Earnz

EARN · AIM · Construction and Materials · mcap £17m · 5.1p 4 open situations →

EV: £23.4m
EV / EBIT: –
Net debt: £141k
FCF yield: -14.3%
Revenue: £15.5m
Share price 1y: −2%
Insiders 12m: bought £8k
Next report: around 25 May

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20252026 Pentwater Capital Management LP selling down Gresham House Asset Management Ltd selling down Acquisition of GEM Newco Placing of 41% of the market value Gresham House Asset Management Ltd towards control Placing of 50% of the market value Results ahead of expectations Placing of 21% of the market value 2 directors buying Peel Hunt LLP selling down

Open · 4

Overhang

Pentwater Capital Management LP selling down

19.8921% → 14.5091% in 1 notice

Next: 14.5091% still held

23 Oct 2026 14.5091%
31 Mar 2026 19.8921%

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Overhang

Gresham House Asset Management Ltd selling down

27.2% → 21.28% in 1 notice

Next: 21.28% still held

23 Oct 2026 21.28%
1 Apr 2026 27.2%

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Large acquisition / reverse takeover

Acquisition of GEM Newco

Completion expected 21 October 2026

EARNZ is acquiring GEM Newco Limited, with 218,146,725 new ordinary shares to be admitted on completion. On 20 Oct 2026 an administrative delay pushed completion to on or before 23 October 2026. A later announcement on 20 Oct 2026 says completion and admission are now expected on 21 October 2026.

Target: GEM Newco Limited 20 Oct 2026 ↗
New shares: 218,146,725 new ordinary shares to be admitted on completion 20 Oct 2026 ↗
Delay reason: Administrative delay, announced 20 Oct 2026 20 Oct 2026 ↗
Earlier delay: Administrative delay announced 20 Oct 2026; completion previously on or before 23 October 2026 20 Oct 2026 ↗

20 Oct 2026 Completion expected 21 October 2026
20 Oct 2026 Completion delayed by administrative issue

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Dilutive fundraise

Placing of 41% of the market value

completed

Earnz is raising £4,097,500 by placing, 41% of its market value, at a 15.8% discount; the shares moved −10% on the day.

6 Oct 2026 completed · +0% on the day
1 Oct 2026 announced · -10% on the day
1 Oct 2026 announced · -10% on the day
30 Sep 2026 announced · +0% on the day

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Closed · 6

Stake building towards controlGresham House Asset Management Ltd towards control no bid within a year · 18 Sep 2025 – 18 Sep 2026 −19% Dilutive fundraisePlacing of 50% of the market value completed · 11 Mar 2026 – 12 Apr 2026 −32% Upgrade / downgrade cycleResults ahead of expectations ahead of expectations · 11 Sep 2025 – 10 Dec 2025 +5% Dilutive fundraisePlacing of 21% of the market value went quiet · 12 Jun 2025 – 1 Aug 2025 +23% Insider conviction2 directors buying £29k in 2 buys · 2 Sep 2024 – 14 Jan 2025 −29% OverhangPeel Hunt LLP selling down selling stopped · 21 Feb 2024 – 6 Mar 2024 −23%

Company filings. Not investment advice.