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.
Large or deeply discounted share issues.
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Big fundraise Pennon Group PNN£1,747m
Rights issue
On 7 October 2026 Pennon launched a c.£550m fully underwritten rights issue to fund the enlarged AMP8 water investment. Terms are now set: 7 new shares for every 15 held at 250p, a 35.5% discount to TERP.
Raise Rights issue · £550 millionOf market value 35.7%Discount 44.7% to the last closeNext Results of the rights issue announced 27 Oct · today -
Big fundraise Sareum Holdings SAR£38m new
Discounted equity fundraise
Sareum paused AIM trading on 8 Oct 2026 to run a fundraise, and on 26 Oct 2026 announced a conditional £3.2m subscription at 14p, a c.49% discount, with warrants.
Size c.£3.2m before expenses; 22,807,143 new shares; WRAP offer …Price 14p per shareNext Admission of shares and result of WRAP Retail Offer 29 Oct · in 2 days -
Big fundraise 4basebio 4BB£81m
Leadership transition and commercial push
New CEO Amy Walker took over in February 2026 to lead a commercial growth push. H1 results on 28 September showed a £63m pipeline but only £0.3m revenue, an £8.9m loss and £14.1m cash.
Other insiders M&G 465,830 shares; Elevage 256,504 shares; directors £0.3m …Next milestone Admission expected 8.00 a.m. on 10 November 2026; General …Next General Meeting result, then Admission of new shares 10 Nov · in 14 days -
Big fundraise Invinity Energy Systems IES£66m new
Equity fundraise at 10p
On 19 Oct 2026 Invinity announced a fundraise of at least £20m at 10p per share, a 43.5% discount, with shares suspended. On 20 Oct 2026 it reported a £10m oversubscribed placing and NWF's £10m cornerstone.
Raise Placing · approximately £20 millionOf market value 19.8%Discount 43.5% to the last closeNext General Meeting to approve the fundraise, then Admission 11 Nov · in 15 days
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.