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 23 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 65 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
September 2026
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Disposal Strategic Minerals SML£135m
Leigh Creek sale to Cuprum
Cuprum exercised its call option over Leigh Creek in December 2025 and paid A$250,000 for the option and first instalment. The timetable slipped in June while Cuprum arranged funding.
Earn-out 20% of half-yearly Operating Cash Flows from commercial …Equity Shares equal to 19.9% of the listed vehicle, up to A$3m, on …Next FIRB approval and completion of the Definitive Agreement -
Disposal Portmeirion Group PMP£24m
Wax Lyrical disposal
Wax Lyrical was confirmed non-core on 6 May 2026 with a sale to be sought. It now has a profit improvement plan, 'Getting Match Fit', under new leadership, and disposal is pushed to the medium-term.
H1 sales Down 18.0%, mainly from cancelled orders after key supplier …Plan 'Getting Match Fit': new retailers, D2C ecommerce, car …Next Deliver profit improvement plan; disposal medium-term -
Disposal Oriole Resources ORR£13m
Sale of Muratdere Royalty
Oriole agreed on 18 Sep 2026 to sell its 1.2% NSR royalty in the Muratdere project in Turkey to Ardent Metals for US$1.2m in three tranches. US$400,000 is received and title has transferred.
Price US$1.2 million in three tranches of US$400,000Buyer Ardent Metals LLC-FZ, a company incorporated in DubaiNext Second US$400,000 tranche due from Ardent 19 Mar · in 143 days -
Disposal European Green Transition EGT£28m
Pajala Copper Project sale option
EGT signed an exclusive six-month option on Pajala in October 2025 for buyer due diligence. The FY25 results gave no price.
Status Continued engagement with multiple parties on sale and/or …Price Not statedNext outcome of talks on sale and/or partnership -
Disposal Mobico Group MCG£246m
UK Bus asset monetisation
Depots and land were sold at end-2025, giving a £4.3m profit benefit. On 18 Aug 2026 Mobico agreed in principle to sell UK Bus to WMCA for about £24m upfront after liabilities.
Price £24.0m · 14.8% of market valueNext Completion of UK Bus sale to WMCA 30 Nov · in 34 days -
Disposal Hilton Food Group HFG£645m
Business and portfolio review
Since March 2026 the company has run improvement plans at Seachill, Foppen and Dalco. Dalco's sale was agreed in July 2026 with a £16.7m impairment, removing its losses from guidance.
Seachill Improvement plans expected to have positive impact in H2 …Dalco Sale agreed July 2026; £16.7m non-cash impairment; held for …Next Dalco sale completion; Seachill H2 improvement impact -
Disposal TT Electronics TTG£331m
Disposal of Components business
Components strategic review of all four active sites was completed with the 25 March 2026 results; on 15 May the Board was still evaluating options.
Scope Strategic review covered all four active Components sitesOptions Range of options including a potential disposalNext Decision on any Components transaction, subject to value
August 2026
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Disposal FIH Group FIH£16m
Strategic options review
FIC management are also working on a programme of improvement across all other areas of the business.
Price £7.6m · 33.3% of market value -
Disposal BATM Advanced Communications Ltd. BVC£39m
Exit of non-core assets
Since January 2026 BATM has been exiting non-core assets, completing the AMS sale on 2 Jan 2026. On 22 Jun 2026 it agreed to sell three of four remaining non-core activities for $13.3m cash.
Price $13.3m cash, 33x the Disposed Businesses' 2025 adjusted net …Linked share sale 96,794,500 BATM shares at 18.15p, about £17.6m (c. $23.3m), … -
Disposal Thungela Resources Limited TGA£867m
Goedehoop North disposal
Thungela agreed the sale of the winding-down Goedehoop North assets at the end of 2025, with rehabilitation liabilities moving to the buyer on completion. The June 2026 pre-close said the sale was still being progressed.
Next milestone Completion expected in the second half of 2026Liabilities Rehabilitation liabilities transfer to the purchaser on …Next Completion of the sale expected in the second half -
Disposal SHAWBROOK GROUP PLC SHAW£1,473m
Sale of Blue Motor Finance
Shawbrook signed a contract on 4 August 2026 to sell its Blue Motor Finance loan portfolio, reported as assets held for sale of £276.9 million in the H1 2026 results (5 August 2026).
Business sold Blue Motor Finance loan portfolio, classified as assets …Size £276.9 million of loans held for sale, included in the …Next completion of the sale; price and buyer not stated
July 2026
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Disposal Franchise Brands FRAN£289m
Review of non-core business disposals
In March 2026 the Board began reviewing sales of non-core businesses. The H1 results say the Group is simplifying to three core B2B franchised businesses. No sale or buyer is named, and any proceeds would go to debt repayment.
Focus Simplify to three core B2B franchised businessesUse of money Any disposal proceeds applied to accelerate debt repayment -
Disposal MS International MSI£261m
Disposal of non-core divisions
Presently, I am not in a position to give more detail as we are currently negotiating with potential buyers but I am hoping that an announcement can be made before the end of the summer.
Next Announcement on Petrol Station Superstructures and Branding sale; Forgings process after
June 2026
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Disposal Roadside Real Estate ROAD£99m
Cambridge Sleep Sciences exit
Roadside is exiting its 48.2% stake in Cambridge Sleep Sciences through a put option with CGV Ventures 1 Ltd, restructured into three tranches on 9 Feb 2026. Tranche 1 (£14m) was exercised on 1 March 2026 and paid on 20 May 2026.
Price £14.0m · 13.3% of market valueNext Third put tranche, £20m, exercisable 1 Sep · in 309 days -
Disposal IG Design Group IGR£80m
DG Americas wind-down
DG Americas was sold to Hilco on 30 May 2025 and Hilco is realising the entities. The FY2026 results show a £110.2m loss on disposal and a £117.7m loss from discontinued operations. Future proceeds remain valued at £nil.
Buyer Hilco, completed 30 May 2025Loss on disposal £110.2m; loss from discontinued operations £117.7mNext Hilco realisation of DG Americas entities
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.