Share capital

12 Months Ended

Jun. 30, 2026

16.Share capital


		Number of ordinary shares
		Year ended		Year ended
		30 June 2026		30 June 2025
Balance at beginning of year		139,438,971		109,832,217
Expenses settled in shares		—		170,000
Shares issued in relation to acquisition		—		150,000
Issued for cash		55,369,010		29,286,754
In issue at 30 June – fully paid (par value 1.0p)		194,807,981		139,438,971


	Ordinary share capital
	Year ended	Year ended
	30 June 2026	30 June 2025
	US$’000	US$’000
Balance at beginning of year	1,739	1,346
Expenses settled in shares	—	2
Shares issued in relation to acquisition	—	2
Share issues	743	389
Balance at end of year	2,482	1,739

16.Share capital (continued)


		Share premium
		Year ended		Year ended
		30 June 2026		30 June 2025
		US$’000		US$’000
Balance at beginning of year		17,557		9,680
Expenses settled in shares		—		61
Shares issued in relation to acquisition		—		63
Share issues		89,643		7,882
Expenses relating to share issues		(6,388)		(129)
Balance at 30 June		100,812		17,557

The shares have attached to them full voting, dividend, and capital distribution (including winding up) rights; they do not confer any rights of redemption.

On 22 July 2025, the Company raised $20,998,233 (£15,567,000) before expenses, via a direct subscription of 25,945,000 new ordinary shares of £0.01 each.

On 2 January 2026, the Company issued 229,249 new ordinary shares to directors as part of the Company’s short term incentive performance (STIP) scheme, with a value of $324,321 (£241,422).

On 24 March 2026, the Company completed its initial public offering (IPO) on the New York Stock Exchange (NYSE.A), in which it issued and sold an aggregate of 5,055,953 ADSs (representing 25,279,765 ordinary shares), including ADSs sold pursuant to the exercise of the underwriters’ over-allotment option, at a public offering price of $13.50 per ADS, for aggregate gross proceeds of approximately $68,255,366 (£51,030,141).

During the year, warrants were exercised over 2,214,996 ordinary shares, resulting in funds received of $457,799 (£339,195), and options were exercised over 1,700,000 ordinary shares $350,978 (£264,000).