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.
Special dividends, tender offers, returns of capital, large buy-backs.
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Capital return Celebrus Technologies CLBS£19m
Share buyback programme
The up-to-1,000,000-share buyback through Cavendish launched on 13 Feb 2026. The H1 update shows $2.0m spent in the period, alongside a $1.2m final dividend, while cash fell to $22.3m.
Buyback spend of $2.0m reported in H1 -
Capital return Baltic Classifieds Group BCG£786m
Buyback programme
Baltic Classifieds Group: buyback programme of €180 million, 23% of the market value – proposed (30 Sep 2026).
Kind buyback programmeAmount €180 millionOf market value 23%€118.0m drawn; leverage 0.7x -
Capital return FirstGroup FGP£1,106m
Buyback programme
FirstGroup: buyback programme of £100m, 9.8% of the market value – proposed (12 Oct 2026).
Kind buyback programmeAmount £100mOf market value 9.8%Proposed -
Capital return Venture Life Group VLG£80m
Share buyback programme
The buyback began in September 2025 and was extended on 20 August 2026. The results show £4.7m returned by period end (about 7.0m shares). After the period a further 3.6m shares were bought for £2.4m.
Total returned £7.1 million, 10.6 million shares, average price 67.3 pencePost-period buying 3.6 million shares for £2.4 millionExtended programme run to 28 September; 10.6m shares boughtNext Board decision on any further buyback after the extended programme -
Capital return YouGov YOU£314m
Share buyback replacing dividend
In March 2026 the Board said it expected to replace the annual dividend with a buyback, citing a gap between intrinsic and market value. Facilities were amended by 6 Aug 2026.
Balance sheet Year-end leverage 1.7x; net debt £142.1m; debt facilities …Size Up to £15m maximum aggregate consideration, in lieu of the …Buyback launched 13 Oct 2026, run by BerenbergNext Buyback expected to complete within second half of FY27 -
Capital return AdvancedAdvT Limited ADVT£233m
£10m buyback and possible tender offer
Having already completed £10.0 million of share buyback, and we have initiated a further £10 million programme in September.
Second £10m buyback under wayNext half year results 2 Nov · in 7 days -
Capital return Gulf Keystone Petroleum Ltd Com Shs GKP£462m new
Special dividend
Gulf Keystone Petroleum Ltd Com Shs: special dividend of USD 50 million, 4.2% of the market value – proposed (20 Oct 2026).
Kind special dividendAmount USD 50 millionOf market value 4.2%Proposed
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.