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For exclusive Stock Market news and interviews subscribe to our weekly newsletter http://weekly.share-talk.com/Zak Mirtalks to Scott Livingston, CEO of Tooru Plc (AIM: TOO), after the UK-based investment and operating company focused on the health, wellness, and organic food sector announced its half-year financial report . This included EBITDA of over £1 million generated from its operating businesses during the first six months of 2026. The OAF brand continued to grow, with increased distribution in major retailers. Increased listings with Tesco during the period and new listings in Asda from April 2026. Highlights · EBITDA of over £1 million generated from our operating businesses during the first six months of 2026 · Continued growth of the OAF brand with increased distribution in major retailers o increased listings with Tesco during the period o new listings in Asda from April 2026 · New funds raised amounting to gross cash proceeds of £980,000 and debt conversion of £300,000 · Return of Pulsin to normal production and distribution o improving margins due to reduction in costs through move to contract manufacturing o new Swiss distribution agreement · This is the first reporting period that includes all of the operating businesses for the full period. · Post period end Market Rocket was sold enabling improved focus on managing and developing leading consumer brands. Chairman's Statement I am pleased to present my Chairman's Statement for the six months to 30 June 2026. This period represents the first reported accounting period which includes a full contribution from the businesses acquired from S-Ventures plc last year. Further details of the performance of our underlying businesses are set out in the CEO's Report. However, in essence, Juvela and OAF have continued to perform strongly, particularly with OAF increasing its listings in Tesco and Asda. Despite a difficult start to the year, Pulsin has turned a corner, re-building its sales and reducing operating costs. We have also raised some additional capital and, in line with our stated strategy, we have been actively looking at acquisitions, although we will only proceed if they meet our exacting criteria. Post-period end, we disposed of Market Rocket which will help us to focus on the building of exciting brands in the wellness sector. We are optimistic that this progress will continue into the second half of 2026. Nicholas Lee Non-Executive Chairman Tooru CEO talks results and strategy with Zak Mir

Tooru CEO talks results and strategy with Zak Mir

Share Talk September 11, 2026 11:34 am

For exclusive Stock Market news and interviews subscribe to our weekly newsletter http://weekly.share-talk.com/Zak Mirtalks to Mark Segal, CEO of Gaming Realms (AIM: GMR) ,the developer and licensor of mobile-focused gaming content, after the announcement of its interim results for the six months to 30 June 2026. The company reported strong growth in the core content licensing business; revenue up 12% and Adjusted EBITDA margins expanding. UK revenues returned to growth despite a near doubling of Remote Gaming Duty. Core content licensing revenue increased 23% in the two months post-period compared to the same period in 2025. • UK revenues return to growth despite near doubling of Remote Gaming Duty • Core content licensing revenue increased 23% in the two months post-period compared to the same period in 2025 Gaming Realms plc reported interim results for the six months to June 30, 2026, showing a 12% increase in content licensing revenue to £13.0m, contributing to total revenue of £15.5m, a slight decrease from £16.0m in the prior period, largely due to a significant drop in brand licensing revenue. Adjusted EBITDA, excluding brand licensing, grew 16% to £5.9m, with margins expanding to 40%, indicating strong operational leverage in the core business. The company launched content in four new regulated markets and saw UK revenues return to growth, up 3%, despite increased gaming duty. Net cash stood at £13.5m after returning £6.0m to shareholders via share buybacks. Commenting on the first half performance, Mark Segal, Chief Executive Officer, said: "The first half results reflect the continued execution of our strategy and the early benefits of the increased investment we made in content and platform capability in the second half of 2025. Core content licensing grew 12% driven by new market launches, 22 new operator partners and an expanding portfolio of Slingo and Lucky Lunar titles. "Our UK business demonstrated real resilience, growing revenues despite the near-doubling of Remote Gaming Duty. We are now live in 34 regulated markets following our post-period launches in Alberta, Canada and Buenos Aires Province, Argentina, and we expect that investment to convert into an increased games release volume in the second half. "The Board is confident in the Group's outlook for the future, and for the remainder of the year." Gaming Realms CEO talks results and strategy with Zak Mir

Gaming Realms CEO talks results and strategy with Zak Mir

Share Talk September 10, 2026 10:37 am

For exclusive Stock Market news and interviews subscribe to our weekly newsletter http://weekly.share-talk.com/Zak Mir talks to Jason Drummond, CEO of Medpal (AIM: MPAL), as the AI-native digital health and pharmacy group provided a trading update for July 2026, the first month in which the Group's three revenue streams (NHS prescriptions, private prescriptions and SaaS software subscriptions) have all been in operation. Medpalhas moved from zero dispensing revenue in October 2025 to an annualised run rate of approximately £8.6 million, based on July 2026 performance. That growth has been achieved in just nine months, with all three revenue streams now operating together: NHS prescriptions, private prescriptions and SaaS software subscriptions. The opportunity is substantial, but the strategy is not simply about selling weight-loss medication. It is about building the underlying health operating system that connects prescribing, automated dispensing, delivery, medicine administration and AI-led patient support. From Zero to £8.6 Million Run Rate Our dispensing operations began from a standing start in October 2025. By 1 June 2026, the annualised revenue run rate had passed £5 million. By July, it had reached around £8.6 million across NHS and private dispensing. That momentum is particularly encouraging because the business has been built with minimal marketing expenditure. Until recently, investment was directed primarily towards the infrastructure needed to operate safely and at scale. Prescription dispensing is not a simple e-commerce exercise. Prescribing, dispensing and fulfilment have to be done properly, with robust processes, appropriate technology and serious operational capacity behind them. Investing Early in Scalable Pharmacy Infrastructure Medpal has invested heavily in two large warehouse facilities designed to process more than 300,000 prescription orders per month. The operations are supported by robotic dispensing technology, providing 24-hour capacity and 99.9% dispensing accuracy. The key advantage of automation is operating leverage. Once the dispensing infrastructure is in place, volumes can rise without costs increasing at the same rate. That creates the potential for substantial growth from the existing platform rather than requiring a matching expansion in overhead for every new prescription. In July, the business processed nearly 50,000 NHS orders. At the same time, private patients are now coming through the New Health service at new.co.uk . The heavy lifting on facilities, automation and technology has largely been completed. The focus can now move towards filling that capacity, growing the patient base and building recurring revenue. Why Medpal’s Revenue Can Compound One of the most important features of the model is that revenue is designed to repeat. This is not a business that starts each month from zero. • NHS prescriptionsare generally linked to long-term prescribing plans and recurring monthly dispensing. • Private treatment plansalso create monthly patient relationships and repeat requirements. • MRX software subscriptionsprovide an additional recurring SaaS revenue stream. Each month begins with the previous month’s revenue base already in place. New patients, prescriptions and subscriptions then build on top of that foundation. This is why growth can become increasingly meaningful as the platform scales. The July 2026 trading update marked the first month in which all three revenue streams were operational together. That matters because NHS dispensing, private dispensing and software subscriptions each contribute to a broader and more resilient commercial model. Building a Health Operating System, Not Just a Pharmacy Acquisitions may play a role in the future, but the core strategy has always been to build an integrated health operating system. The aim is to connect every important stage of the medication journey through a single platform: • Prescribing • Robotic dispensing • Delivery • Medicine administration at the bedside for care home residents • AI-driven patient support through Juno AI That fully connected platform did not already exist as something that could simply be bought. It had to be assembled and built. Previous smaller acquisitions have therefore been strategic assembly acquisitions. They supplied elements needed for the wider platform, including robotic dispensing capabilities. The objective was not acquisition for its own sake. It was to create the infrastructure required to operate a genuinely integrated digital health and pharmacy business. There may be opportunities to acquire additional assets in future, but the immediate priority is to use the platform already built, invest in marketing and grow a significant operating business. GLP-1 Medication Is a Major Private Healthcare Opportunity The launch of New Health at new.co.uk brings Medpal into the rapidly growing GLP-1 market, including Zak Mir Speaks to MedPal AI CEO Jason Drummond

Zak Mir Speaks to MedPal AI CEO Jason Drummond

Share Talk August 4, 2026 11:34 am

For exclusive Stock Market news and interviews subscribe to our weekly newsletter http://weekly.share-talk.com/Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, as the natural resources investment company announces it has entered into a binding preliminary agreement to exchange its Puna Metals portfolio, including the Eureka Project, for the Rachaite Prospect and El Salto Project in Argentina, with no immediate cash consideration. This strategic move aims to consolidate Ajax’s land position in a prospective copper-silver district, immediately adjoining its flagship Macacha Copper-Silver Project with the El Salto acquisition, and provides an alternative route to acquire the Rachaite polymetallic project. The transaction is subject to a 90-day mutual due diligence period and a 120-day exclusivity period, with the final structure to be determined during due diligence. Highlights · Binding preliminary agreement executed with MMSA in respect of the proposed acquisition of the Rachaite/Chocaya and El Salto mining projects. · 90-day mutual due diligence period covering technical, legal, environmental, corporate, financial and commercial matters. · 120-day binding exclusivity period, extendable by mutual agreement. · El Salto is located immediately adjacent to Ajax’s flagship Macacha Copper-Silver Project and would materially strengthen the Company’s strategic land position, providing the opportunity to evaluate the broader geological potential of the district. · Rachaite/Chocaya comprises the Rachaite Prospect and the Mina Chocaya exploration licence in Jujuy Province and has previously been announced by the Company as a highly prospective polymetallic exploration project. · The Company is evaluating the optimal transaction structure, including whether the consideration will entail the transfer of the shares of Puna or, alternatively, the transfer of the underlying mining rights comprising the Puna portfolio, with the final structure to be determined during the due diligence process and reflected in the definitive transaction documentation. · The Proposed Transaction would provide an alternative mechanism to complete the previously announced acquisition of Rachaite while simultaneously acquiring El Salto. · The Proposed Transaction involves no immediate cash consideration, allowing the parties to complete a reciprocal exchange of mining assets while preserving the Company’s capital for exploration, resource definition and project advancement. · Completion of the Proposed Transaction remains subject to the satisfactory completion of due diligence, execution of definitive documentation and satisfaction of customary closing conditions. Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax Resources Plc, commented: “Since acquiring the Eureka Project and the adjoining La Escondida licences for aggregate consideration of US$250,000, Ajax has secured the environmental approvals required to commence exploration, become the first company in the project’s history to drill the property following more than 400 years of historic mining activity, expanded the licence package through the acquisition of the La Escondida 1 and La Escondida 2 exploration licences and commenced the permitting process for a proposed alluvial gold operation. These achievements have materially advanced Eureka and created the opportunity to consider how the value generated by the project can best be redeployed across the Company’s wider portfolio. The Proposed Transaction would complete our previously announced acquisition of the Rachaite Prospect while expanding our flagship Macacha Copper-Silver Project through the acquisition of the immediately adjoining El Salto Project. We believe this would create a larger and more strategically coherent exploration position in north-west Argentina, providing the opportunity to evaluate the broader geological potential of the Macacha district. The Proposed Transaction involves no immediate cash consideration, preserving the Company’s capital for exploration and project advancement. Our objective is to concentrate exploration expenditure on larger, district-scale opportunities that are more advanced and have greater near-term production potential. We look forward to working with Madero Minerals to complete our due diligence and negotiate the definitive transaction documentation.” https://www.share-talk.com/zak-mir-interviews-ajax-resources-ceo-ippolito-cattaneo/ Zak Mir interviews Ajax Resources CEO Ippolito Cattaneo

Zak Mir interviews Ajax Resources CEO Ippolito Cattaneo

Share Talk July 28, 2026 5:35 pm

For exclusive Stock Market news and interviews subscribe to our weekly newsletter http://weekly.share-talk.com/Zak Mir talks to Steve Brown, CEO of Orcadian Energy (AIM: ORCA) , as the company announces it has commenced the Assessment Phase for the Earlham and Orwell gas fields, with a preferred development concept involving an offshore power station with carbon capture to fuel a co-located data centre, creating an "Earlham Gigagrid." This project aims to monetize the gas resource, estimated at 114 billion cubic feet for Earlham and 31 billion cubic feet for Orwell, by generating approximately 200 MW of low-carbon power for a data centre, with captured carbon dioxide reinjected into the Earlham reservoir. The company has also agreed to a deferred repayment schedule for approximately £1.34 million in loans from The Independent Power Corporation Limited, now due by December 31, 2027, with interest fixed at 8.5% per annum. Orcadian Begins Assessment Phase for Offshore Gas-to-Data Centre Project Orcadian Energy has commenced the Assessment Phase for the development of the Earlham and Orwell gas fields on its 100%-owned licence P2680. The company’s preferred development concept is an offshore power station with integrated carbon capture, fuelled by gas from Earlham and Orwell, to supply a co-located offshore data centre. Orcadian said the project could form the first phase of an islanded, low-carbon offshore grid, branded the Earlham Gigagrid. The concept is designed to monetise Earlham gas, which has a high carbon dioxide content, by generating power at the field, capturing the carbon dioxide and reinjecting it into the reservoir. The company said a power station at Earlham could supply around 200MW of electrical power, or IT load, to an offshore data centre. Orcadian and its consultants have conceived a platform complex capable of supporting a 200MW offshore data centre hall and providing the energy for that facility. The group is establishing a new company, Earlham Gigagrid Ltd, to incubate the project and enable potential direct investment from third parties. Orcadian estimates Earlham contains 114bcf of methane resources, while the previously depleted Orwell field could produce a further 31bcf. The company said the proposed scheme could reduce pressure on the national grid while supporting rising demand for compute power driven by artificial intelligence. Chief executive Steve Brown said the concept could be transformational for the value of licence P2680 and may ultimately attract interest from hyperscalers and specialist AI cloud infrastructure providers. He added that Orcadian will engage with the NSTA and other relevant regulators as part of the concept select process. The project remains subject to NSTA approval, a Letter of No Objection for the selected concept, regulatory consents, commercial agreements and financing. Zak Mir speaks with Orcadian Energy CEO Steve Brown

Zak Mir speaks with Orcadian Energy CEO Steve Brown

Share Talk July 16, 2026 5:34 pm

For exclusive Stock Market news and interviews subscribe to our weekly newsletter http://weekly.share-talk.com/Zak Mir talks to Dr Tom Becker, President & CEO, Iofina , in the wake of the specialists in the exploration and production of iodine and manufacturers of speciality chemical products, announcing its audited full-year results for the 12 months to 31 December 2025. This included another record year: Production up 17%, Revenue up 22% and Adjusted EBITDA up 56%. Iofina has been quietly doing the hard yards for years, and the market is now starting to pay attention. Following its audited full-year 2025 results, the specialist iodine producer and chemical products business reported another record year, with production up 17%, revenue up 22%and adjusted EBITDA up 56%. That is the headline. The more interesting story sits underneath it: a company that has executed a very specific growth plan, built capacity at pace, and is now looking to accelerate again. At the centre of that story is a simple idea. Iofina operates in a niche market, but one with critical end uses, steady demand, and room for disciplined expansion. For a business still valued at under £100 million, that combination is understandably beginning to attract attention. Iodine is niche, but it matters more than most people realise Iodine is not a commodity that gets discussed every day, yet it plays an essential role in a surprisingly wide range of industries. The global market is relatively small at around 40,000 metric tonnes, but demand is underpinned by applications that are difficult to replace. The single biggest end market is human healthcare. In particular, iodine is heavily used in x-ray contrast media drugs. These are the agents used in CT scans and certain x-ray procedures when doctors need clearer imaging. That application alone accounts for roughly 38% of the market. Beyond that, iodine shows up in many places people barely think about: • Disinfectants, including the familiar brown antiseptic used on cuts and before surgery • LCD screens, where iodine-based polarising film is used • Nutrition, because iodine is needed in the diet to support thyroid function • Pharmaceuticalsand biocides, where it serves a range of specialised purposes So while iodine may be a niche market, it is tied to healthcare, technology and industrial applications that give it resilience. That is a useful backdrop for any producer looking to grow production over time. How Iofina produces iodine Iofina’s model is one of the more interesting parts of the business. Rather than mining iodine in the traditional sense, the company extracts it from briny water produced by the oil and gas industry. This water is effectively a co-product, or waste stream, from oil and gas operations. In the right areas, it contains iodine in concentrations that can be extracted economically. Iofina builds plants to process that brine and recover the iodine. At present, the company has eight iodine plants in operation, all located in Oklahoma. A ninth plantis under construction in the Permian Basin, spanning southwest Texas and southeast New Mexico, which is one of the most significant oil and gas regions in the world. That approach gives the company a clear link between operational execution and growth. If it can continue identifying suitable brine streams and building plants at an attractive return, production can keep climbing. From 500 metric tonnes to 1,000 metric tonnes Over the last four to five years, Iofina has roughly doubled its production profile. The business was producing about 500 metric tonnesseveral years ago. Once the Permian plant comes online, management expects that to rise to around 1,000 metric tonnes. That is not a theoretical target. It has come from a concrete build-out programme: • Three plants built in three years • A fourth, larger plant making it effectively four plants in four years • A balance sheet that has remained in sound shape while growth has been funded by reinvesting profitability back into the business This matters because scaling production is often where smaller resource and speciality chemical companies stumble. Capital can become stretched, timelines can slip, and growth stories can get ahead of operating reality. What stands out here is that management’s strategy has been rooted in repeatable execution. As Dr Tom Becker put it, the company has had a specific goal of increasing iodine production in a market that continues to grow, and the team has delivered against that plan. The next goal: 2,000 metric tonnes in the next few years Reaching 1,000 metric tonnes is not being treated as the finish line. It is being treated as the foundation for the next stage. The vision now is to move towards 2,000 metric tonnesover the next few years. To get there, Iofina is looking to increase the pace of plant development. In other words, not just building one plant a year, but building more frequently Iofina reports record year as CEO discusses results with Zak Mir

Iofina reports record year as CEO discusses results with Zak Mir

Share Talk May 14, 2026 4:36 pm

For exclusive Stock Market news and interviews subscribe to our weekly newsletter http://weekly.share-talk.com/Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, in the wake of recent significant news for the natural resources investment company. This includes the announcement that it has agreed to invest a total of £200,000 in Reveille Resources Limited, a European-focused investment company, intending to list on the Aquis Stock Exchange Growth Market. The investment will result in Ajax becoming a majority shareholder in Reveille . Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented: "We are delighted to become a major shareholder in Reveille at a formative stage in its development. The company's focus on undervalued historical mineral deposits aligns with our investment strategy, where prior exploration and infrastructure provide a strong foundation for value creation. The Lombardy Project, comprising the Novazza and Val Vedello uranium deposits, represents a compelling opportunity. These assets were the subject of extensive historical exploration, including approximately 80,000 metres of drilling, yet have not been evaluated to modern standards, offering clear potential for re-assessment and advancement. This investment is an extension of our strategy into Europe, where we see a broad pipeline of opportunities across past-producing mines with significant exploration and development potential. The evolving European energy landscape, shaped by the Russian invasion of Ukraine, ongoing geopolitical tensions in the Middle East, and the accelerating drive toward decarbonisation, has reinforced the importance of secure, domestically sourced energy. Energy autonomy is becoming an increasingly critical priority for European countries, and in this context nuclear power, and by extension uranium, is regaining strategic relevance. This is reflected in Italy, where the Government under Giorgia Meloni has signalled renewed support for nuclear energy. Against this backdrop, uranium market fundamentals and pricing have remained positive. Reveille is expected to be one of the only UK-listed, European-focused uranium exploration companies, offering investors a differentiated opportunity to gain exposure to this strategically important sector. We believe Reveille is well positioned to capitalise on these supportive macroeconomic and policy trends, and we look forward to supporting the company as it progresses towards its planned admission to the Aquis Growth Market and advances the Lombardy Project." Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources

Share Talk May 5, 2026 3:36 pm

For exclusive Stock Market news and interviews subscribe to our weekly newsletter http://weekly.share-talk.com/Zak Mir talks to Paul Emmitt, CEO Powerhouse Energy (AIM: PHE), as the company pioneering integrated technology that converts non-recyclable waste into low carbon energy, announced an operational update in the wake of the recent oversubscribed retail offer of £400,000 and £260,000 battery developer contract. Powerhouse Energy looks to be moving into a more commercial phase, and the most interesting part of that shift is not just about technology. It is about timing, market need and where demand is now coming from. For a long time, the story around the company was heavily tied to hydrogen and the broader net zero narrative. That is still part of the picture, especially in certain projects. But the market has evolved. The stronger angle now is decarbonisation paired with energy security, and that combination is opening doors that were not as wide open even six or twelve months ago. That is the backdrop to the latest operational progress, which follows an oversubscribed retail offer and a third-party battery developer contract worth £260,000. The bigger message is that Powerhouse is trying to prove that it is more than an early-stage technology story. It wants to show it has real engineering capability, growing commercial traction and a product that fits a changing global energy market. A step closer to commerciality One of the clearest signs of progress is the introduction of third-party work into the business. This matters because it is not simply work flowing through a historic channel or linked to an internal arrangement. It is direct business for Powerhouse itself. That may sound like a small distinction, but strategically it is important. It demonstrates that the expertise inside the company has value beyond the core waste-to-energy technology alone. In effect, the business is beginning to validate its broader engineering and technical competence in the market. That matters for two reasons: • It helps bring the company forward fasterby generating commercial activity now. • It reinforces the core competencythat will ultimately help sell the technology at scale. The company is also pushing this momentum through newer marketing activity and sales agreements in multiple regions. The effort is no longer limited to one or two flagship opportunities. It is becoming a wider commercial campaign. Why the market is changing in Powerhouse Energy’s favour The most striking theme is the shift in customer motivation. Historically, many conversations in clean technology revolved around net zero targets, emissions reduction and environmental policy. Those issues still matter, but they are now being joined, and in some cases overtaken, by a more immediate concern: security of supply. Across the world, energy markets have become more volatile. Geopolitical disruption in the Middle East, the continuing effects of the Russia-Ukraine conflict, and broader fossil fuel price instability have made businesses and governments think much harder about resilience. That is where Powerhouse sees its opportunity. If a region or business produces waste and depends on imported fossil fuels, especially diesel, then converting that waste into low carbon energy becomes about more than sustainability. It becomes a practical route to greater independence and better control over energy costs. That is a far more urgent conversation. The appeal of using local waste for local energy The company’s proposition is straightforward in principle: • many regions already have a waste stream • many of those same regions are exposed to expensive or insecure fuel imports • turning local non-recyclable waste into energy can reduce that dependence That message appears to be resonating particularly strongly in island markets and remote locations. Places that rely heavily on diesel generation have been hit hard by rising fuel costs. Yet they also generate waste that needs dealing with. For those markets, a waste-to-energy solution addresses two problems at once: • waste management • energy security This is one reason why recent commercial agreements matter. The company has signed sales arrangements with Green Gecko, with HUI for Central Europe, and another covering the Caribbean islands. These are not random geographies. They line up with exactly the kind of market conditions the company believes now favour its technology. Hydrogen still matters, but it is no longer the whole story Powerhouse was originally built around a strong hydrogen focus, and that remains relevant in specific projects. The best example is Ballymena, which is expected to be the company’s flagship hydrogen development. The Ballymena project is progressing through planning, and while the pace is not as fast as management would like, the direction appears positive. There are a few notable points here: • the planning Powerhouse Energy CEO talks strategy and recent developments

Powerhouse Energy CEO talks strategy and recent developments

Share Talk May 4, 2026 5:34 pm

For exclusive Stock Market news and interviews subscribe to our weekly newsletter http://weekly.share-talk.com/Zak Mir talks to Andrew Stancliffe , Head of Execution Services at Winterflood Securities , after the recent Marex takeover. They discuss the success of the Winterflood Retail Access Platform, which has now raised over £600m in fundraising and, in turn, has been a significant source of liquidity to the London stock market. Winterflood is one of those names that anyone active in UK equities will recognise from Level 2 screens, placings, and day-to-day market-making. But beyond the familiar name sits a bigger story about liquidity in small caps, how retail investors are gaining better access to fundraises, and why the UK market may be in better shape than its critics like to admit. Andrew Stancliffe, Head of Execution Services at Winterflood Securities, sits right in the middle of that story. His role covers the sales trading side of the business, working with clients ranging from institutions to retail execution brokers. Following Winterflood’s acquisition by Marex, there is also a clear focus on combining Winterflood’s market presence with Marex Financial's broader capabilities. The result is a useful window into where UK market structure is working well, where the frustrations really lie, and why technology is changing access without removing the need for human judgement. What Winterflood actually does in the market At a practical level, Winterflood sits at the heart of execution and liquidity provision in UK equities. It is a major market maker, particularly visible in smaller quoted companies, and plays an important role in helping buyers and sellers meet in names that might otherwise feel difficult to trade. Stancliffe’s remit is focused on execution services and sales trading, speaking to a broad spread of clients and helping ensure they get the best possible access to liquidity and trading opportunities. That matters because in the UK small cap market, liquidity is always the first complaint. If a share is not moving, or if trading looks thin, the market itself is usually blamed. Stancliffe’s view is more nuanced. Is there really a liquidity problem in UK small caps? Liquidity in smaller companies is one of those subjects that never seems to go away. It is a bit like the weather: people are rarely satisfied. Stancliffe’s argument is that the UK actually has one of the most vibrant and competitive small company trading environments around, especially because of the market-making infrastructure already in place. On many stocks there can be a large number of competing market makers, sometimes as many as 16, all quoting prices on screen. That creates depth which is easy to overlook. Where the challenge has become more noticeable is not necessarily in the mechanics of trading, but in the reduced participation from institutions in the smaller end of the market. Fewer institutional houses active in UK small caps naturally changes the shape of liquidity. Even so, his broader point is straightforward: if a company has a compelling story and the market cares, liquidity can appear very quickly and in significant size. That is an important distinction. Illiquidity is not always a market structure problem. Sometimes it is a company problem. Good companies tend to find liquidity One of the more refreshing parts of the discussion was the blunt acknowledgement that some shares are inactive simply because they are not interesting enough. Markets rotate. Sectors and themes move in and out of favour. Individual names can go from dormant to heavily traded once the story improves. Stancliffe used IQE as a good example. It had traded below 10p and later moved as high as 60p to 70p, accompanied by a significant jump in volume. Before that rally, liquidity may well have looked challenged. Once the market’s attention returned, so did trading activity. The lesson is simple: • Liquidity can be patchy at any given moment • Interesting companies tend to attract liquidity over time • Strong performance often solves the liquidity complaint very quickly That is also why recent winners in the London market, including selected small caps and Aquis-listed names, have managed to generate meaningful trading interest when the underlying story has been right. Where humans still matter in an AI-driven market Electronic trading, automation and AI are now standard talking points across every part of financial markets. Execution services are no exception. Stancliffe is clearly in the camp that sees AI as a positive tool rather than a threat. His description of it as a “modern day calculator” is a good one. It captures the practical reality that AI can improve workflows, increase efficiency and help traders focus on higher-value activity, rather than replacing the core human role altogether. In execution businesses, that means automation can be used to handle smaller trades or more Winterflood Securities, Liquidity, Retail Fundraising & the London Market Outlook

Winterflood Securities, Liquidity, Retail Fundraising & the London Market Outlook

Share Talk May 3, 2026 10:34 am

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