Situations

Special dividends, tender offers, returns of capital, large buy-backs.

Thursday

1. Capital return Auction Technology Group ATG£580m new

   Return of excess capital

   As set out at the HY26 results, the Board is considering options for returning excess capital to shareholders.

   Stage Board considering optionsStatus Board considering options for returning excess capital (22 …Leverage c.1.5x adjusted net debt to adjusted EBITDA expected at …

   Next Detail of capital return at FY26 results 24 Nov · in 28 days −1% since 22 Oct · moved 22 Oct

Earlier this month

1. 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).

   Stage ProposedKind special dividendAmount USD 50 millionOf market value 4.2%

   −5% since 20 Oct · moved 20 Oct
2. 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 …

   Next Buyback expected to complete within second half of FY27 +58% since 24 Mar · moved 13 Oct
3. 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.

   Next half year results 2 Nov · in 6 days +24% since 4 Mar · moved 12 Oct
4. Capital return FirstGroup FGP£1,106m

   Buyback programme

   FirstGroup: buyback programme of £100m, 9.8% of the market value – proposed (12 Oct 2026).

   Stage ProposedKind buyback programmeAmount £100mOf market value 9.8%

   +24% since 18 Jun · moved 12 Oct
5. 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.

   −58% since 13 Feb · moved 6 Oct
6. Capital return Goodwin Plc GDWN£1,077m

   Dividend policy review

   On 9 Sep 2026 the Board said it intends to pay a significant proportion of net sale proceeds to shareholders. The 30 Sep update says the Board is still weighing the mechanism with advisers; no decision on amount, timing or form.

   Proposed dividend Ordinary dividend of 330p per share (2025: 280p), up 18% …Policy Board considering capital allocation and dividend policy …

   Next Board decision on amount, timing and form of return −36% since 23 Mar · moved 30 Sep
7. 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).

   Stage €118.0m drawn; leverage 0.7xKind buyback programmeAmount €180 millionOf market value 23%

   +17% since 24 Apr · moved 30 Sep
8. 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 million

   Next Board decision on any further buyback after the extended programme +2% since 26 Jan · moved 29 Sep

September 2026

1. Capital return Capricorn Energy CNE£291m

   Special dividend

   Capricorn Energy: special dividend of US$0.99 per share – proposed (25 Sep 2026).

   Stage ProposedKind special dividendAmount US$0.99 per share

   +48% since 2 Jul · moved 25 Sep
2. Capital return Boku, Inc BOKU£382m

   Share buyback programme

   Board authorised a 4m-share buyback in January 2026, saying the shares were undervalued, with shares held in Treasury. The company repurchased 9.5m shares for $23.6m in H1, and on 8 July the Board approved a further 8m shares.

   H1 buyback 9.5m shares for $23.6m (H1 2025: 5.8m for $12.3m)Extension Up to a further 8m shares, approved 8 July 2026

   −37% since 2 Jan · moved 23 Sep
3. Capital return PureTech Health PRTC£268m

   Capital returns to shareholders

   With Celea financed and Gallop seeking outside capital, PureTech says on 22 Sep 2026 that future monetisation proceeds will go more to shareholder returns. It will also keep an adequate runway and deploy capital selectively.

   Priorities Maintain operating runway, deploy capital selectively, …Amount Not stated

   Next Details of any capital return −6% since 22 Sep · moved 22 Sep
4. Capital return The Beauty Tech Group PLC TBTG£504m

   Share buyback programme

   On 17 Sep 2026 TBTG announced its intention to launch an up to £20m buyback, to be managed by Berenberg, with shares bought to be cancelled. The Board says cash exceeds what organic growth needs;

   Size Up to £20m, before fees, expenses and stamp dutyTiming Expected to commence in the next four weeks

   Next formal start of the buyback and further announcement +39% since 17 Sep · moved 17 Sep
5. Capital return Galliford Try GFRD£675m

   Share buyback programmes

   The third £10m buyback began on 17 Sep 2025 and completed in April 2026, with 1,957,703 shares cancelled at about £5.11.

   Size £15m new buyback over the balance of the current financial …Funding Operational cash generation

   Next execute £15m buyback over the balance of FY2027 +14% since 17 Sep · moved 17 Sep
6. Capital return LSL Property Services LSL£249m

   £12m share buyback programme

   The £7m buyback was completed and followed in January 2026 by a larger £12m programme funded from existing cash.

   Size £12m programme launched January 2026Status Progressing, per 15 May 2026 AGM update

   Next complete buyback programme 1 Jan · in 66 days +1% since 27 Jan · moved 15 Sep
7. Capital return Greencoat Renewables (CDI) GRP£714m

   Buyback programme

   Greencoat Renewables: buyback programme of €50 million, 6% of the market value – under way (14 Sep 2026).

   Stage Under wayKind buyback programmeAmount €50 millionOf market value 6%

   −2% since 14 Sep · moved 14 Sep
8. Capital return Goldplat GDP£39m

   Special dividend

   Goldplat began regular dividends with quarterly assessment: 0.0878p in August 2025, 0.1171p in December 2025, 0.14638p in March 2026 and £300,000 in June 2026. On 19 Aug 2026 it declared a fourth interim of £400,000 (0.23285p).

   Kind special dividendAmount 0.87319 pence per share (approximately £1.5 million)Of market value 4.8%

   +35% since 14 Sep · moved 14 Sep
9. Capital return Trainline TRN£710m

   Buyback programme

   Trainline: buyback programme of £100,000,000, 14.8% of the market value – proposed (11 Sep 2026).

   Stage ProposedKind buyback programmeAmount £100,000,000Of market value 14.8%

   +14% since 11 Sep · moved 11 Sep
10. Capital return Currys CURY£1,473m

    £50m share buyback

    The new £50m buyback began on 2 July 2026, after the prior £50m programme was completed in FY26, and is part of c.£85m planned cash returns for 2026/27.

    Stage £23m of £50m completedNew buyback £50m, commencing 2 July 2026Returns FY26 £74m shareholder returns in the year

    Next complete the £50m buyback; further returns at interim results 17 Dec · in 51 days +15% since 18 Dec · moved 10 Sep
11. Capital return Glenveagh Properties (CDI) GLV£978m

    Buyback programme

    Glenveagh Properties: buyback programme of €100 million, 8.7% of the market value – proposed (10 Sep 2026).

    Stage Doubled to €100m from €50mKind buyback programmeAmount €100 millionOf market value 8.7%

    Next further returns from H2 cash generation as buyback runs −13% since 10 Sep · moved 10 Sep

August 2026

1. Capital return Somero Enterprises Inc. SOM£152m

   Buyback programme

   Somero Enterprises Inc.: buyback programme of US$12.0m, 7.7% of the market value – proposed (28 Aug 2026).

   Stage ProposedKind buyback programmeAmount US$12.0mOf market value 7.7%

   +41% since 23 Jul · moved 28 Aug
2. Capital return Macfarlane Group MACF£124m

   Buyback programme

   Macfarlane Group: buyback programme of £6m, 5.1% of the market value – under way (27 Aug 2026).

   Kind buyback programmeAmount £6mOf market value 5.1%

   +8% since 27 Aug · moved 27 Aug
3. Capital return Costain Group COST£651m

   Enhanced shareholder returns

   Costain confirmed a £20m buyback and 3x dividend cover with its FY25 results on 10 March 2026, after the January pension agreement.

   Buyback size £20m on-market programme in FY26Progress 2.1m shares bought for £4.0m by 13 May 2026

   +60% since 26 Jan · moved 13 Aug
4. Capital return IWG IWG£1,745m

   Share buyback and convertible repayment

   The 2026 buyback began in December 2025 and was raised to $150m from $100m on 30 June. The H1 results show $100m spent on 37,971,536 shares and $109m returned including dividends.

   Authority AGM 19 May 2026; up to 145,918,746 shares; 138,231,271 …Closed period 1 July 2026 to 11 August 2026 (2026 Interim Results)

   Next buyback update; Q3 trading update 3 Nov · in 7 days −16% since 4 Nov · moved 11 Aug
5. Capital return Shoe Zone SHOE£34m

   Buyback programme

   On 11 August 2026, alongside a trading update confirming guidance, Shoe Zone began a buyback of up to about £3.47m, run by broker Zeus under an irrevocable, non-discretionary mandate.

   Kind buyback programmeAmount £3.47 millionOf market value 11.6%

   +21% since 11 Aug · moved 11 Aug
6. Capital return OSB Group OSB£1,615m

   £100m share repurchase programme

   A new £100m programme began on 6 March 2026, run by Jefferies, with a 13-13.5% post-Basel 3.1 CET1 target. By 4 August 2026 £69.5m had been repurchased, up from £30.2m on 28 April.

   Stage £69.5m bought by 4 AugustCET1 15.2% at 30 June 2026 (15.8% at 31 December 2025), …Dividend Final 24.1p; total 35.3p, up 5%

   Next Complete buyback no later than 6 March 2027 6 Mar · in 130 days −8% since 6 Nov · moved 6 Aug
7. Capital return Georgia Capital CGEO£1,243m

   GEL 700m capital return programme

   The GEL 700m capital return programme, announced in August 2025 for completion by end-2027, is now effectively complete through the early bond call and the buyback extension.

   Timing Completed about 18 months ahead of the end-2027 scheduleBuyback authority Maximum 5,049,543 shares under the 2026 AGM authority

   +69% since 27 Oct · moved 4 Aug

July 2026

1. Capital return Elementis ELM£1,023m

   Pharma proceeds share buyback

   The sale of the pharma business to ABF was agreed on 5 March 2026 with net cash proceeds to be returned to shareholders, and completed on 2 June 2026.

   Stage New c£25m buyback launchedSize c£25m (c$35m)Funding Net cash proceeds from sale of the pharmaceutical …

   Next buyback execution using pharma sale proceeds +4% since 30 Jul · moved 30 Jul
2. Capital return Paragon Banking Group PAG£1,269m

   FY26 share buy-back

   A further £50.0m buy-back for FY26 started via Peel Hunt (announced December 2025, began July 2026) after the SFS sale added to CET1. The Q3 update keeps FY26 buy-backs at up to £100m.

   Size FY26 buy-backs up to £100 million, unchanged; further …Capital after buy-back June 2026 pro forma CET1 13.5%, Tier 1 15.2%, TCR 16.9%, …

   Next full year results and buy-back completion 1 Dec · in 35 days −15% since 3 Dec · moved 29 Jul
3. Capital return Franchise Brands FRAN£289m

   Share buy-back programme

   A buy-back of up to £10m was announced in January 2026, subject to consents, and the share premium cancellation was proposed to create reserves.

   Reserves About £131.1m of additional distributable reserves created; …Buy-back size Up to £10m announced in January 2026

   +15% since 28 Jan · moved 29 Jul
4. Capital return Science Group SAG£229m

   Buyback programme

   Science Group: buyback programme of £20.0m, 8.5% of the market value – proposed (27 Jul 2026).

   Kind buyback programmeAmount £20.0mOf market value 8.5%

   Next buy-back spend expected to exceed £20.0m in 2026 −3% since 27 Jul · moved 27 Jul
5. Capital return PayPoint PAY£418m

   Buyback programme

   PayPoint: buyback programme of £25 million, 7.2% of the market value – proposed (1 Jul 2026).

   Stage ProposedKind buyback programmeAmount £25 millionOf market value 7.2%

   +24% since 1 Jul · moved 1 Jul

June 2026

1. Capital return Pets at Home Group PETS£1,029m

   Buyback programme

   The dividend was rebased to a 50% payout on 31 March 2026, with the saving redirected to buybacks and total returns unchanged. The £50m buyback started on 24 June via Deutsche Bank, with shares cancelled.

   Kind buyback programmeAmount £50 millionOf market value 6.2%

   +40% since 24 Jun · moved 24 Jun
2. Capital return Telecom Plus TEP£682m

   Buyback programme

   Telecom Plus: buyback programme of £40 million, 7% of the market value – under way (23 Jun 2026).

   Stage Under wayKind buyback programmeAmount £40 millionOf market value 7%

   −6% since 23 Jun · moved 23 Jun
3. Capital return IG Design Group IGR£80m

   Distributable reserves and dividend

   The DG Americas sale left no distributable reserves in Dec 2025. The High Court approved the capital reduction on 3 Mar 2026.

   Buyback Up to 10% of issued share capital, under 2025 AGM …Framework New capital allocation: growth, progressive dividend, …

   +97% since 2 Dec · moved 16 Jun

May 2026

1. Capital return CVS Group CVSG£884m

   Buyback programme

   Began in October 2025 as a £20m buyback funded from headroom, with leverage at 1.18x. After the CMA final decision and the bank refinancing, the Board launched up to £50m.

   Kind buyback programmeAmount £50 millionOf market value 5.8%

   Next Completion of buyback; capital allocation presentation 24 Nov · in 28 days +9% since 26 May · moved 26 May
2. Capital return Conduit Holdings Limited Com Shs CRE£634m

   Buyback programme

   A new buyback of up to $50m was approved on 13 May 2026, subject to AGM approval, after the previous programme was substantially completed.

   Kind buyback programmeAmount $50 millionOf market value 5.1%

   −5% since 26 May · moved 26 May
3. Capital return Restore RST£404m

   Buyback programme

   A £20m buyback was announced with the FY25 results and launched in March 2026. By the H1 results £4.6m had been purchased, and leverage fell to 1.7x within the 1.5x-2.0x target range, so the programme is being funded alongside …

   Kind buyback programmeAmount £20mOf market value 6.1%

   +36% since 12 Mar · moved 12 May
4. Capital return Mcbride MCB£299m

   Buyback programme

   Mcbride: buyback programme of £20 million, 9% of the market value – under way (1 May 2026).

   Stage Under wayKind buyback programmeAmount £20 millionOf market value 9%

   +63% since 20 Nov · moved 1 May

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.