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

Preview · test sample of 303 announcements (July–October 2026).

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

Date	Company	Theme	What happened	Since
7 Oct	Capita CPI	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	Activists	Kestrel holding rises to 19.15%	+0%
	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	Activists	Harwood Capital (Rockwood Strategic) builds stake to 8.29% of voting rights.	+9%
17 Sep	The Pebble Group PEBB	Activists	Harwood stake nears 30%	−13%
	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	Activists	Harwood Capital LLP crosses 4% voting rights threshold in MyCelx Technologies.	+6%
8 Sep	Vanquis Banking Group 20 VANQ	Activists	Harwood Capital/Rockwood Strategic increased stake to 5.07% in Vanquis Banking Group	−13%
7 Sep	Facilities by ADF ADF	Activists	Harwood group crosses 21%	−22%
	Why it matters Harwood Capital LLP and its funds (Oryx International Growth Fund, Rockwood Strategic) reported 21.029% of voting rights (23.2m shares) after crossing a threshold on 4 Sep 2026, up from 20.914%. The notice was filed on 7 Sep. Background This is the latest of several TR-1 filings in 2026 (31 Mar, 2 Apr, 8 Apr, 22 Apr, 7 Jul, 15 Jul). On 15 Jul the company issued shares on option exercises and published a new total voting rights figure. The group has revenue of £40.5m, an operating loss of £0.3m and net debt ex leases of £1.7m (results of 16 Sep 2026). What to watch Further TR-1 notices, which are due when the holding crosses a whole-percentage threshold, here 22% upward or below 21% downward. Market The shares closed at 12.8p on 4 Sep and 12.8p on 8 Sep (0.0%). The latest close, on 7 Oct, was 10.0p, 21.9% below the pre-announcement price. Earlier on this situation 15 Jul Harwood Capital increases stake in ADF to 20.91% from 19.2%. 7 Jul Harwood Capital entities reach 19.2% stake in Facilities by ADF through acquisition.
2 Sep	Craneware CRW	Activists	Odyssean Investment Trust acquired 1,030,000 shares, reaching 3.01% stake.	−18%
4 Aug	LSL Property Services LSL	Activists	Harwood Capital/Rockwood Strategic crossed 5.04% holding in LSL Property Services.	+5%
20 Jul	Optima Health OPT	Activists	Harwood Capital crossed 10.1% threshold in Optima Health, up from 9.17%.	+23%

Most significant: the size of an event against the company (market value, 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.