London, July 3, 2026, 10:04 BST
- London Stock Exchange will open for normal trading Friday, with regular hours from 0800 to 1630 BST and July 3 shown as a regular session.
- Iconic Labs traded up 20.1% to 23.4% in early Friday moves, with 10,000 shares changing hands and spread at 1.80p/2.20p, according to .
- The £5,000 convertible note will add 370,370 shares, lifting total voting rights to 16.41 million. That’s roughly 2.3% higher than the June 30 figure.
- December interim results showed zero revenue, cash of £8,982 and liabilities at £4.25 million.
Iconic Labs plc (LON:ICON) gained on Friday, but the numbers under the headline told a different story. A market cap increase between £55,000 and £64,000 was based on just 10,000 shares changing hands for a total value of roughly £205 at the session high. That’s using Thursday’s closing price of 1.665p, Friday’s reported range of 2.00p to 2.055p, and the latest share count from the company’s most recent RNS.
| Friday tape | Data point |
|---|---|
| SharePrices.com shows | 2.00p, up 20.12% |
| AJ Bell intraday peak | 2.055p, up 23.42% |
| Volume reported | 10,000 shares |
| Turnover at 2.055p | £205.50 |
| Quoted spread | 1.80p / 2.20p |
| Market cap | around £328,000-£330,000 |
The move is tough to take as a clear sign of demand. With a 0.40p bid-offer spread—20% of the mid—the quoted price shifts a lot on small trades. For a stock valued around £0.33 million, just the spread counts as a market event.
The big figure could be the fresh stock. Iconic reported June 29 it got a proper conversion notice for one convertible note with £5,000 of principal, set to turn into 370,370 shares at 1.35p per share. Iconic said those shares should start trading on or about July 3.
| Share count and conversion | Data point |
|---|---|
| Votes as of June 30 | 16,039,907 |
| Shares added via convertible notes | 370,370 |
| Total votes after shares issued | 16,410,277 |
| Rise from June end | about 2.3% |
| Price converting notes | 1.35p |
| Theoretical value of new shares at 2.00p | about £7,407 |
At 2.00p, converted shares would notionally be worth around 48% more than the £5,000 principal. At the 1.80p sell quote, the value drops to about £6,667. The wide quote is important—a sale at the quote is different from marking shares to the last print.
The company warned about this risk in its March interim results, saying that holders of its convertible loan notes and warrants usually look to sell shares in the market after converting them. It said this selling could cause “a material negative impact” on the share price over time. Lse
Iconic has almost no margin for missteps. The company showed zero revenue for the six months ended Dec. 31, posted a £269,830 loss, held just £8,982 in cash, and reported £13,380 in total assets against total liabilities of £4.25 million. Iconic also said its sole asset, Gay Star News, is not producing cash.
Chief Executive John Farquharson said in the interim report that Iconic is looking for a reverse-takeover deal, but said any deal has to meet the £30m minimum market cap. That’s close to 90 times Iconic’s own market cap as of Friday.
Iconic switched up its board just two days ahead of the new shares’ expected listing. Victor Humberdot resigned as director. The company brought in Bertalan Jászkuti, a health economist with experience in corporate finance, M&A, capital raising and ECM.
