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.
Selling a part: the price, and what happens to the money.
Thursday
Earlier this month
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Disposal Zenith Energy LTD.Com Shs ZEN£29m
Partial sale of solar portfolio
Zenith planned in Oct 2025 to sell part of its solar portfolio. WESOLAR signed a non-binding MoU on 15 Jul 2026 for about 50 MWp of Piedmont projects at EUR 12m against about EUR 5m cost.
Price £10.2m · 30.4% of market valueNext conclude sale negotiations -
Disposal Norcros NXR£273m
Sale of South African operations
The Board said on 12 May 2026 it would explore a sale of the profitable South African business, completing the shift to a capital-light UK and European brand group.
Status Process to potentially dispose of the South African …Buyer Not statedNext Disposal process progressing; interim results due 19 Nov · in 24 days -
Disposal Gran Tierra Energy Inc. (CDI) GTE£306m
Perico and Espejo acquisition
On 5 Aug 2026 Gran Tierra agreed to sell all its Colombia and Ecuador assets to Maurel & Prom for about $1.33bn total consideration. The 2031 Noteholders consented on 22 Sep 2026, and on 9 Oct 2026 stockholders approved the sale.
Conditions Colombian and Ecuadorian regulatory approvals and other …Noteholder consent 2031 Notes holders' consent obtainedNext Colombian and Ecuadorian regulatory approvals; closing targeted around 31 Dec 2026 31 Dec · in 66 days -
Disposal Next 15 Group NFG£330m
Blueshirt and BCA disposal
Portfolio cut from 22 to 10 businesses since the November 2025 review under a Track 1/Track 2 framework.
Buyer Wonderhood StudiosBusiness sold Part of Elvis (Track 2); about half of revenues retainedNext Progress further disposal processes under time-boxed review -
Disposal Investacc Group Limited INAC£99m
Sale of Vesta and InvestAcc Ltd
On 2026-10-08 InvestAcc agreed to sell Vesta Wealth and InvestAcc Limited (Appointed Representative services) to Edengate, owned by Vesta director Nick Gardner, for £12m EV (9.2x FY25 EBITDA).
Price £12.0m · 13% of market valueNext FCA change of control approval and completion -
Disposal Pennon Group PNN£1,747m
Sale of Pennon Power
Pennon proposes to sell Pennon Power as a strand of the revised funding plan, alongside the rights issue, rebased dividend and reinvested efficiencies. The announcement gives no price or buyer;
Business sold Pennon PowerUse of money About £25m reinvested in behind-the-meter renewables; … -
Disposal Lexington Gold Ltd LEX£10m
USA projects strategic options review
Board signed a conditional agreement on 24 June 2026 to sell the 51% US project interests to GoldOz, with completion subject to GoldOz re-listing on the ASX.
Buyer GoldOz LtdBusiness sold 100% of Global Asset Resources Ltd, holding 51% of …Next GoldOz ASX re-listing and completion of the sale -
Disposal Eurasia Mining EUA£83m
West Kytlim disposal
Our majority interest in the West Kytlim mine, held through our 68% ownership in Kosvinsky Kamen, was approved for sale by shareholders in January this year.
Next state approvals for the sale; no date given -
Disposal Creo Medical Group CREO£50m
Sale of 49% Creo Medical SL stake
Creo sold 51% of CME in February 2025 and signed a non-binding agreement in May 2026 to sell the remaining 49%. On 28 July completion was expected in Q3-26.
Price Indicative EV in line with 31 December 2025 carrying value; …Status Non-binding heads of terms; binding terms now expected …Next Agree binding terms for CME stake sale -
Disposal Goodwin Plc GDWN£1,077m
FY2026 profit guidance
Strategic review began 7 Aug 2026; sale of GSC, GI, Noreva, Easat and Pumps to a Cerberus affiliate for up to about £1.1bn cash agreed on 9 Sep 2026.
Price £1,100.0m · 101.6% of market valueNext Regulatory approvals and completion -
Disposal Rockhopper Exploration RKH£647m
Italian assets disposal
Rockhopper agreed in Oct 2024 to sell Rockhopper Civita Limited, which holds its Italian assets, to Zodiac Energy. FIG approval has been received but Italian approval has not.
Buyer Zodiac Energy LimitedBusiness sold Rockhopper Civita Limited, holding Italian assets and …Next Italian regulator approval -
Disposal Chariot Limited CHAR£87m
Sale of Renewable Power business
On 30 Jun 2026 Chariot stated an intention to realise the value of Renewable Power to focus on upstream. The 30 Sep 2026 H1 results say a formal sales process is underway with multiple offers received.
Business Renewable Power: 34% of Etana, 194MW wind stakes, solar and …Use of money Further cash anticipated from the sale; no allocation …Next Select preferred bidder
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.