LONDON, July 2, 2026, 10:03 BST
- Marechale traded at 6.50p bid, 7.00p offer as of 09:45 BST, up 1.03p. Volume was close to 923,000 shares. Market value stood at £17.50 million, according to .
- The bid-offer mid is running near 3.9x the 1.75p issue price set in June for the acquisition and subscription shares.
- June 24’s share admission took the total share count up to 257.3 million. The stock is now trading off the new digital merchant-banking strategy and not its old advisory focus.
Marechale Capital Plc (LON:MAC) jumped in early London trade on Thursday, drawing new focus to how far its share price is from the 1.75p issue price it used in June to fund acquisitions and boost cash. Regular hours at the London Stock Exchange are 0800 to 1630 local time on weekdays.
Marechale’s Investegate page didn’t list any new regulatory news since a June 30 holding notice. So the stock jump seems to come down to cap-table changes from Marechale’s buys of Stanford Capital Partners, Blubird Global Inc and NJC Capital, with no fresh trading update posted.
The June 3 circular outlined a base scenario with 137.8 million new shares. That total covers the acquisition, a conditional subscription, and adviser fee shares. The price was set at 1.75p. With the shares trading at a 6.75p midpoint now, the enlarged equity puts the value near £17.4 million, up from £4.5 million at the issue price.
| Measure | June circular / issue-price math | Today’s market read |
|---|---|---|
| Issue price | 1.75p | — |
| Bid-offer midpoint | — | 6.75p |
| Midpoint vs issue price | — | 3.86 times |
| Enlarged shares | 257.3 mln | 257.3 mln |
| Market value at 1.75p | £4.50 mln | — |
| Market value at 6.75p midpoint | — | £17.37 mln |
Why it matters: More than half of the bigger share base is from the June deal. Sellers got 75.2 million shares, about 29% of the new total. Subscription investors took 60.6 million shares, or roughly 24%. The circular said Stanford, Blubird and NJC sellers have a 12-month lock-in and then another 12-month orderly-market period. That same lock-in detail didn’t appear for the subscription shares in those sections.
| Share block | Shares | Enlarged share base | Value at 1.75p | Value at 6.75p midpoint |
|---|---|---|---|---|
| Issued shares before transaction | 119.4 mln | 46.4% | £2.09 mln | £8.06 mln |
| Shares issued for purchase | 75.2 mln | 29.2% | £1.32 mln | £5.08 mln |
| New shares in subscription | 60.6 mln | 23.6% | £1.06 mln | £4.09 mln |
| Shares for advisers | 2.0 mln | 0.8% | £35,000 | £135,000 |
| Total shares post deal | 257.3 mln | 100.0% | £4.50 mln | £17.37 mln |
Marechale finished the acquisitions on June 24. CEO Patrick Booth-Clibborn called it a “momentous occasion” and said the group aims to “grow the business together”. The company said the bigger group will provide corporate finance, capital markets, tokenisation and asset management through Marechale, Stanford, Blubird and NJC Capital. Investegate
The jump in valuation has another angle: dilution sped up the shift. A TR-1 as of June 30 showed Barry Reynolds with 12.5 million voting rights, or 4.86%, down from 9.0% on 9.6 million rights in the last filing. The total shares went up, so even more votes now mean a smaller percentage stake.
The pitch now leans on Blubird. Marechale, in a June circular, said Blubird’s platform is live on 23 blockchain networks and has handled over $32 billion of tokenised assets on its registry. Licence and royalty fees run from 0.5% to 2% per transaction, according to Marechale. “Demand for tokenisation is already here,” Blubird CEO Corey Billington said. Investegate
The numbers in the old accounts help explain why the market isn’t just pricing Marechale on the legacy side. For the six months ending Oct. 31, 2025, Marechale reported £111,932 in revenue, posted an operating loss of £177,066, and said net assets stood at £3.06 million, or 2.56p a share back then. Shares now trade at about 5.7 times those net assets before factoring in the new units and extra cash.
| Metric | Pre-deal interim accounts | Current/deal yardstick |
|---|---|---|
| Six-month revenue | £111,932 | — |
| Operating loss | £177,066 | — |
| Net assets | £3.06 mln | — |
| Current market value | — | about £17.4 mln at 6.75p midpoint |
| Market value / pre-deal net assets | — | about 5.7 times |
Insider activity is mixed but worth noting. Non-exec director Chris Kenning offloaded 3.0 million shares at 8.3p on June 22, selling to cover a personal tax bill related to a 9.1 million share transfer to 1Edge Insurance PCC, which he controls indirectly. Once the transfer and sale completed, his total stake was 9.1 million shares, about 3.56% of enlarged share capital.
The next step is July 8, when the company said it planned to send out definitive certificates for new shares issued for the acquisitions by that date. Certificates for the conditional subscription shares were scheduled to go out no later than July 2.
