Situations – UK small caps

Takeover target See all 59 →

LDGLogistics Development Group Possible offer · approach next: DBAY to announce firm offer or walk away... · 5 Nov CNECapricorn Energy Offer for the company · approved · 17.0% above the offer FUMFutura Medical Possible offer · sale process BYGBig Yellow Group Possible offer · approach KMRKenmare Resources (CDI) Possible offer · approach STEMSThree Possible offer · approach

Sale process / strategic review See all 21 →

FUMFutura Medical Strategic review and turnaround · Information memorandum circulating; offers due later next: Non-binding offers expected over about four weeks NAHNAHL Group Strategic options for shareholder value · First disposal completed; review continues NWTNewmark Security PLC Access Control strategic review · Review concluded; sale process under way YOUYouGov Shopper strategic review · Review ongoing; no outcome

Disposal of a part (break-up) See all 78 →

WKPWorkspace Group Given market conditions, the additional £100m+ of disposals that was being considered... Low-conviction building disposals · £138m done; extra £100m+ unlikely by March 2027 next: complete £200m disposal target by March 2027 · 31 Mar GTEGran Tierra Energy Inc. (CDI) Perico and Espejo acquisition · Stockholders approved; regulatory approvals pending NFGNext 15 Group Blueshirt and BCA disposal · Elvis part sale completed; further disposals active TMIPTaylor Maritime Investments Limited Managed realisation vessel sales · Three-vessel sale completed; last vessel being sold SSPGSSP Group Continental European Rail review · Exit actions being implemented NXRNorcros Sale of South African operations · Sale process progressing to plan JLPJubilee Metals Group Large Waste Project · Legal DD complete; 45-day technical DD begins PNNPennon Group Sale of Pennon Power · Proposed; listed in funding plan INACInvestacc Group Limited Sale of Vesta and InvestAcc Ltd · Agreed; awaiting FCA approval

Large acquisition / reverse takeover See all 25 →

AETAfentra Etu Energias acquisition · Block 3/05 decree published; 3/05A awaited next: Block 3/05A decree, then novation and... GUNGunsynd Eagle Gold Project farm-in · Circular published; approval pending; requisition received SCLPScancell Holdings Neuphoria reverse merger · Agreed; F-4 filing, vote and SEC review pending RKHRockhopper Exploration OSX-1 FPSO and CDA acceleration · Subscription Agreement signed for 35% of OSX-1 KISTKistos Holdings Oman oil acquisitions · Blocks 3 & 4 completed; Block 9 pending BBSNBrave Bison Group Contested final offer for System1 · Final offer open; acceptances minimal

Delisting / take-private See all 6 →

NANONanoco Group Delisting and move to private company · Shareholder consultation ongoing after adjourned meeting next: outcome of shareholder consultation; no date given MIRIMirriad Advertising Cash runway and funding · In administration; investment talks with third party ongoing SATSSatsuma Technology PLC Delisting and share trading suspension · Accounts published; Court approved; cancellation due WCATWildcat Petroleum Main Market delisting to Aquis · Provisional timetable set; admission targeted 1 September

Capital return See all 51 →

FGPFirstGroup Special dividend and return of capital · proposed TMIPTaylor Maritime Investments Limited Special dividend and return of capital · proposed YOUYouGov Share buyback replacing dividend · Buyback launched 13 Oct 2026, run by Berenberg ADVTAdvancedAdvT Limited £10m buyback and possible tender offer · Second £10m buyback under way PWRPower Probe PLC Progressive dividend, first payment 2026 · Buyback of up to $1.0m added to dividend CLBSCelebrus Technologies Share buyback programme · Buyback spend of $2.0m reported in H1

Cash shell / net cash above market value See all 8 →

JIMJarvis Securities Group wind-down and AIM cancellation · Cash shell; cancellation decision on hold next: Consider credible Relevant Transactions... MIRIMirriad Advertising AIM cash shell status · Suspended; accounts overdue; plc in administration SORTSorted Group Holdings Reverse takeover search · Evaluating opportunities; no candidate identified PRISPristine Capital Search for initial transaction · Shell; recapitalisation proposed, investor targets RTO

Balance-sheet stress / refinancing See all 48 →

NOGNostrum Oil & Gas The SUN proposals received the required creditor approval, including support from... Delayed SSN and SUN coupon payment · SSNs redeemed; SUN purchase pending next: Announce SUN purchase amount and price; pay... PDLPetra Diamonds Ltd. Net debt and facility headroom · Refinancing talks under added pressure from winding-up order THRUThruvision Group Going concern and cash runway · Backlog doubled; cash down to £1.6m GTEGran Tierra Energy Inc. (CDI) October 2026 notes amortization · 2031 Notes consent in hand; sale closing pending PRISPristine Capital Funding and legal action · Deeds signed; fundraise and settlement await vote NWTNewmark Security PLC Net debt and financing · Net debt £4.8m at year-end; Safetell exit completed LITLitigation Capital Management Limited Going concern and run-off debt · Material uncertainty; another case lost MYXMyCelx Technologies Corporation Liquidity and bridge financing · CEO bridge loan agreed, up to $500K

Dilutive fundraise See all 23 →

EAASeEnergy Group Working capital funding for solar programme · Awaiting shareholder vote; board urging approval next: General Meeting vote on Fundraising Resolutions · 23 Oct 4BB4basebio Leadership transition and commercial push · Funding the commercial push; runway extended to H2 2028 PNNPennon Group Rights issue · Terms set; subscription period opens 12 October SRVLServal Resources Plc £7m fundraise for Namibia drilling · Retail offer closed; awaiting shareholder approval

New CEO / reset See all 31 →

PNNPennon Group CEO succession · Plan announced, actions under way VP.VP CEO succession · Plan in development; strategy progressing, details at interims OMGOxford Metrics CEO succession and reset · Start date fixed; Bullard interim until then LEXLexington Gold Ltd Executive management restructure · New CEO in place; COO role created

Turnaround plan with targets See all 84 →

WKPWorkspace Group We continue to execute our strategy. Fix, Accelerate and Scale turnaround · Execution; Q2 occupancy dip, early pricing wins next: Half year results, rebrand and website launch · 18 Nov TPXTPXimpact Holdings Three-year turnaround plan · Growth phase; FY27 guidance upgraded 15 Oct 2026 next: H1 FY27 preliminary results · 10 Nov RWARobert Walters Cost savings and portfolio management · Run rate c.£22m; cash lower, facilities added IHPIntegraFin Holding Group-wide cost review implementation · Reiterated; H2-weighted savings confirmed for FY26 VP.VP Brandon Hire Station repositioning · Restructure done; performance improving, exceptional costs booked ACRMAcuity RM Group Cost-led turnaround to profit · Near breakeven; defence programme orders widening SSPGSSP Group Multi-year strategic roadmap · New £50m buyback started after £100m completed SNXSynectics Product-led software transformation · Early benefits emerging; on track SDGSanderson Design Group Manufacturing turnaround via Future Factory · Profitable growth; positive H2 order book AVONAvon Technologies plc STAR strategy and margin target · New phase: Improve. Grow. Compound. DNLMDunelm Group Winning Hearts & Homes plan · Early implementation; cost removal begun YOUYouGov Value Delivery Plan · Wave 1 done; Wave 2 ahead of plan OMGOxford Metrics Cost optimisation programme · Expanded; ahead of 2027 plan

Transformational contract / build-out See all 41 →

BMVBluebird Merchant Ventures Gold streaming and treasury pivot · El Alamo option paid; Mexican work underway next: Investor Day and October strategy materials · 22 Oct SNWSSmiths News News UK national distribution network expansion · Fifth contract won; footprint build continues PNNPennon Group K8 capital investment programme · Programme enlarged to c.£3.6bn; draft determination out IOFIofina IOsorb plant build-out to 2000MT target · IO#11 pipeline done, IO#12 handed over, IO#13/14 agreed THRUThruvision Group South-East Asia airport screening contract · Awarded; delivery expected in H2 FY27 AC8Acceler8 Ventures Hui10 network rollout · Post-deal rollout under way

Project milestones See all 138 →

AURAAura Energy Limited Advanced senior debt discussions with the US DFC (about US$150–170 million) and a... Häggån uranium legislation and permitting · Permit pending; Swedish government change next: Alum shale inquiry report to government; new... · 28 Feb STCMSteppe Cement Ltd Clinker line 6 capacity expansion · Under construction, on time and budget, funded next: Line 6 back-end filter due October 2026;... SKAShuka Minerals Kabwe drilling programme · Phase 1 lab results complete; phase 2 planned next: Second drilling phase: densify No 2 orebody... · 31 Dec KMRKenmare Resources (CDI) WCP A upgrade and Nataka transition · Throughput improving; nameplate pushed to H1 2027 next: Nameplate 3,500 tph consistently achieved · 30 Jun SEASeascape Energy Asia Plc Temaris block gas development · Acreage extension agreed in principle; farm-out restarted PLSRPulsar Helium Inc Topaz multi-well drilling campaign · Plant site agreed; financing and approvals open CAPDCapital Limited Reko Diq mining ramp-up · Performing in line with contract; Barrick review continues GALGalantas Gold Corp. Indiana resource update and option payments · Exploration prioritised; PEA deferred ZPHRZephyr Energy Paradox project first gas · Awaiting Enbridge approval; acreage added TINCornish Metals PLC South Crofty development and financing · Equity raise proposed; trading paused PTALPetrotal Corporation Bretana drilling restart and water handling · Well 25H drilling on schedule at 3,362m THSTharisa Karo Platinum Project build-out · Construction; awaiting bond drawdown KEFIKEFI Gold and Copper Tulu Kapi project financing and construction · Suspension lifted; phased restart under way BRESBlencowe Resources Orom-Cross DFS and JORC update · Board reshaped; interim CEO on Board; funding open AETAfentra Block 3/05 redevelopment and drilling · Rig moved to Impala-2; Pacassa SW sidetrack follows SCLPScancell Holdings iSCIB1+ melanoma registration path · Phase 3 set-up; start later in Q4 2026 COBRCobra Resources Boland ISR development · RC drilling ongoing; 23 of up to 58 holes done FORGForgent PLC Green Rock exploration programme · Phase II drilling under way; enlarged to ~142 holes FUMFutura Medical Eroxon Intense and WSD4000 development · Optimised Intense HUT positive; H1 2027 launch planned ATMAndrada Mining Limited Lithium Ridge exploration with SQM · Drilling complete; fifth batch of assays reported HEXHelix Exploration Rudyard regulatory pause and restart · Approval granted; restart under way ORROriole Resources Wapouzé limestone project · Maiden MRE out; ESIA underway; ELA Q4-2026 TCFTheraCryf Plc Ox-1 Phase 1 approval in Australia · Preclinical complete; application being compiled VLXVolex US manufacturing site consolidation · Progressing well, on track

Segment turn See all 24 →

BRKBrooks Macdonald Group Reignite Growth strategy · Fourth straight quarter of net inflows next: Further quarterly flows; new CFO joins Board... · 13 Oct OXIGOxford Instruments Imaging & Analysis recovery · Recovery continuing; H1 orders up over 11% DKLDekel Agri-Vision Cashew processing expansion · Q3 record: 2,130 tonnes RCN processed AVONAvon Technologies plc Team Wendy DoW helmet ramp-up · Production stabilised; order book grown materially GANAGana Media Group plc Estadio Gana Mexico launch ramp-up · Q3 scaling; conversion and GGR rising NETNetcall AI product adoption · AI in over 40% of new Cloud orders

Upgrade / downgrade cycle See all 88 →

KMRKenmare Resources (CDI) We also expect 2026 shipments to be slightly lower than guidance at approximately 1.05... Value over volume, inventory drawdown · Shipments guidance cut to about 1.05m tonnes next: SMO 2 commissioning · 31 Dec SHISIG Vision 2030 and portfolio review · Succession set; CFO search under way next: CFO successor announcement; CEO handover on... · 1 May MYXMyCelx Technologies Corporation Middle East conflict exposure · Award missed FY2026 window; revenue moves to FY2027 DNLMDunelm Group Furniture availability recovery · FY27 guidance held; H1 PBT to be lower DSCVDiscoverie Group Organic growth recovery after destocking · H1 orders +22% organic; earnings running ahead RWARobert Walters Market recovery and 2026 NFI · Q3 net fees up 1%; result at least in line IGPIntercede Group FY26 revenue shortfall and FY27 target · H1 revenue +32%, FY27 guidance held SNXSynectics New business contract momentum · Energy deals slipping into FY27; FY26 EBITDA top end VLXVolex Data Centre demand momentum · H1 FY27 Data Centre below H2 FY26, demand strong BYITBytes Technology Group FY27 guidance and cost normalisation · Upgraded guidance reiterated at H1 results CLBSCelebrus Technologies New business and logo wins · Restructure not yet converting; ARR falling OMGOxford Metrics FY26 guidance cut · Warning issued 9 October 2026

Activist campaign See all 17 →

WKPWorkspace Group Saba Capital Management, L.P. campaign · vote next: AGM vote on Saba resolutions 21-26 · 23 Jul SDGSanderson Design Group LBV ASSET MANAGEMENT LLP campaign · vote ROADRoadside Real Estate Mr D Holdsworth campaign · campaign GUNGunsynd An activist campaign · campaign

Stake building towards control See all 22 →

SYS1System1 Group Brave Bison strategic stake · Offer period; forecasts reported under Rule 28.1 next: Brave Bison decision on a firm offer CMRSCritical Mineral Resources PLC NEBARI CARRY CF II, LLC towards control · 30.43% (from 0%) JSEJadestone Energy PT Prima Petroleum Energi towards control · 28.2779% (from 0%) DBOXDigitalBox Cecil Hetherington towards control · 25.089% (from 23.379%)

Insider conviction See all 93 →

Overhang See all 57 →

SALTMicrosalt Tekcapital Europe Limited (company number: 08121738): 55.67% (from 64.79%) Tekcapital Europe Limited (company number: 08121738) selling down · 64.79% → 55.67% in 1 notice next: 55.67% still held ROADRoadside Real Estate Dickson Concert Party sell-down · Accelerated bookbuild launched 16 Oct 2026 INACInvestacc Group Limited Gardner secondary share placing · Accelerated bookbuild launched CNSLCambridge Nutritional Science Spreadex LTD selling down · 15.0885% → 7.8194% in 6 notices VRCIVerici DX CANACCORD GENUITY GROUP INC selling down · 11.0216% → 3.969% in 3 notices AURRAurrigo International NEXT GEN MOBILITY LIMITED selling down · 24.24% → 18.14% in 1 notice ASCASOS Frasers Group Plc selling down · 29.2612% → 23.3698% in 6 notices RM.RM Schroders Plc selling down · 10.1507% → 4.46549% in 2 notices BOKUBoku, Inc BlackRock, Inc. selling down · 10% → 4.88% in 8 notices

Legal & regulatory See all 41 →

KMRKenmare Resources (CDI) Moma Implementation Agreement extension · Talks continuing; near-term conclusion sought next: Conclusion of IA renewal BIGBig Technologies Sara Murray proceedings · New libel claim served against the Company NFGNext 15 Group Mach49 arbitration and going concern · Hearing completed; awaiting ruling JIMJarvis Securities Client redress scheme · Not addressed; JIML now in administration PDLPetra Diamonds Ltd. HMRC winding-up petition, PDUK Treasury · Winding-up order made 14 October 2026 ENWEnwell Energy Licence suspensions and ICSID arbitration · Suspensions in force; arbitration ongoing CRUCoral Products Undisclosed director related party transactions · Disclosed under AIM Rule 13; independent directors deem terms fair

Not yet sorted See all 6 →

UFOAlien Metals Limited Portfolio review and monetisation · Indicative non-binding offer for Pilbara portfolio received next: Negotiate terms of indicative offer for... SPECInspecs Group Qualcomm smart eyewear collaboration · Subscription completed; projects in progress PYCPhysiomics Personalised dosing software commercialisation · Non-binding heads of terms signed VASTVast Resources Board and management reconstitution · Review under way