UK small-cap RNS · 20 Nov 2025

Due diligence is done, but terms are unagreed and the Board now wants a minority non-operated stake with a US operator. This cuts capital and execution risk but also shrinks the deal, and it is not a final agreement.

Viura-1B is steady at plateau above 190,000 scm/d with less water, in line with expectations after the earlier outage. This supports cash flow from the largest net asset.

Georgina Energy Plc, GEX.L wishes to advise it has now received a non-binding expression of interest from Harlequin Energy Limited ("Harlequin") to provide the funding and enter into a Joint Operating Agreement ("JOA") for the drilling of the Hussar EP513 …

Successful first pass suppression of cerium to maximise valuable dysprosium and terbium

H1 was ahead of market expectations and FY2026 net operating income is now guided about 10% above consensus on a strong H2 start, though PBT was flat on the Australian remediation charge.

JV buys 10 Asda stores at a 7.4% NIY, with SUPR funding £98m, and SUPR agrees to move five assets into the JV at 3% above book. This recycles lower-yield assets, lifts fee income and extends WAULT.

Board starts a £20m buyback using the full ~10% authority, saying the market cap undervalues the Group, and plans to seek up to 25% authority if the discount persists.

FY25 EPRA earnings rose 12% to £53.7m on 12% higher net rental income, with dividend up 10% and FY26/FY29 earnings guidance reiterated; NTA flat at 298p and LTV 38.4% are the soft spots.

Guidance of £275-280m Underlying EBITDA sits below the company-compiled consensus of £286.9m (range £278.9m-£292.0m), so it is below expectations, though profitable growth and lower leverage are still promised.

SS26 wholesale order books are healthier year-on-year, with the Americas showing good progression and EMEA a broader product range, particularly shoes. This points to firmer wholesale demand ahead.

Half-year adjusted PBT fell to £15.7m from £25.8m on lower average AuMA and a lower revenue margin, with net outflows of £2.3bn and the interim dividend cut to 7.0p from 22.0p.

Not an upgrade: FY26 underlying EBITDA is guided ahead of last year and in line with market expectations, while the £100m target will likely take longer to reach.