London, July 2, 2026, 16:04 BST
- Bay Capital last traded at 9.00p, up 9.09%, as of 14:00 BST, matching its 52-week high; only 5,100 shares changed hands.
- At 9.00p, its 70 million shares value the company at about £6.3 million, versus £4.34 million of cash at Dec. 31.
- The latest listed company announcement was the June 17 AGM result, not a new deal filing.
Bay Capital Plc (LON:BAY) rose 9.1% on Thursday, taking the Main Market acquisition company back to 9.00p, the top of its 52-week range, on a tape worth less than £500 at the last-trade price. The move was small in money terms but large in percentage terms, the kind of print that matters for holders in a stock with a wide quote and little trading.
The London Stock Exchange was in regular hours at the dateline, with LSE trading hours listed as 8:00 a.m. to 4:30 p.m. London time. TradingHours.com showed London on BST, GMT+1.
| Market tape | Latest confirmed figure |
|---|---|
| Last price | 9.00p |
| Day change | +0.75p / +9.09% |
| Shares traded | 5,100 |
| Average volume | 240,830 |
| Bid / offer | 7.50p / 9.00p |
| Bid-offer gap | 1.50p |
| 52-week range | 3.50p-9.00p |
The data point is the spread. The quoted 1.50p bid-offer gap is twice the 0.75p daily gain. At the last-trade price, 5,100 shares were worth about £459. That makes the new high a weak price signal unless volume follows. Hargreaves Lansdown quoted Bay at 7.50p to sell and 9.00p to buy, with delayed prices.
Bay is still a cash-shell story. The company says it is an acquisition company with a standard listing on the FCA Official List and shares traded on the LSE Main Market. It was set up to pursue investment or acquisition opportunities in the UK or overseas.
At 9.00p, the market is valuing Bay’s 70 million shares at about £6.3 million. Its latest accounts showed £4.34 million of cash and £4.26 million of net assets at Dec. 31, with no debt. That puts cash at about 6.20p a share, or 69% of the current market value.
| Valuation bridge | Amount | Per share / ratio |
|---|---|---|
| Market value at 9.00p | £6.30 mln | 9.00p |
| Cash at Dec. 31, 2025 | £4.34 mln | 6.20p |
| Net assets at Dec. 31, 2025 | £4.26 mln | 6.09p |
| Value above cash | £1.96 mln | 2.80p |
| Price / cash per share | — | 1.45x |
| Price / net assets per share | — | 1.48x |
The balance sheet has changed slowly. Bay’s 2025 loss narrowed to £323,251 from £550,616, while cash fell 6.9% to £4.34 million. Operating cash outflow was £334,207, down from £1.44 million in 2024. On that burn rate alone, and before any acquisition costs, the cash pile is not the near-term issue. The company itself said in April it had enough working capital for at least 12 months, excluding any investment or acquisition that would likely need specific funding.
| Financial line | 2025 | 2024 | Change |
|---|---|---|---|
| Loss before tax | £323,251 | £550,616 | Loss cut 41% |
| Administrative expenses | £338,698 | £587,513 | Down 42% |
| Operating cash outflow | £334,207 | £1,444,472 | Down 77% |
| Cash at year-end | £4,338,374 | £4,659,886 | Down 6.9% |
| Shares in issue | 70,000,000 | 70,000,000 | Flat |
The deadline is the real clock. Bay said in an August 2025 RNS that, after the expiry of FCA transition provisions for shell companies, its directors would recommend changes to its articles. Those changes provide that if Bay has not completed an initial transaction on or before July 30, 2027, it will cease operations and return excess cash to shareholders. The FCA says those transition provisions applied until July 29, 2025, after which shell companies had to comply in full with UKLR 13.
Chairman David Williams said in the 2025 annual report that Bay had “remained focused on implementing our strategy” and that broadening its focus had helped it develop a “meaningful pipeline” of opportunities. He also said the company was targeting “a successful conclusion” of its first transaction during 2026. Stockopedia
Shareholders approved all resolutions at Bay’s June 17 annual meeting, including authority to buy back shares, allot shares, disapply pre-emption rights and amend the articles. The poll showed 16,899,146 votes for each resolution, equal to 24.14% of issued share capital, with no votes against.
