FINPROM Findings
1“"the Revised Concert Party will be interested in 8,425,027 Ordinary Shares representing approximately 61.45 per cent. of the Enlarged Issued Share Capital. Of the Revised Concert Party members, Derek Bickerstaff... approximately 40.48 per cent."”
A concert party will hold 61.45% of the enlarged share capital post-fundraise, with a single director (Derek Bickerstaff) holding 40.48%. This extreme concentration, disclosed in a capital raising that included a retail offer, represents a significant governance risk for minority shareholders. [Regulatory review: downgraded — Concert party properly governed with Panel oversight and 99.98% shareholder approval]
RNS Announcements
1Results of GM and Open Offer
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LinkedIn Activity
21KEFI raises £34m in placing, with £1m retail offer running parallel. More than enough money to fund construction at Tulu Kapi. Tags Harry Anagnostaras-Adams.
KEFI advances Tulu Kapi with full funding secured. One of Africa's highest-grade gold developments. First gold production targeted for 2027.
Major milestone for institutional crypto in the UK. Satsuma Technology closed £100m+ fundraise. Lists Cel AI (#CLAI) among wave of London-listed firms embedding Bitcoin into corporate treasury strategy alongside SWC, V3TC, BTC (Vinanz).
Bitcoin treasury cluster being actively promoted on LinkedIn — same issuers appearing across WRAP (SWC, Vinanz) and BookBuild (Cel AI, Active Energy)
Announced Cobalt Holdings emerging from stealth mode. 6-year supply agreement with Glencore for $1 billion in cobalt. DRC controls significant market share. China controls ~80% of refined cobalt supply. Glencore and Anchorage Capital as cornerstone investors holding 20.5%. Initial $200m purchase of 6,000 tons at discount to spot.
CEO and sole director personally promoting $230m IPO on LinkedIn with no risk warnings. High engagement (191 reactions). Framed as strategic opportunity with geopolitical narrative. RetailBook ran concurrent retail offer at $2.56/share, minimum $650. IPO was subsequently cancelled in June 2025 over lack of investor interest -- less than 24 hours before trading was due to start.
Savannah Resources' own LinkedIn page and Proactive Investors posted about multiple fundraises: a £9.2m oversubscribed placing and subscription (scaled back from higher demand), a £6.5m fundraise at market price made available to private investors via PrimaryBid (July 2023), a £6.1m placing and subscription, and a further £1m placing to a major shareholder. The retail offer component via PrimaryBid was highlighted as providing retail shareholder access. CEO also discussed Barroso lithium project funding on Proactive.
LinkedIn posts from company page: linkedin.com/company/savannah-resources-plc. Proactive post: linkedin.com/posts/proactive-investors_savannah-resources-ceo-outlines-way-forward-activity-7348705237223833601. Pattern of repeat raises with PrimaryBid retail component is consistent with the 'repeat raises' concern.
Blackbird plc's LinkedIn page mentioned a completed successful and fully subscribed top-up fundraising for elevate.io, their creator SaaS product. The company page describes Blackbird as 'the world's fastest, most powerful professional cloud video editing and publishing platform'. No posts specifically using the 'Figma for video' claim or discussing the BookBuild placing mechanics were found on LinkedIn.
Company LinkedIn page: linkedin.com/company/blackbird-cloud. Employee Tim Chaffee referenced fundraising for elevate.io product. The 'Figma for video' positioning was not found in LinkedIn posts specifically.
Helium One posted on LinkedIn announcing a WRAP Retail Offer to shareholders targeting £1m. The offer closed early due to being oversubscribed, raising the full £1m at 0.54p/share (185,185,185 new shares issued). Hill Dickinson LLP posted about advising HE1 on a prior £9.9m accelerated bookbuild for drilling the Tai prospect in Tanzania. A separate £4.7m company-led placing was also referenced for working capital. The WRAP offer was same-day close, opened and closed rapidly due to demand.
Key LinkedIn post: linkedin.com/posts/helium-one_london-stock-exchange-london-stock-exchange-activity-7358521750474616835-Ac2j. Hill Dickinson post: linkedin.com/posts/hill-dickinson-llp_hilldickinson-fundraise-aim-activity-7011694056133001217. The same-day close of the WRAP offer is confirmed - offer opened and closed early due to oversubscription, with admission around 11 Aug 2025.
RetailBook powered retail investor access to Frontier IP Group plc, seamlessly integrating retail participation into capital market transactions. (Mentioned across RetailBook company page and associated profiles but no dedicated standalone post found with full details.)
No standalone LinkedIn post found specifically about the Frontier IP RetailBook offer. RetailBook references Frontier IP as a case study on their profile/activity. No risk warnings, no mention of going concern. Nicholas Smith profile (4K followers) associated with RetailBook but his posts focused on Treasury Bills pilot, not Frontier IP specifically.
Tennyson Securities supported £6.83M equity raise for THE SMARTER WEB COMPANY (Sundae Bar's related entity). Describes it as 'UK's flagship Bitcoin Treasury vehicle for global equity capital' and notes 'enthusiastic support of UK retail investors'. References upcoming Bitcoin Conference in Vegas.
Post from broker at Tennyson Securities. Highly promotional tone ('flywheel is cranking up', 'launch velocity', 'onwards and upwards'). No risk warnings despite bitcoin treasury pivot. WRAP retail offer and accelerated bookbuild mentioned in post metadata/title. No disclosure of risks associated with bitcoin treasury strategy. URL: https://www.linkedin.com/posts/alan-howard_result-wrap-retail-offer-accelerated-bookbuild-activity-7331730681594589184-ZnH-
Smarter Web Company is going public with Bitcoin built into its balance sheet from day one. UK-based web firm listing on AQUIS Exchange with formal Bitcoin treasury strategy, backed by UTXO Management.
Posts about Smarter Web Company (connected to Sundae Bar/SBAR). No risk warnings about bitcoin volatility or treasury strategy risks. Framed as a trend piece. URL: https://www.linkedin.com/posts/officialsovreign_smarter-web-company-plans-public-listing-activity-7313164248472256513--tm1
Announces new subscription agreement for 21 million ordinary shares, continuing capital-raising strategy. Notes majority of shares from prior June 2025 agreement have been placed. Bitcoin Treasury mentioned in title.
Company page post about ongoing share subscription. No risk warnings. Multiple capital raises indicated (June 2025 + September 2025). URL: https://www.linkedin.com/posts/the-smarter-web-company-plc_bitcoin-treasury-activity-7369248084368736256-pN1-
Gelion 2024 Wrap Up article. CEO thanks investors for support in 'most recent capital raise last December'. Mentions £2.5m ARENA grant and ~£1m BESS revenue. Optimistic tone about delivering returns to shareholders.
Annual wrap-up article published on LinkedIn Pulse. References December capital raise but no details on amount, terms or dilution. No mention of going concern, cash runway to Jan 2026, or WRAP. No risk warnings present. URL: https://www.linkedin.com/pulse/gelion-2024-wrap-up-gelion-sjbuc
2026 outlook post highlighting clinical milestones: POLB 001 TOPICAL trial interim data expected summer 2026, Oral GLP-1 PoC topline data expected H1 2026. States company is 'funded through this catalyst-rich period, with a cash runway extending into 2027'.
No direct fundraise announcement found on LinkedIn for Poolbeg. This post emphasises cash runway to 2027. No BookBuild or retail targeting language found in any Poolbeg LinkedIn posts. A separate profile (Michael Fleming) mentioned participating in a Poolbeg share placing with £100k investment, but post not directly accessible. URL: https://www.linkedin.com/posts/poolbeg-pharma_polb-catalystrich-aim-activity-7415289997668360192-LCu-
DWF advised Zinnwald Lithium on £18.75m equity fundraise closed at a premium to share price. Cornerstone investment from AMG Advanced Metallurgical Group. Launched and closed in under 16 hours. Worked with Nomad Allenby Capital and co-brokers Tamesis Partners and Oberon Capital.
Post from legal adviser celebrating deal completion. Mentions AMG cornerstone but no mention of 29.57% concentration risk. No disclaimers.
Quantum Base announced £4.04m Placing with additional Retail Offer of £0.75m expected to close 5 December 2025.
Official company post announcing fundraise. No mention of EIS/VCT targeting. Retail Offer component confirmed.
MicroSalt celebrated First Day of Dealings on LSE under ticker SALT. Referenced WHO ambitions for 30% sodium reduction by 2025. Positioned product as meeting growing demand for lower sodium products.
IPO announcement post. No financial details disclosed (no mention of £18.5m valuation or £3m raised). Forward-looking health claims without disclaimers. No 'disruptive category-defining' language in this specific post.
The Beauty Tech Group announced joining the London Stock Exchange as the first British beauty tech brand to go public. Described as marking an exciting new chapter.
High-engagement IPO celebration post. No financial details (valuation, amount raised) disclosed in post itself. Pre-IPO RetailBook involvement not mentioned.
Peel Hunt announced collaboration agreements with Hargreaves Lansdown, Jefferies, Numis, and Rothschild & Co for REX/RetailBook. REX to become standalone business renamed RetailBook. HL to use platform exclusively for UK follow-on share offerings until June 2023. Partners have right to take equity stakes alongside Peel Hunt.
Key announcement of RetailBook platform spin-out and partnerships. No mention of Peel Hunt's >50% ownership stake. RetailBook raised £2.5m per separate search results (not in this post).
Fortified Securities announced acting as placing agent for Mendell Helium's fundraise, securing "£796,000 through a combination of placing and direct subscriptions at 2 pence per share." CEO Nick Tulloch quoted: "We are now fully funded to bring one of the most exciting helium opportunities in the U.S. into production." Mentions AQSE Growth Market admission target and potential AIM move.
Placing agent promoting fundraise with forward-looking CEO quote. No risk warnings. Hashtags include #EnergyTransition, #GrowthCapital.
StockBox interview with CEO Nick Tulloch. Highlights: "First helium production at the Rost Well targeted for Q3 2025", strong flow rates, plans for AIM listing. Tulloch claimed Mendell is "the only one extracting helium and selling it by the day" among London-listed helium companies, projected "250 MCF a day" production generating "significant revenue fairly quickly."
CEO making forward-looking production and revenue projections without any caveat language or risk warnings. Uniqueness claims ("only one extracting helium") unsubstantiated.
Operations update: "Drilling of M3 Helium's next Fort Dodge well will commence in March 2026." AIM admission targeted for March 2026 with extension option to April 30, 2026. CEO: "March is expected to be a key period for operational and corporate progress." Compares Mendell's valuation to competitors (Pulsar Helium, Helix Exploration, Helium One).
PIR firm posting valuation comparisons to peer group -- potentially constitutes financial promotion by implying undervaluation. No risk warnings.
Board of Directors
24| Name | Role | Appointed | Status |
|---|---|---|---|
| Adam Binns | Director | 2018-05-01 | active |
| Adam Binns | Director | 2018-05-01 | active |
| Anthony Nicholas Parker | Director | 2021-02-01 | active |
| Derek Richard Bickerstaff | Director | 2004-10-10 | active |
| Helen Pitcher Obe | Director | 2019-09-30 | active |
| Jessica Clare Sellars | Director | 2020-04-01 | active |
| Shantanu Arvind Shahane | Director | 2019-11-01 | active |
| Zachary William McMurray | Director | 2021-05-28 | active |
| Adam Binns | director, secretary | 2018-05-01 | active |
| Anthony Nicholas Parker | director | 2021-02-01 | active |
| Derek Richard Bickerstaff | director | 2004-10-10 | active |
| Helen Pitcher OBE | director | 2019-09-30 | active |
| Jessica Clare Sellars | director | 2020-04-01 | active |
| Shantanu Arvind Shahane | director | 2019-11-01 | active |
| Zachary William Mcmurray | director | 2021-05-28 | active |
| Paul Alan Saper | director | 2005-10-18 | active |
| Ray Shannon | director | 2019-05-01 | active |
| David John Whitney | director | 2009-12-01 | active |
| Reginald Edward Goodchild | secretary | 2004-10-10 | active |
| Lucy Elen Nickson | director | 2017-09-04 | active |
| Diana Ann Unwin | secretary | 2001-04-18 | active |
| Richard John Gray | director | 2008-12-19 | active |
| Andrew Corin Howard | director | 2005-10-18 | active |
| Andrew John Unwin | director | 2001-04-18 | active |