Catalysts

UK small caps in a special situation, each read from the company’s own announcement and weighed against the company.

303 announcements analysed · 1 Jul – 7 Oct 2026 · Preview – daily updates start with the live version

Known activist investors on the register – stake building, public demands, board seats, requisitioned meetings.

Newest first. Each situation is weighed against the company – the size of the event relative to its market value and revenue, who is involved and what happened before. Context is written by AI from the announcements and our data – check the source. Not investment advice.

Date	Company	Mcap	Theme	What happened
7 Oct	Capita CPI	£255m	Activists	Harwood Capital entities increased combined stake from 6.009% to 7.084%, crossing threshold.
	Earlier on this situation 2 Sep Harwood Capital increases stake to 6.009% via multiple vehicles on 27-Aug-2026.
29 Sep	KRM22 KRM	£20m	Activists	Kestrel holding rises to 19.15%
	Why it matters Kestrel Partners LLP reported holding 11,359,066 voting rights (19.15%), up from 18.62%. The threshold was crossed on 17 September 2026 and notified on 29 September. Apex Unitas Ltd holds 17.88% and UBS AG Nominees (Max Royde) 1.27%. Background KRM22 raised about £9.2m at 40p in October 2025. Keith Todd held 14.3% after his June 2026 purchase. On 23 September the company announced a £0.9m three-year contract, and its July update put ARR at £7.9m. What to watch A further TR-1 would follow if Kestrel crosses the next 1% threshold, 20% upward or 19% downward. Also the results published 30 September (revenue £7.6m, operating loss £0.6m, net cash £4.7m). Market The close was 34.5p on 28 September and 34.5p on 30 September (+0.0%). It was still 34.5p on 6 October, below the 40p placing price.
18 Sep	Videndum VID	£101m	Activists	Harwood Capital (Rockwood Strategic) builds stake to 8.29% of voting rights.
17 Sep	The Pebble Group PEBB	£82m	Activists	Harwood stake nears 30%
	Why it matters On 17 Sep, Harwood Capital LLP and Oryx International Growth Fund notified a holding of 40.65m voting rights (29.785%), up from 20.0765%. The threshold was crossed on 15 Sep. Oryx holds 29.5652% and Harwood Capital LLP holds 0.2198%. Background Pebble has filed frequent TR-1 notices since April, the latest on 16 Sep. Half-year results came on 8 Sep and a buyback update on 9 Jul. Last-12-month revenue is £126.8m, operating profit £5.9m and net debt (ex leases) £1.2m. What to watch Further TR-1 filings. The Takeover Code's 30% mandatory-offer threshold (Rule 9) is 0.215 percentage points above the stake. Market Closed at 67.0p on 16 Sep and 67.0p on 18 Sep (+0.0%). Latest close is 58.5p (7 Oct). Earlier on this situation 30 Jul Harwood Capital crosses 18.5% threshold in Pebble Group via Oryx fund and direct holding.
14 Sep	MyCelx Technologies Corporation MYX	£14m	Activists	Harwood Capital LLP crosses 4% voting rights threshold in MyCelx Technologies.

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