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UK small-cap RNS · 7 Apr 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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  1. 18:02
    Response to speculation
    Board confirms preliminary talks with several unnamed parties to see whether a proposal could beat standalone value for shareholders. It is early, with no certainty of an offer, and an offer period has begun.
    Takeover target first since Oct 2023 +17.7% on the day
    Moved: new: Takeover interest in Gamma – Offer period; preliminary talks with unnamed parties
  2. 14:44
    Director/PDMR Shareholding Director dealing
  3. 14:30
    Directorate Change Board change
    Graham Oldroyd drops the interim Deputy Chairman role and returns to NED and Finance Committee Chair as the Board normalises after the refinancing; Stephen Harris remains Chairman.
    New CEO / reset first in 6 months +7.2% on the day
    Moved: CEO recruitment and cost-saving programme: CEO search underway; savings programme expanded → CEO search ongoing; Board reverting to normal governance
  4. 07:00
    Sale and Leaseback of Belgian Distribution Centre
    Binding sale and leaseback of the Belgian distribution centre brings in cash at about six times book value, funding the Turkey rugs move while the site stays in use. Helpful with leverage at 8.6x.
    Disposal of a part (break-up) in lineoutlook positivefirst since Oct 2023 −6.7% on the day
    Moved: Cash initiatives and property sales: First property sales progressing → Binding agreement signed; completion pending · Rugs reorganisation Belgium to Turkey: On expectations; shipping disruption worse → Funding identified via property disposals
  5. 07:00
    Board Changes and Appointment of Directors
    Largest shareholder (22.1%) and lender, whose loan matures 30 April 2026, becomes interim CEO for about six months. This aligns interests but concentrates control and gives a conflicted insider the job.
    Balance-sheet stress / refinancing outlook positivefirst since Oct 2023 +3.4% on the day
    Moved: new: Board reset and new CEO – Board reconstituted; interim CEO in place · Director loan facility refinancing: Extension talks under way → Lender now interim CEO; extension still pending
  6. 07:00
    $63.5 million of subsea orders for Guyana
    $63.5m of titanium stress joint orders for a new Guyana FPSO development, recognised from H2 2026 to May 2028, support the raised subsea revenue target. The rule list shows £48.0m, but the announcement states US dollars.
    Transformational contract / build-out 7% of mcapoutlook positive −0.8% on the day
    Moved: new: Guyana FPSO subsea orders – $63.5m TSJ order won; delivery to May 2028
  7. 07:00
    Proposed Transaction Update & Trading Restoration
    Amended heads of terms flip the RTO into Adven acquiring SPDI via share exchange at about €2m, keeping exposure to energy storage; still non-binding, with due diligence and consents outstanding.
    Large acquisition / reverse takeover outlook mixed +0.0% on the day
    Moved: AdvEn reverse takeover: Loan unpaid after 28 Feb; terms being renegotiated → Amended heads of terms; Adven to acquire SPDI
  8. 07:00
    Contract with Hospital renewed on longer terms
    Sheffield Teaching Hospital renews for three years instead of annually, so the long-standing commissioner's volumes are more certain. Together with the two ICB deals, about 80% of activity now sits on longer terms.
    Project milestones first since Oct 2023 +0.8% on the day
    Moved: New-build surgical hub: Construction imminent; CFO hired for build phase → Under construction

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