What UK listed company (very low market cap) could be purchased and become a Bitcoin Treasury Company?

[BenGWeeks]

As per the title, what UK listed company could be bought out by a group of 20 Bitcoiners and a Bitcoin Treasury Company strategy applied to?

[BenGWeeks]

From ChatGPT Research:

🔎 20 UK-Listed Microcap Companies (Market Cap < £1M)

This is a curated list of 20 UK-listed companies with market capitalisations strictly under £1 million. Each is still actively trading and is available via Hargreaves Lansdown or the Apple Stocks app (even if with low liquidity). Preference was given to operating businesses, but a few clean cash shells and SPACs are included for comparison.

Company Name	Ticker	Market Cap	Exchange	Sector	Status	Available On	Delisting Risk
Trafalgar Property Group Plc	TRAF	~£0.40m	AIM	Real Estate Development	Operating business	HL & Apple Stocks	None known
Zenova Group Plc	ZED	~£0.56m	AIM	Fire Safety / Chem Tech	Operating business	HL & Apple Stocks	None known
Critical Metals Plc	CRTM	~£0.59m	LSE (Standard)	Mining (Copper/Cobalt)	Operating business	HL & Apple Stocks	None known
PipeHawk Plc	PIP	~£0.62m	AIM	Industrial GPR Equipment	Operating business	HL & Apple Stocks	None known
Walls & Futures REIT Plc	WAFR	~£0.66m	Aquis	Property Investment (REIT)	Operating business	HL (Aquis)	None known
Beacon Energy Plc	BCE	~£0.72m	AIM	Oil & Gas	Operating business	HL & Apple Stocks	None known
Sunrise Resources Plc	SRES	~£0.75m	AIM	Mining (Industrial minerals)	Operating business	HL & Apple Stocks	None known
Kendrick Resources Plc	KEN	~£0.82m	LSE (Standard)	Mining (Battery metals)	Operating business	HL & Apple Stocks	None known
Everest Global Plc	EVST	~£0.85m	LSE (Standard)	Agriculture (Commodities)	Operating business	HL & Apple Stocks	None known
Empyrean Energy Plc	EME	~£0.88m	AIM	Oil & Gas	Operating business	HL & Apple Stocks	None known
Active Energy Group Plc	AEG	~£0.89m	AIM	Renewable Energy (Biomass)	Operating business	HL & Apple Stocks	None known
Tasty Plc	TAST	~£0.99m	AIM	Hospitality (Restaurants)	Operating business	HL & Apple Stocks	None known
Gunsynd Plc	GUN	~£0.99m	AIM	Investment Holding Company	Operating investment firm	HL & Apple Stocks	None known
Orient Telecoms Plc	ORNT	~£0.40m	LSE (Standard)	Telecom Infrastructure	Operating business	HL & Apple Stocks	None known
S-Ventures Plc	SVEN	~£0.46m	Aquis	Food & Wellness Brands	Operating business	HL (Aquis)	None known
Fragrant Prosperity Holdings	FPP	~£0.84m	LSE (Standard)	Financial SPAC	Shell (SPAC)	HL & Apple Stocks	None known
GS Chain Plc	GSC	~£1.00m	LSE (Standard)	Financial SPAC (Tech)	Shell (SPAC)	HL & Apple Stocks	None known
Lift Global Ventures Plc	LFT	~£0.48m	Aquis	Fintech/Media SPAC	Shell (SPAC)	HL (Aquis)	None known
Acceler8 Ventures Plc	AC8	~£0.75m	LSE (Standard)	General SPAC	Shell (SPAC)	HL & Apple Stocks	None known
Milton Capital Plc	MII	~£0.30–0.50m	LSE (Standard)	General SPAC	Shell (SPAC)	HL & Apple Stocks	None known

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🧩 Ownership Thresholds (UK Takeovers)

In the UK, acquiring a stake in a listed company triggers different levels of control:

• 30% – Mandatory Offer Threshold
  If you (or your consortium) acquire 30% or more of voting shares, you're required to make an offer to all remaining shareholders at the highest price paid in the previous 12 months (under Rule 9 of the Takeover Code).

• >50% – Majority Control
  You gain control of ordinary resolutions. This lets you appoint/remove directors and control operational decisions without needing wider approval.

• 75% – Special Resolution Power
  At this level, you can pass special resolutions, such as changing the company name, amending the Articles of Association, or authorising a new share issue. You can also delist the company from the exchange (subject to other rules).

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🆚 Acquiring a SPAC vs an Operating Business

	SPAC / Shell	Operating Business
Speed to control	Fast – ready for reverse takeover	Moderate – depends on due diligence
Regulatory load	Clean, no ops, usually minimal baggage	May involve liabilities, legacy issues
Costs	Lower (buying listing, not ops)	Higher (you're buying a business)
Purpose	Ideal for injecting a new Bitcoin business	Good if you want to refocus or build on existing ops
Downsides	No revenue or assets, often illiquid	Integration risk, possible restructuring
Ideal for	Rebranding into BTC/infra company	Leveraging an undervalued but real business

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✅ Conclusion

If the goal is to acquire a live listed company and pivot toward a Bitcoin-first strategy (e.g. rename to Bitfire Ltd), then companies like:

• Trafalgar Property Group (TRAF)
• Zenova Group (ZED)
• Boston International Holdings (BIH, just above £1m)
• Gunsynd (GUN)
  …are top prospects.

If you prefer a clean SPAC, look to FPP, AC8, or GSC, all of which are listed, cheap, and publicly visible.

Let me know if you'd like to begin modelling a takeover of one of the above, or need draft acquisition docs (SPA, RNS, GM resolutions, etc.).