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Subzero in High Wycombe and Portsmouth supporters sang
to stay warm in a packed away end.

First with irony about going to Wembley. Then they bounced around and swore about the temperature.
Then they taunted their own team for failing to muster a shot before skidding out of the FA Cup.

Que sera, the Chimes have changed for Pompey since they lifted
the trophy in 2008 and were runners-up two years later,
before financial crisis sped the club to the brink
of extinction.

'We look back knowing the success of that era was built
on sand but wouldn't trade those memories for anything,' said Donald Vass, chairman of the Pompey Supporters' Trust.
'For most living Pompey fans it's the greatest moment, with lasting memories for families and friends.

'Reaching the final in 2010, we had entered administration and were relegated but the FA
Cup gave us moments of joy. We put a few demons to rest.
We beat our red-and-white striped neighbours from up the road for
one and beat Harry Redknapp's Spurs after he left us for them.'

At Wigan Athletic they would say the same.
Winning the FA Cup in 2013 was coupled with relegation three days later, and a decade of turmoil since.
Yet it is the club's defining glory and emotions revolve around the same word.

Portsmouth's tepid FA Cup exit gave the club's fans
pause to reminisce about their prior glories in the competition 

The club won the FA Cup in 2008 before reaching the final in a losing effort two
years later

In the years since, Pompey have endured a number of setbacks but now find themselves back in the Championship

'Utter joy,' as Shaun Maloney puts it. It was from Maloney's corner that Ben Watson headed in a famous 91st-minute winning goal in that final against
Manchester City and he is now the club's manager.
'That's the happiest I've been on a football pitch.
We were such big underdogs and the joy that comes with that.

'In Scotland I've won leagues and cups but when you're at
Celtic or Rangers a big part of that is relief because your biggest rivals are not winning
that trophy.

'This for Wigan was just utter joy. In terms of what happened
three days later, the FA Cup meant we played more games when we were
struggling with injuries, but I would never swap it.'

Priorities have changed for Maloney, who takes Wigan to Mansfield in a postponed third-round tie on Tuesday, and for Portsmouth.

Both clubs - this century's only two genuine underdog winners of the FA Cup - have
found their feet again under solid ownership. Hopefully, their crises are
over, but they have eyes on different targets.

It has been a long haul for Portsmouth back to the Championship and vital they stay up to
develop. They will also see Southampton coming down and have an eye on derbies if they beat
the drop.

Most will understand why their boss John Mousinho made nine
changes at Wycombe, after going full strength at Chesterfield in last
season's FA Cup and losing players to an ACL injury and a torn hamstring.

The Championship schedule is brutal with 46 games crammed around enforced international breaks.

The trip to Blackburn on Wednesday will be a fifth out of six away from home
for Portsmouth.

Pompey boss John Mousinho fielded a rotated side for
their third-round tie with ensuring Championship survival
a clear priority

Shaun Maloney netted as Wigan produced a historic upset against
Man City in 2013's final

The Scotsman is now in charge of the Latics and admits his heroics more than a decade ago have
helped keep him in the fans' good graces

So many from the second tier are gambling with wholesale changes in the
cup competitions and effectively surrendering. We saw it in the Carabao Cup.

Now, in the FA Cup.

Sometimes, a pathway clears as it did for semi-finalists Coventry City last season but Premier League
clubs have the squad power to rest players and stay competitive against lower-tier opposition, and it rarely works in reverse.

West Bromwich made seven changes and leaked five at Bournemouth.
Watford made seven and lost 4-1 at Fulham. QPR made six and let in six at Leicester.
Norwich made five and conceded four at home against Brighton.

Chris Wilder made it clear changes were in store for Sheffield United
against Cardiff and this combined with a switch to Thursday night to satisfy BBC Wales, awful conditions and the distance for away fans, convinced just 6,126 to turn up at Bramall Lane to watch.

There were more than 29,000 to see Blades
beat West Brom in their previous home fixture.
This anomaly aside, attendances bore up well to the distorted schedule with strong away support in the three ties I attended.

Pompey sold out an allocation of 1,500 at Wycombe. Watford took
more than 4,000 to Fulham. Sheffield Wednesday almost 5,000 to Coventry despite
the teams playing each other six times in little more than a year.
Both Frank Lampard and Danny Rohl were happy to settle it on penalties,
neither wanted a replay.

Managers are not judged on FA Cup success, and yet the matchgoing fans still adore the competition and its traditions including replays because it forges lasting heroes.
Coventry's triumph in 1987 and Sheffield Wednesday's Wembley marathons in 1993 are among the prime examples.

Maloney admits his contributions in 2013, scoring against
Millwall in the semi-final and his assist in the final, have probably bought him a little extra patience from Wigan supporters
during difficult times as manager.

Five of the Premier League's 20 teams have never won the FA Cup.
Another nine have not won it for at least 30 years. Some of those clear of relegation worries, might fancy their chances.
For any of them, history beckons.

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Given all the talk around Arm Holdings' blockbuster debut on the Nasdaq, you may
be surprised to hear that London's junior market is home to another,
albeit significantly smaller, fabless chipmaker in Sondrel (Holdings) plc.

Sondrel is in the business of application-specific integrated circuit (ASIC) designs, which is
geek speak for computers that are designed with just one job in mind.

Bitcoin miners, for instance, use an ASIC built to mine bitcoin and nothing else.
You get the point.

London's junior market is home to another, albeit significantly smaller, fabless chipmaker in Sondrel (Holdings) plc.

Anyway, while Arm Holdings takes flight in New York, adding 20
per cent on the first day of trading, Sondrel has had a
bit of a shocker.

Shares were down another 15% this week as it continued to reel from project delays and scaled back customer orders.
Year to date, Sondrel is down a crushing 76 per cent.

In its latest earnings call, the group conceded that full-year revenues will be 'substantially below current market expectations', with a corresponding impact
on full-year losses.

This Wednesday, Joe Lopez agreed to step down as chief financial officer with immediate effect,
with non-board interim CFO Nick Stone taking the
temporary mantle.

A coincidence of timing perhaps?

As for the wider small-cap market, the AIM All-Share Index got
off to a worrying start after losing nearly 1 per cent on Monday.

This was despite the blue-chip index starting the week on the front foot in anticipation of a packed week of macroeconomic news.

Thankfully, junior stocks swung in the right direction as UK unemployment
met expectations, as did the European Central Bank's
25 basis point interest rate decision.

US inflation figures were a little on the heavy side, though not enough
to spook the markets.

The AIM All-Share ended up recovering those
Monday losses to close the week flat at 746.42, though this was a marked underperformance against the FTSE
100, which gained over 3 per cent.

A large chunk of the value of shares in disposable vape distributor Supreme were thrown in the bin following damning research into the environmental effects of cheap, single-use vaping kits.
Shares were down 16.6 per cent across the week.

Ocean Harvest Technology Group plc, one of AIM's very few
debutants in 2023, took a light battering in the wake
of its first interim earnings report as a publicly listed company.

The group, which specialises in researching, developing and selling seaweed products for use in the animal feed industry,
reported a delay in onboarding new customers in Europe due to surging feed ingredient prices, sending shares down 18 per cent.

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Shareholders made their thoughts clear on medical technology company Belluscura's interim results, with shares diving over 18 per cent this week.

Revenues and earnings figures objectively justified this response, with top-line sales
falling a third year on year to $400,000 (£321,000) and adjusted EBITDA falling 30 per cent
to $2.9 million.

It's never a weekly roundup without discussing the latest
delisting news. This week it is brought to you by Sportech.

You may be aware of Sportech through its pool-betting site 123Bet,
or perhaps Connecticut, US readers have visited one of its nine licensed gaming entertainment venues in the state.

Monday's solid set of results - which showcased a threefold increase in underlying earnings - weren't enough to dissuade the group from ploughing ahead
with its plan to delist from London's junior
AIM market.

'Despite delivering improving operational results announced today, the substantial financial cost
associated with maintaining a public listing,
given our current scale, and the increasing volatility in the market valuation is adversely
impacting net returns and future prospects,' said executive
chairman Richard McGuire.

Hardly an uncommon sentiment in the 2023 capital markets.

The heavy industries proved AIM's saviour this week, thanks to a revival
in sentiment for China-exposed industries and surging commodity prices.

Exploration and development minnow Critical Mineral Resources (formerly Caerus Mineral Resources) had a bumper week, leaping close
to 50 per cent after confirming the completion of its Cyprus
asset sale.

Other top industrial movers saw Synergia Energy, Pantheon Resources and
Cadence Minerals plc all up over 20 per cent, with Atome Energy and Coro Energy surging
in the high teens.

LoopUp Group led the charge in the communications sector
after smashing revenue and margin targets in its interim earnings.
Shares were seen around 40 per cent higher week on week.

Lastly, Keystone Law plc turned heads on Thursday after it confirmed full-year
results will be 'comfortably ahead of market expectations'.
Shares closed the week a little over 10 per cent higher
as a result.

To read more small-cap news click here website

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