped by a potentially softer US stance on our tariffs and better growth and inflation figures than expected.
The FTSE 100 ended the shortened holiday week up 4%, with the small caps up around 3.75%. Given the ever-shrinking playing field as far as AIM listings are concerned, perhaps it is the weak hands continuing to leave that is actually helping matters.
LungLife AI (LLAI) remains committed to leaving AIM, pending shareholder approval, following its US distribution agreement with Circulogene. Post-deal, LungLife AI will focus on operating the LungLB diagnostic test and collecting royalties. Circulogene will have exclusive rights to distribute and further develop LungLB in the US and select international markets. It will also acquire some of LungLife AI’s equipment.
As of the end of March, LungLife AI had $850,000 in cash, and cost-cutting measures are underway. A technical assessment application has been submitted to a Medicare contractor. The share price surged 233% to 3p.
Catenai (CTAI) plans a capital reorganisation. To enable new fundraising, the company proposes reducing the nominal value of its shares from 0.2p to 0.01p, as the current share price is below nominal value. The company recently raised £750,000 at 0.15p per share, including £150,000 from Sanderson Capital Partners. Director fees of £450,000 were settled via 30 million shares.
Catenai also intends to invest £500,000 in AI automation platform developer Alludium, subject to shareholder approval. A further £450,000 investment may follow, depending on proceeds from Klarian or future fundraising. This would result in a 13% stake. The share price rose 78.1% to 0.285p.
Alba Mineral Resources (ALBA) announced the second auction of a limited-edition coin containing one ounce of Welsh gold. The first auction valued the coin at £20,000—over eight times the prevailing gold price. The second auction, which ended on 16 April, had a guide price of £22,500–£32,500, but the coin did not sell. Despite this, the share price jumped 80% to 0.0315p. A third coin is expected to be auctioned.
Deltic Energy (LON: DELT) has upgraded gross 2C contingent resources at its Selene gas project by one-third to 174bcf. Deltic holds a 25% interest, with its post-tax NPV10 estimate valued at $83m, based on 80p/therm. Updated modelling suggests increased production potential from the B-sand interval. A final investment decision is expected in early 2027. The share price climbed 56.3% to 6.25p.
Gear4Music (G4M) has acquired assets from the administrators of GAK (GAK.co.uk Ltd and The Guitar, Amp & Keyboard Centre Ltd) for £600,000. The stock acquired is estimated to be worth up to three times that amount. GAK had been a competitor, and its aggressive discounting had negatively impacted Gear4Music’s performance.
There are no plans to continue using the GAK trading name. Recent weeks have seen a notable improvement in Gear4Music’s performance, with sales growing at a double-digit rate. The share price rebounded 17% to 137.5p.
FALLERS
Jarvis Securities (JIM) has agreed to sell its execution-only broking business to Interactive Investor for £11 million and will begin winding down its clearing and settlement operations. Completion of the deal is expected in early July, pending the transfer of client agreements. Following the announcement, the share price plunged 70.2% to an all-time low of 12.5p, valuing the company at £5.6 million.
Pantheon Resources (PANR) reported that no hydrocarbons were detected in the initial test zone of the Megrez well in Alaska. Despite the disappointing result, the company highlighted the potential for higher hydrocarbon saturations and the presence of mobile oil in shallower zones. Testing will pause before moving on to the next interval. The share price dropped 29% to 37.05p.
Tern (TERN), an Internet of Things investment company, has launched an open offer allowing shareholders to purchase one new share for every 16 held, priced at 1p per share. The offer aims to raise £340,000, is underwritten, and closes on 6 May. Proceeds will provide flexibility while the company prepares for potential disposals of its portfolio holdings. The share price fell 22.4% to 1.125p.
Strategic Minerals (SML) has raised £930,000 through a 31 million share placing at 0.3p per share. The funds will be used to advance the Redmoor tungsten, tin, and copper project in Cornwall and for general working capital. Zeus has been appointed joint broker. The share price fell 18.8% to 0.325p.
Sosandar (LON: SOS) reported weak February trading, but confirmed that fourth-quarter sales were in line with expectations. Full-year revenue declined by 20%, with a 10% drop in the final quarter. However, gross margins improved, and six physical stores were opened. Net cash stands at £7.1 million. Broker Singer has cut its 2024–25 pre-tax profit forecast by half to £500,000, while maintaining its 2025–26 estimate at £1.5 million. The share price dropped 11.1% to 6p.
Angus Energy (ANGS) produced 411 million standard cubic feet of gas and 7,381 barrels of gas condensate from the Saltfleetby field in Q1 2025—down from the previous quarter and before the commissioning of a new booster compressor. The Brockham field contributed 2,150 barrels of oil. Estimated first-quarter revenues were £5.32 million. The share price declined 7.41% to 0.25p.
