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

Approaches and offers, strategic reviews and sale processes, and holders building a stake towards the 30% mandatory-offer threshold.

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
29 Sep	Tribal Group TRB	£215m	Takeover targets	Rival possible offer at 111p
	Why it matters On 29 Sep 2026 Jenzabar made an unsolicited, conditional possible cash offer of 111p per share, against the c.105p (£231.2m) Main Capital sale terms. It needs due diligence and committed financing, so an offer is not certain. Background On 11 Sep Tribal agreed to sell its businesses to Main Capital's Thames Bidco for c.£189.3m, raised on 27 Sep to c.£231.2m. Holders of over 50% have given irrevocable votes in favour, binding even if a higher offer emerges. The Board unanimously recommends the Main Capital deal. What to watch General Meeting on 2 Oct at 9:30am (result not in the material). Jenzabar must announce a firm offer or walk away by 5pm on 27 Oct, extendable by the Panel. Market 100.0p before the announcement, 102.5p (+2.5%) on 30 Sep, 101.0p on 7 Oct, below both 105p and 111p.
11 Sep	SThree STEM	£360m	Takeover targets	Possible cash offer from Circle8
	Why it matters On 11 September 2026, Nasdaq-listed Circle8 Group confirmed it has submitted a proposal for all of SThree (market cap ~£351.8m) in a possible all-cash offer. No price was disclosed, and it is not a Rule 2.7 firm offer. Background On 9 September SThree said it had received an "unsolicited, preliminary and highly conditional approach" from Circle8, following media speculation. SThree's last-12-month revenue is £1,252.2m, operating profit £19.6m and net cash ex leases £43.0m. What to watch Rule 2.6(a) deadline of 5.00 p.m. on 7 October 2026 for a firm offer (Rule 2.7) or a no-intention statement (Rule 2.8); the Takeover Panel can extend it. Market Closed 294.5p on 10 September, then 298.0p (+1.2%) on 14 September; latest close 300.0p on 7 October.