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UK small-cap RNS · 16 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. 16:00
    Holding(s) In Company Holding
  2. 11:45
    Director/PDMR Shareholding Director dealing
  3. 10:47
    Nara Deed of Variation Signed
    A Deed of Variation is signed and the balance of consideration is in escrow, so Nara completion looks close after the 2 March default and 19 March open-ended extension. Completion itself has not yet happened.
    Large acquisition / reverse takeover outlook positive3 acquisitions in 3 months – usually less than 1 +19.4% on the day
    Moved: Nara Gold Project acquisition: Completion extended again; no new date → Deed of Variation signed; completion anticipated shortly
  4. 09:48
    Hussar EP513 Drill Contract
    Selects the Ensign 970 rig for the Hussar well, a step toward the Q3 2026 drill. It is only a letter of award with final terms unsigned, and talks have taken longer than guided.
    Project milestones outlook positive +12.7% on the day
    Moved: Hussar well drilling approvals: Approved WMP; drilling programme timetabled for 2026 → Rig selected by letter of award; contract pending
  5. 07:00
    Kasiya Definitive Feasibility Study Results Results
    Completes the long-running Kasiya DFS with positive returns: pre-tax NPV8 US$2.2bn, 23% IRR and US$727M capex to first production. Closes the main open milestone, though financing is still to be secured.
    Project milestones outlook positive3 signals in 3 months – usually less than 1 +11.0% on the day
    Moved: Kasiya definitive feasibility study: MRE upgraded; DFS still in progress → DFS completed 16 April 2026 (closed) · Kasiya rutile offtake with Mitsui: Non-binding MOU signed, effective two years → Non-binding MOU, now cited in DFS · Kasiya project financing with IFC: Collaboration Agreement signed; financing rights held → DFS done; IFC co-lead arranger role
  6. 07:00
    Disposal and outsourcing of manufacturing
    Sells UK manufacturing to its own management to move to a lean, outsourced model; expected to cut annual operating costs by over £1m, supporting the path to self-sustaining cashflows.
    Balance-sheet stress / refinancing next step +3.2% on the day
    Moved: Path to self-sustaining cashflows: Costs cut, revenue growing, still loss-making → Further cost cut agreed; still loss-making · new: Manufacturing disposal and outsourcing – Agreed, conditional, expected to close in May
  7. 07:00
    Deferred Consideration Receipt & Special Dividend
    Further to the announcements made on 25 March 2024 and 16 April 2025, B.P.
    Capital return +0.9% on the day
  8. 07:00
    Portfolio Valuation As At 31 March 2026
    CBRE values the portfolio at £31.3m, a c.16% like-for-like fall since September 2025, with Sol Northampton down c.25%. This points to a lower NAV at the June interims and less cash to return to shareholders.
    Disposal of a part (break-up) £31.3m · 103% of mcap −3.6% on the day
    Moved: Portfolio disposal and capital return: Halifax and Leamington under offer; Exeter marketed → Exeter under offer; York apartments selling
  9. 07:00
    Holding(s) in Company Holding
  10. 07:00
    Q1 Trading Update, Revenue Recognition & Outlook Trading update
    Q1 revenue of £11.0m and a higher FY26 revenue goal are positive. But FY25 revenue is restated to £19.0m (guided £23-24m) after the accounting change, FY26 EBITDA is unchanged at £4.5m, and the order book is lower than January's £14.0m.
    Dilutive fundraise £38.0m · 3455% of mcapin lineoutlook positive, raisedfirst since Oct 2023 +3.6% on the day
    Moved: GBESP Midlands solar PV schools programme: Under way; £5.1m revenue recognised in FY25 → Largely completed; completion due 31 May · Working capital funding for solar programme: Loan drawn; year-end cash £0.9m → Early repayment expected from cash flow · FY2025 revenue slippage into 2026: FY25 revenue £23.0m; £4.0m now in H1-26 → Reframed as accounting policy change
  11. 07:00
    Q3 Trading Update Trading update
    Board cuts FY25/26 underlying PBT expectation to about £11m, reversing February's confidence in expectations, as Middle East events slow decisions and delay large projects and the Changi deliveries.
    Transformational contract / build-out below expectationsoutlook negative, loweredfirst since Oct 2023 −14.8% on the day
    Moved: H2-weighted FY25/26 recovery: H1 weak as flagged; H2 weighting reaffirmed → H2 recovery partial; profit guidance cut to ~£11m · CEO succession: Handover on schedule → New CEO in post, driving self-help plans · Changi Airport and overseas projects: first phase won; CLK shipments resuming → CLK shipping resumed; Changi delivery delayed to FY26/27
  12. 07:00
    Increased final possible offer from StoneX Offer
    StoneX raises its non-binding possible offer to a final 110p cash, 29% above Helios's firm offer, and the Independent Board says it would be minded to recommend a firm offer on these terms. This contrasts with the earlier rejection of 95p.
    Takeover target £287.0m · 141% of mcap +10.3% on the day
    Moved: Offer for the company: Helios firm offer opposed; StoneX 95p rejected → StoneX 110p final possible offer; board minded to recommend
  13. 07:00
    Final Results Results
    Final results beat the Jan 2026 upgraded floors (revenue £141.0m vs £136.0m, adjusted EBITDA £37.5m vs £35.5m), with margins up and net cash of £40.8m. The company says profit will be ahead of expectations in FY26, revenue in line.
    Upgrade / downgrade cycle £141.0m · 28% of mcapahead of expectationsoutlook positive, raised −3.2% on the day
  14. 07:00
    Third quarter trading update Trading update
    Q3 sales growth slowed to 2.1% with broad-based softening in March, and FY26 PBT is now guided to the lower end of consensus, a step down from the earlier 'in line' guidance.
    Upgrade / downgrade cycle outlook negative, lowered −4.6% on the day
    Moved: Digital app and brand campaign: App live; full launch planned spring → App fully launched in Q3; 300k+ downloads · new: FY26 profit guidance trend – Lowered to lower end of consensus · new: Store opening pipeline – Stronger pipeline expected next financial year
  15. 07:00
    Year end trading summary and notice of FY results Results
    Expects FY26 EBITDA materially ahead of market expectations, after the interim guidance of confidence in the Mercia '27 targets; this lifts the earnings view for the year.
    Turnaround plan with targets £3.0m · 2% of mcapahead of expectationsoutlook positive, raisedfirst in 9 months +6.2% on the day
    Moved: Annual share buyback programme: Programme commenced, broker-managed, up to £3.0m → FY26 buyback completed; new £3.0m programme under way · Mercia '27 growth targets: Mid-point; EBITDA and margin improving, AuM flat → FY26 EBITDA expected materially ahead of market · Northern VCT fundraise: Offers enlarged to £80m total; earlier £50m raise partly allotted → VCT and EIS raises described as successful
  16. 07:00
    Crossroads Well Southern Oklahoma USA Update
    Crossroads spud slips again on rig maintenance, but the operator expects it before end-April 2026 and Union Jack's 43% share of drilling costs is already funded from cash.
    Project milestones −7.7% on the day
    Moved: Crossroads well, Oklahoma: Delayed by regulation, now scheduled Q1 2026 → Spud delayed by rig maintenance; drilling costs funded

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