Situations
Where money or control changes hands at a UK small cap – takeovers, disposals, capital returns, activists, stake building, refinancings. Each one followed from the first announcement to the outcome.
Debt, covenants and refinancing – rescued or not.
Yesterday
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Debt & refinancing Grit Real Estate Income Group Limited GR1T£32m new
Lender support and restructuring
Lenders have supported the Group with maturity extensions, standstills, working capital and covenant condonements, but support is conditional.
Lender support Maturity, standstill, working capital and covenant …Reporting 18-month audited results and 30 June 2026 interims not …Next Lender agreement on liquidity, covenants and transaction milestones -
Debt & refinancing Critical Metals CRTM£83m moved
Additional funding requirement
The £2.1m NIU convertible loan note was raised on 31 December 2025. The final results state that part of the funds went on restructuring, debt reduction and Molulu, and that fieldwork restarted after funds were released.
Amount £2.1 million convertible loan note from NIUUse of money Restructuring, debt reduction and advancing the Molulu …
Friday
Earlier this month
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Debt & refinancing Gran Tierra Energy Inc. (CDI) GTE£306m
October 2026 notes amortization
The sale agreement of 5 Aug 2026 provides for the purchaser to assume the 2029 and 2031 notes and for Gran Tierra to redeem the 2027 Notes from proceeds. The 2031 Notes consent was obtained on 22 Sep 2026.
Notes assumed 2031 Notes and 2029 Notes assumed by purchaserNotes redeemed 2027 Notes redeemed by company from proceedsNext Closing of the Sale, when the 2031 Notes amendments take effect 31 Dec · in 65 days -
Debt & refinancing MyCelx Technologies Corporation MYX£12m
Liquidity and bridge financing
Cash fell to c.$0.5m by July 2026 and the company was weighing financing options for Permian equipment manufacture.
Size Up to $500K, drawable in whole or partTerm 9 monthsNext Drawdown of CEO bridge loan; financing for Permian equipment manufacture -
Debt & refinancing Oxford Biodynamics OBD£16m
Funding requirement by late August
The company said on 30 June 2026 that it needed new funds by late August, with cash of £1.38m at 31 May and no non-dilutive deal. It announced a £9.15m placing on 10 August;
Size £9.15m placing of 9,150,000,000 new sharesPrice £0.001 per Placing ShareNext Vulpes to pay outstanding £250,000 placing balance 30 Oct · in 3 days -
Debt & refinancing Creo Medical Group CREO£50m
Path to self-sustaining cashflows
Since January 2026 Creo has cut costs and raised funds: a £5.5m placing and £2m Development Bank of Wales loan notes completed in May 2026.
Cash £7.4m at 30 June 2026 (31 December 2025: £12.4m)Financing completed About £5.5m equity placing; £2.0m convertible loan notes …Next Short-term financing options; CME binding terms in Q4 2026 -
Debt & refinancing Tan Delta Systems TAND£16m
Cash runway and funding need
The Board continues to keep these requirements under regular review.
Next Board keeps funding requirements under review -
Debt & refinancing Tortilla Mexican Grill MEX£28m
Covenant waivers after French restatement
A French accounting adjustment in May 2026 cut FY25 EBITDA, raised covenant breach risk and delayed the audit, so shares were suspended from 1 July. Accounts were then published.
FY25 EBITDA £1.1m pre-IFRS 16 after £2.7m of French correcting …Adjusted net debt £12.4m at end of H1 FY26 (H1 FY25: £9.9m)
September 2026
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Debt & refinancing Ampeak Energy Limited AMP£12m
Group funding requirement
The Board recognises that securing further funding remains an important priority, and we continue to pursue a range of funding initiatives
Next Pursue further funding initiatives -
Debt & refinancing Victoria VCP£45m
Refinancing of 2028 senior secured notes
The 2028 notes were left unresolved after the Dec 2025 refinancing. Victoria signed a support agreement on 8 July 2026 to cut senior secured and preferred liabilities by about £300m and finance costs by about £34m, extending …
Implementation route Consent solicitation; completion still subject to conditionsBoard view Executive Chairman Geoff Wilding: overwhelming support … -
Debt & refinancing ICFG Limited ICFG£84m
InvesCore dividend deferral
InvesCore's dividend was deferred on 20 April 2026 pending lender consents after covenant breaches. On 10 July 2026 one lender waived cross-default provisions to 31 August 2027, covering about 13.3% of affected exposure.
Future drawdowns Waiver extends to any future drawdowns under the existing …Remaining lenders Talks continue; no terms or dates statedNext waiver outcome from remaining lenders; no date stated -
Debt & refinancing Pennpetro Energy PPP£11m
Suspension, going concern and pledged shares
Shares have been suspended since the missed audit deadline. A Loan Release Deed of 30 March 2026 removed about US$5m of debt, and the FY26 accounts of 3 Aug 2026 again carried disclaimers.
Audit FY26 audit report again carries disclaimers of opinion, …Reset Audited interims for April-June 2026 planned, expected to … -
Debt & refinancing Kore Potash KP2£186m
Going concern and funding gap
The 2025 audited results carry a going-concern warning because forecast liquidity is insufficient to 31 March 2027. Cash fell from US$10.56m at year-end to c.US$8.3m at 31 March 2026.
Cash USD7,543,612 at 30 June 2026, from USD10,555,176 at 31 …Forecast Insufficient liquidity to end of going concern period, …Next raise funds in Q1 2027 for working capital -
Debt & refinancing Kazera Global KZG£17m
Fujax prepayment settlement
On 3 Sep 2026 Kazera agreed to settle the Fujax prepayment claim (about US$1.32m at 30 June 2026) for US$1.0m, half in shares and half in cash instalments to 1 Mar 2027.
Settlement Sum US$1.0m, of which US$500,000 in shares and US$500,000 in …Share element Number of shares to be determined under the agreement; not …Next Fujax Settlement Shares number set; separate Admission application -
Debt & refinancing Team Internet Group plc TIG£85m
Leverage and net debt reduction
Net debt rose to USD 117.6m at 30 June 2026 from USD 87.6m at year end. Drivers were a registry contract non-renewal and USD 14.8m of tax payments. Leverage is 3.9x (3.1x on an accounting basis) with USD 78.2m of liquidity.
Net debt USD 117.6m at 30 June 2026 (31 Dec 2025: USD 87.6m)Leverage 3.9x TTM (3.1x accounting basis); TTM Dec 2025: 2.9xNext significant net debt reduction in H2 2026
August 2026
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Debt & refinancing Vast Resources VAST£62m
Alpha and Mercuria loan default
The Alpha and Mercuria loans have been in technical default since Oct 2025. A binding US$10m term sheet followed on 27 Jul 2026, and on 4 Aug 2026 net placing proceeds (est. £4.81m) were earmarked for creditors.
Net proceeds Estimated £4,809,057 from Placing and Subscription, for …Lenders named A&T Investments SARL and Mercuria Energy Trading SANext Settle Alpha and Mercuria loans from equity and Glencore facility proceeds -
Debt & refinancing Kosmos Energy KOS£1,224m
2026 and 2027 debt maturities
Since Nov 2025 Kosmos has refinanced near-term maturities, eased RBL covenants and raised ~$200m of equity in March 2026. The EG sale completed on 16 Jun 2026.
Equity raise ~$200m raised in March 2026; proceeds used to accelerate …Liquidity Over $500m at end Q2 2026Next RBL refinancing completion targeted
July 2026
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Debt & refinancing Mobico Group MCG£246m
Leverage reduction options review
Covenant gearing rose to 2.9x and cash outflows from legacy liabilities constrain net debt reduction.
Covenant gearing 2.9x at 31 March 2026 (Dec 2025: 2.7x)Liquidity £0.8bn: £242m net cash and undrawn £600m RCFNext Update on strategic and financial options -
Debt & refinancing Kazera Global KZG£17m
Director loan facility refinancing
Director loan facilities matured on 30 April 2026, with Tracarta talks continuing and no extension terms announced. REMI cut working capital needs on 26 May 2026, and the SAI deal of 9 July 2026 added SAI-funded operations.
Board view Funding position materially strengthened; no further …REMI contribution ZAR600,000 (circa £27,000) monthly toward project costsNext Outcome of Tracarta loan extension talks
May 2026
A row opens the situation with its chart and every step. Company pages also show the smaller matters – a new CEO, a plan, a contract, director buying.