The last 30 days in UK small caps
10 things that mattered, Wed 7 Oct – Thu 5 Nov – chosen by rule from everything that happened: real news, a market that agreed, companies of £20m or more.
Share price reactions arrive after the close (around 18:00 UK) – until then the cards come from what the companies said.
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1
Takeover Mobico Group MCG£268m
Offer for the company
New “Statement re Possible Offer”
AdL's non-binding 46p proposal was backed in principle by the independent directors on 21 Oct 2026. On 30 Oct 2026 it became a recommended firm cash offer from Bidco, valuing Mobico equity at about £308m.
46p in cash · +55% on 29.7p · the board recommends itNext Court Meeting and General Meeting to approve the Scheme +32% on the day -
2
Takeover First Tin 1SN£72m
Possible offer
New “Statement regarding a possible offer”
First Tin received an unsolicited, indicative proposal from Metals X, announced 9 October 2026, for a possible cash offer at 15p per share.
Preliminary, non-binding indicative cash offer for all …Next firm offer or walk away (Rule 2.6) 6 Nov · in 1 days +20% on the day -
3
Big fundraise Cornish Metals PLC TIN£81m
Placing of 179% of the market value
New “Retail Offer”
Cornish Metals PLC is raising approximately £135 million (before expenses) by placing, 179.3% of its market value, at a 41.2% discount; the shares moved −41% on the day.
−41% on the day -
4
Big move on news ActiveOps AOM£66m
H1 FY27 Trading Update and Notice of Results
−50% on the day -
5
Big move on news Vanquis Banking Group 20 VANQ£108m
3rd Quarter Trading Statement
Q3 trading update with credit stress emerging, guidance cut for balance sheet growth and returns.
Below expectations, says the company.−40% on the day -
6
Big move on news Allergy Therapeutics AGY£253m
Proposed Cancellation of Admission
Board proposes cancellation of AIM listing and re-registration as private company.
−59% on the day -
7
Director buying On The Beach Group OTB£242m
A director bought £872k of shares
A director (PCA of Simon Cooper) bought with own money.
0.36% of the market value. -
8
Director buying Everyman Media Group EMAN£48m
4 directors bought £830k of shares
Charles Dorfman, Rosie Kaye, Evie Kaye (Interim Creative Director and Executive Director) bought with own money.
1.73% of the market value. -
9
Disposal Jubilee Metals Group JLP£58m
Large Waste Project
New “Update on Large Waste Project Disposal”
Jubilee has been shortlisting partners for the Large Waste Project since late 2025. On 10 Aug 2026 it announced two binding offers; on 26 Aug 2026 it chose a preferred purchaser at US$35.0m.
Next Complete technical DD and definitive documents within 45 days +14% on the day -
10
Capital return Shoe Zone SHOE£30m
Buyback programme
New “Share Buyback Programme”
On 11 August 2026, alongside a trading update confirming guidance, Shoe Zone began a buyback of up to about £3.47m, run by broker Zeus under an irrevocable, non-discretionary mandate.
Worth 11.6% of the market value.−9% on the day