UK small-cap RNS · 12 Mar 2026

Every announcement of UK small & mid caps under £2bn. The ones that started or moved a situation are marked – a click opens it.

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16:35

EnSilica ENSI £101m
Proposed equity fundraising via ABB Fundraise
Raises up to £9.7m via placing and subscription at 47p, a 5.05% discount, issuing up to 17.6% new shares. It dilutes holders, though it funds satellite chips, co-investment and working capital with cash at only £2.0m.

Segment turn £10.0m · 10% of mcapoutlook positivefirst in 2 year −1.2% on the day

Moved: Positive monthly operational cash generation after intangible investment by end : changed → on_track – Board still anticipates positive monthly operational cash generation by the end of calendar 2026 as production revenues scale. · new: Equity fundraise up to £10m – Bookbuild opened; first tranche firm, second conditional · Cash position and customer credit risk: Cash flat at £2.0m; burn sharply reduced → Equity raise proposed to ease working capital limits
14:30

Faron Pharmaceuticals Oy FARN £66m
Holding(s) In Company Holding
09:11

Neo Energy Metals NEO £15m
Update on Acquisition - Replacement
Not a new deal: restates the December 2024 Sibanye purchase, with only the Section 11/102 approvals outstanding. Section 102 is due by 6 June 2026 and Section 11 later in 2026, so completion is still not assured.

Project milestones 4 acquisitions in 3 months – usually about 1 −1.4% on the day

Moved: Beisa Mine acquisition: One condition precedent outstanding → One condition precedent outstanding · Beisa Mine restart: Phase 1 due to start March 2026 → Phase 1 planned to start March 2026 · Funding for Beisa acquisition: Working capital stated sufficient → CFO says working capital sufficient
07:30

Sovereign Metals Limited SVML £148m
Sovereign Signs Rutile Offtake MoU with Mitsui
Gives Kasiya rutile a named Japanese buyer route for up to 70,000 tpa, adding to the Toho Titanium product-suitability work. It is non-binding, non-exclusive, unpriced, and subject to Rio Tinto's rights.

Project milestones +0.7% on the day

Moved: new: Kasiya rutile offtake with Mitsui – Non-binding MOU signed, effective two years
07:00

The Smarter Web Company Plc SWC £191m
Existing Warrants - Voluntary Purchase Offer
Company offers to buy back Pre-IPO warrants at 20.6p from third parties, up to £5m, to cut equity overhang and lift BTC Yield, but it uses cash and new Coinbase debt.

Overhang £5.0m · 3% of mcapfirst since Oct 2023 −3.7% on the day

Moved: new: Pre-IPO warrant purchase offer – Offer open to third-party warrant holders
07:00

Wellnex Life Limited WNX £3.7m
Directorate Change Board change
Non-Executive Director Eric Jiang takes over as Interim Executive Chair from Ash Vesali, who moves to Non-Executive Director after his six-month term. The board says the turnaround strategy continues, so the change looks like an orderly handover.

Turnaround plan with targets +0.0% on the day

Moved: Two-pillar strategy and cost reset: Turnaround delivering; Q2 operating breakeven → Turnaround continues under new Interim Executive Chair
07:00

Vistry Group VTY £806m
Director/PDMR Shareholding Director dealing
07:00

Energean ENOG £1,358m
Strategic Entry Offshore Angola
Signed deal buys Chevron's Block 14 and 14K stakes for $260m cash, stated as immediately cash flow accretive with $119m 2025 EBITDAX. It lands with net debt at $3.2-3.3bn, high Israel capex and the Israel FPSO suspended, and closing is not expected until end-2026.

Large acquisition / reverse takeover outlook positivefirst since Oct 2023 +1.4% on the day

Moved: new: Angola Block 14 acquisition – Agreement signed; awaiting approvals
07:00

Vesuvius VSVS £1,093m
Final Results Results
Not a warning: FY25 trading profit fell 17% like-for-like but matched the November guidance. Leverage rose to 2.0x and the 12.5% return-on-sales target is again pushed back, with 2026 profit growth guided in line.

Turnaround plan with targets in lineoutlook mixedfirst in 7 months +0.4% on the day

Moved: Structural cost reduction programme: On track → £17.8m delivered in 2025, ahead of expectations · new: MMS and PiroMET acquisition integration – integration proceeding well · new: Middle East disruption impact – impact difficult to assess
07:00

On The Beach Group OTB £233m
AGM Trading Update Trading update
Guidance of £39m-£43m adj. PBT is suspended because Middle East conflict has sharply cut demand to Turkey, Greece, Cyprus and Egypt; the profit impact is unquantified, ending a record-year run of delivery.

Upgrade / downgrade cycle outlook negative, loweredfirst since Oct 2023 −13.5% on the day

Moved: Deliver medium-term ambition of £2.5bn TTV, £100m EBITDA, £85m adjusted PBT and : pending → on_track – Board says it remains confident in delivering the medium-term ambition despite suspending FY26 guidance. · Expand proposition into cities and significantly increase addressable market.: pending → on_track – City packages have more than doubled booking volumes year on year, with 180+ city destinations on sale. · new: Middle East conflict demand slowdown – FY26 guidance suspended; impact unquantified
07:00

Restore RST £404m
Full Year 2025 Results Results
FY26 adjusted PBT is guided 'slightly ahead' of consensus (£46.6m), after the December 'ahead of consensus' view. That repeats the earlier stance on a rising base rather than raising it, with strong early trading behind it.

Capital return £20.0m · 5% of mcapahead of expectationsoutlook positivefirst since Oct 2023 +7.5% on the day

Moved: £3m annualised savings from scanning integration, mostly complete by end 2024: pending → delivered – Scanning and storage integration is complete, with annualised savings above £5m against the original £3m estimate. · All divisions to increase adjusted operating profit in FY25: changed → delivered – Management reports significantly improved performance in each business for FY25. · Property consolidation programme: Final phase, two new leases taken → Final phase; over fifteen sites exited
07:00

Neo Energy Metals NEO £15m
Update on Acquisition
Not a new deal: a clarification that the Sibanye purchase signed in December 2024 has one condition outstanding, the Section 11/102 approvals, with timing on track but no completion date given.

Project milestones 5 acquisitions in 3 months – usually about 1 −1.4% on the day

Moved: Beisa Mine acquisition: Conditional; completion expected Q1 2026 → One condition precedent outstanding · Beisa Mine restart: Implementation assessment funded; phases 1-2 under way → Phase 1 due to start March 2026 · Funding for Beisa acquisition: £2.5m placed; £6.5m convertible conditional on approvals → Working capital stated sufficient
07:00

Resolute Mining Limited RSG £1,137m
Doropo Final Investment Decision Approved
Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG), the Africa-focused gold miner, is pleased to announce that it has formally approved the Final Investment Decision ("FID") for its Doropo Gold Project ("Doropo" or "the Project") in Côte …

Project milestones outlook positive −1.2% on the day

Moved: Doropo project development: Mining permit awarded; FID awaited, decree pending → FID approved; construction due H1 2026