London, July 2, 2026, 10:01 (BST)
- Cindrigo Holdings Limited (LON:CINH) had a bid at 4.00p and an offer at 5.50p. The latest shown trade was 12,000 shares for £660.
- The 4.75p midpoint is roughly 60% under the 12p level set for a £6.7 million strategic equity deal from April.
- Cindrigo said June 3 that it wrapped up banking arrangements for its investment with Fuelwood JV and expected funds soon.
- The stock’s bid-ask spread was 31.6% of the midpoint, so the quoted market value moved easily on small trades.
Cindrigo Holdings Limited (LON:CINH) traded higher in early London hours Thursday. The real focus, though, was less the day’s move and more the wide split between the quoted price in thin trading and the 12p per share price strategic investors are paying for new equity. XLON was open for trading from 8:00 a.m. to 4:30 p.m. BST July 2.
Cindrigo traded at a 4.00p sell and 5.50p buy price, according to AJ Bell, up 0.75p or about 15.8%. Volume was 12,000 shares. The most recent shown trade was 12,000 shares at 5.5p for £660.
| Cindrigo price measure | Pence per share | Gap to 12p strategic price |
|---|---|---|
| Bid is at 4.00p | 4.00p | 66.7% under |
| Offer stands at 5.50p | 5.50p | 54.2% under |
| The midpoint comes to 4.75p | 4.75p | 60.4% under |
| Spread is 1.50p | 1.50p | 31.6% of midpoint |
The spread moves the company’s market value by millions of pounds. ADVFN listed 331.9 million shares and a £15.77 million value at the 4.75p level. AJ Bell marks the market cap at £18.26 million, matching a 5.5p last trade.
The most recent five trades reported by ADVFN on July 1 and July 2 added up to roughly £3,641.22. That’s 0.023% of the £15.77 million market cap at 4.75p. It’s also about 1,840 times less than the £6.7 million equity subscription Cindrigo announced back in April.
| Measure | Value | Comparison |
|---|---|---|
| Latest July 2 trade on screen | £660 | One trade for 12,000 shares |
| Last five ADVFN trades listed | £3,641.22 | ADVFN shows July 1-2 trades |
| Market cap at 4.75p | £15.77 mln | Figures use 331.9 mln shares |
| Equity raise at 12p per share | about £6.7 mln | 42.5% of £15.77 mln |
| Funding plus guarantees | more than £11 mln | over 69.8% of £15.77 mln |
Cindrigo said April 29 it has signed binding agreements for over £11 million in investments and guarantees, covering both group and biomass divisions. The deal breaks down to around £6.7 million in equity at 12p a share, €3 million for Fuelwood Finland Oy, and up to £2 million if warrant exercise falls short. The investor can also put in another £2 million at a 20% discount to the 30-day VWAP.
Chief Executive Lars Guldstrand said in the April statement, “The funds will enable us to commence pellet production.” He added, “We expect ramp-up during 2026.” Investegate
The company said June 3 that it has wrapped up banking arrangements required for the investment and the Fuelwood JV. It plans to update the market after it gets the funds and finishes the share issue process.
The receipt matters for a company like this, with a low market cap and still in the red. Hargreaves Lansdown figures put 2025 revenue at £263,000, a net loss of £6.79 million, assets at £24.18 million, liabilities at £19.51 million and net debt at £13.41 million.
Cindrigo is also leaning on geothermal figures it put out in June. On June 9, the company reported that work under the Eich Hamm licence in Germany had boosted its estimate for usable energy by 50%, up to 157.8 MW. Cindrigo also said the licence could yield 7,230 tonnes of lithium carbonate equivalent a year. For the first well, EichGT-1, the firm gave estimates of 40.3 MWth of heat, 5.3 MWe of power and 2,400 tonnes a year lithium carbonate equivalent.
Guldstrand said Germany is “one of Europe’s most supportive funding environments” for geothermal. The company said it plans to drill EichGT-1 in 2027, pending financing, targeting a depth between 2,500 and 3,500 metres. Investegate
