UK small-cap RNS · 18 Sep 2026

Key = all announcements except routine filings (voting rights, buybacks, holdings, director forms), plus the ones that are part of a situation. Not investment advice.

1. 16:45
   Tap Global Group Plc TAP £7.6m

   Proposed Placing Fundraise

   Raises a minimum £1.0m at 1.0p, a 13% discount, one month after saying equity would not be needed for overheads. Proceeds go mainly to buying crypto for the reserve, with the shares dilutive and the book not underwritten.

   Balance-sheet stress / refinancing £1.0m · 13% of mcapahead of expectationsfirst since Oct 2023 −8.7% on the day

   Moved: Digital Asset Income Strategy: Adopted 24 Aug 2026; reserve being built → First equity raise under strategy launched · Cash and cost pressure: Eased; DAIS aims to cover costs with yield → Equity raised, but mostly for reserve
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2. 10:33
   IG Design Group IGR £80m

   Holding(s) in Company Holding
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3. 08:41
   Advanced Medical Solutions Group AMS £616m

   Holding(s) in Company Holding
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4. 07:49
   RC Fornax PLC RCFX £4.5m

   Government Contract & Trading Update Trading update

   FY26 now expected marginally below market expectations after the May interims; the adjusted EBITDA loss widens to £1.6m from £1.1m, and the £4.0m award only helps FY27.

   Transformational contract / build-out £4.0m · 89% of mcapbelow expectationsoutlook mixed, loweredfirst since Oct 2023 +0.4% on the day

   Moved: Post-SDR contract and framework pipeline: £4.0m PSR selection; purchase order awaited → Selected; purchase order awaited · Procure X marketplace build-out: Investment-stage; further funding tied to milestones → Investment-stage; funding tied to delivery · Working capital and funding: Standby debt facility under evaluation → Standby debt facility under evaluation
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5. 07:00
   Defence Holdings PLC ALRT £16m

   Second UK Government Contract

   Second UK Government pilot after the first MoD contract gives a pre-revenue company further contracted delivery. The value is undisclosed and the pilot is only six months, so the revenue effect is unclear.

   Transformational contract / build-out +8.6% on the day

   Moved: MoD testing contract: Results cite revenue-bearing MoD contract after year end → Second UK Government pilot started
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6. 07:00
   Bluebird Merchant Ventures BMV £1.2m

   Share Issuance, Debt Conversion, TR-1s and PDMRs

   Former Director of Operations received 20m contractor-pool shares in April as pay for services, not a market purchase. It is only now disclosed and carries no signal of conviction.

   Balance-sheet stress / refinancing £0.2m · 16% of mcapfirst since Oct 2023 −2.2% on the day

   Moved: Liquidity and related-party funding: £200k loans due Dec 2025 pending extension → Conversion agreed; awaiting admission · Capital reorganisation and funding framework: January and April raises completed → Share issues for debt and contractors announced
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7. 07:00
   Nativo Resources NTVO £4.0m

   Project Finance & Equity Subscription Agreement Fundraise

   Nativo secures funding to advance Phase 1 first production at La Patona Gold Ore Processing Plant, Peru

   Dilutive fundraise +85.0% on the day
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8. 07:00
   Oriole Resources ORR £13m

   Sale of Muratdere Royalty

   Sells a non-core Turkish copper royalty for US$1.2m, paid in instalments, adding cash to fund Cameroon work; US$400k is already received and title has passed, though the balance is deferred.

   Disposal of a part (break-up) first since Oct 2023 +3.3% on the day

   Moved: new: Sale of Muratdere Royalty – Agreed; first tranche received, title transferred
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9. 07:00
   Trustpilot Group TRST £1,030m

   Director/PDMR Shareholding Director dealing
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10. 07:00
    Dianomi DNM £19m

    Recommended Acquisition of Dianomi plc Offer

    to be effected by means of a scheme of arrangement

    Takeover target first since Oct 2023 +69.7% on the day
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11. 07:00
    RC Fornax PLC RCFX £4.5m

    £4.0m Government Contract and Trading Update Trading update

    FY26 is now 'marginally below' market expectations after the May interims said the Board was confident, and the operating loss widens to £1.6m from £1.1m. The £4.0m award only helps FY27.

    Transformational contract / build-out £4.0m · 89% of mcapbelow expectationsoutlook mixed, loweredfirst in 6 months +0.4% on the day

    Moved: Post-SDR contract and framework pipeline: Thales framework won; orders not yet stated → £4.0m PSR selection; purchase order awaited · Procure X marketplace build-out: Development on track; commercialisation expected FY26 → Investment-stage; further funding tied to milestones · new: Working capital and funding – Standby debt facility under evaluation
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12. 07:00
    Mothercare MTC £1.1m

    Financial outlook update

    Leading Middle East franchisee expects to close most Mothercare stores in 2027, sharply cutting FY28 orders, revenue, profit and cash flow; the company says its longer-term solvency is highly uncertain.

    Balance-sheet stress / refinancing outlook negative, lowered −74.4% on the day

    Moved: Debt facility covenant breach: Refinanced to £10.0m; further waivers possible → Solvency now highly uncertain; resources for months · Strategic discussions to restore UK scale: Negotiations with potential new UK partner continue → Talks continue against harder backdrop
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