Special situations

Strategic reviews, disposals, bids, activists, large orders and insider buying – each read from the company’s own announcement and weighed against its size.

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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
14 Oct	Redcentric RCN	£90m	Activists	Harwood Capital LLP holds 12.023%
13 Oct	Optima Health OPT	£269m	Activists	Harwood stake passes 10%
	Why it matters On 17 July 2026, Harwood Capital LLP and affiliated funds reported 10,985,000 voting rights (10.0989%), up from 9.1702% in the previous notification. Oryx International Growth Fund holds 9.1933%, Harwood Capital 0.4689% and North Atlantic Smaller Companies 0.4367%. Background Holdings notices have been frequent since March 2026, around the underwritten open offer (launched 31 March, result 23 April) and the expected PAM acquisition. The last notice was on 23 June, a week after the 16 June trading update. What to watch A further TR-1 is due if the holding crosses another 1% threshold, up through 11% or down through 10%. Full-year results are dated 17 August 2026. Market The shares closed at 195.0p on 17 July and 199.0p on 21 July (+2.1%). The latest close, on 7 October, was 240.0p. Earlier on this situation 20 Jul Harwood Capital LLP raised its holding to 10.0989% (from 9.1702%) 10 Jun Harwood Capital LLP raised its holding to 8.4118% (from 7.0894%) 13 May Harwood Capital LLP raised its holding to 7.0894% (from 6.3539%) 5 May Harwood Capital LLP raised its holding to 6.3539% (from 5.0239%)
12 Oct	Grainger GRI	£1,201m	Activists	Saba Capital Management raised its holding to 10.14% (from 4.28%)
	Earlier on this situation 6 Oct Saba Capital Management raised its holding to 9.16% (from 4.12%) 28 Sep Saba Capital Management raised its holding to 8.93% (from 4.12%) 2 Jul Saba Capital Management raised its holding to 6.31% (from 6.16%) 9 Jun Saba Capital Management raised its holding to 5.03696% (from 0.145167%)
12 Oct	Sanderson Design Group SDG	£56m	Activists	Activist shareholder LBV requisitioned meeting to remove Chair Dame Dianne Thompson...
	Earlier on this situation 28 Sep Activist shareholder requisitions general meeting to remove chair and appoint replacement director.
12 Oct	RM RM.	£96m	Activists	Harwood holding rises above 22%
	Why it matters Harwood Capital LLP and affiliated funds now hold 21,625,000 voting rights (22.047%), up from 20.518%. The threshold was crossed on 6 Oct 2026, and RM was notified on 7 Oct. Background Rockwood Strategic holds 18.861%, Oryx International Growth Fund 2.039% and Harwood Capital LLP 1.147%. RM announced a strategic sale of its TTS business on 29 Sep, and two other holdings notices followed on 2 Oct. Half-year revenue from continuing operations fell 4.2% to £70.1m. What to watch Further TR-1 notices from Harwood or other holders. The Takeover Code's 30% mandatory-offer threshold is about 8 percentage points above the current holding. Market The close on 7 Oct was 99.0p, unchanged and before the announcement. Market cap is about £97.1m. No post-announcement price is available. Earlier on this situation 8 Oct Harwood Capital LLP raised its holding to 22.047% (from 20.518%) 20 Jul Harwood Capital LLP raised its holding to 20.518% (from 19.499%) 2 Jul Harwood Capital LLP raised its holding to 19.499% (from 18.224%) 19 May Harwood Capital LLP raised its holding to 18.224% (from 17.433%)

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