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.
A company or its board looking for a buyer.
Thursday
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Sale process Arc Minerals Limited ARCM£14m new
Kabompo West strategic partnership
After the Settlement Agreement reached in the previous quarter, Arc is running a dual-track strategy at Kabompo West in Zambia.
Track 1 Advanced discussions with a shortlist of large mining …Track 2 Review of geological, geophysical and drilling database, …Next Update on partnership talks and project review -
Sale process Bloomsbury Publishing BMY£505m new
Sale of Who’s Who and Osprey Games
Bloomsbury decided earlier in 2026 to sell Who’s Who and Osprey Games, both in Special Interest. The 22 Oct 2026 interims say sale processes have begun; Consumer margin was 9.5%, or 11.6% excluding Special Interest.
Stage Sale processes begunBusiness sold Who’s Who and Osprey Board Games (Special Interest, …Status Sale processes begunNext Outcome of sale processes
Earlier this month
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Sale process GB Group GBG£354m new
Strategic options for Global Fraud Solutions
On 20 October 2026 GBG said the non-core Global Fraud Solutions business, about 5% of revenue, declined more than expected on licence renewal timing, churn and fewer new wins. It is still assessing strategic options;
Business Global Fraud Solutions, non-core, c.5% of total revenueTrading declined more significantly than expected in 1H27Next Outcome of the strategic options assessment -
Sale process YouGov YOU£314m
Shopper strategic review
YouGov began a strategic review of Shopper in March 2026 to unlock long-term value. On 13 Oct 2026 it said the review is ongoing with no outcome given.
Stage Review ongoing; no outcomeShopper H1 profit £6.8m adjusted operating profit (HY25: £13.9m)Incremental investment £6m expected in FY26Next further update on the review -
Sale process NAHL Group NAH£22m
Strategic options for shareholder value
Review of options to accelerate shareholder value began in May 2026. The first disposal, Searches UK, has now completed. Capital allocation policy is under review and net cash is expected by end October 2026.
Price £1.2m · 5.9% of market valueNext Further updates in due course; capital allocation policy review -
Sale process Real Estate Investors RLE£54m
Possible sale of entire portfolio
Management remains open to a corporate transaction that could provide a more rapid conclusion to its stated disposal and wind-down strategy, provided that it delivers attractive value for …
Price £26.9m · 47.3% of market value
September 2026
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Sale process Pollen Street POLN£547m
Strategic review and possible offer
Following media speculation, on 2026-09-23 Pollen Street confirmed a Rule 2.4 strategic review to deliver greater value for shareholders, with a take-private as one option.
Stage Strategic review begun; preliminary discussions with a …Possible outcome Take-private is one of multiple options; no certainty of an …Next further announcement as and when appropriate -
Sale process Aptitude Software Group APTD£116m
Strategic review
Formal sale process launched 8 April 2026 with the £20m buyback suspended and no offer received.
Proposals Non-binding indicative proposals from trade and private …Board view Continuing discussions with certain parties on a cash offer …Next Further announcements on discussions as appropriate -
Sale process Kore Potash KP2£186m
Formal sale process
Kore began a formal sale process on 4 November 2025 after approaches from two parties. One suspended its interest on 27 February 2026. A new party approached on 8 June 2026, so two are again engaged.
Bidders Original party continuing due diligence; new party …Price Not stated; no firm offerNext outcome of due diligence by the two engaged parties -
Sale process Team Internet Group plc TIG£85m
Strategic review and divestments
Strategic review of the profitable DIS segment began in November 2025. On 7 September 2026 the Board said the review is at an advanced stage, with multiple parties interested in all or parts of the division.
Stage Advanced; discussions ongoing aiming for a transaction in …Timetable Any agreed transaction expected to complete around the year …Next agree a transaction in the near term; completion around year end
August 2026
July 2026
May 2026
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.