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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 holder building towards control (25%, 29.9%).

Earlier this month

  1. Stake building Critical Mineral Resources PLC CMRS£13m

    NEBARI CARRY CF II, LLC building a stake

    NEBARI CARRY CF II, LLC raised its stake in Critical Mineral Resources PLC from 0% to 30.43% on 6 Oct 2026, crossing 29.9%.

    Stage 30.43% (from 0%)Holder NEBARI CARRY CF II, LLCStake 0% → 30.43%Crossed 29.9%
    Next over 30% a holder normally has to make an offer (Rule 9) −17% since 6 Oct · moved 6 Oct

September 2026

  1. Stake building System1 Group SYS1£43m

    Brave Bison strategic stake

    Brave Bison bought John Kearon's 23% stake in March 2026 and holds 27.85%. It made a possible offer on 10 July 2026, rejected by the board on 13 and 17 July.

    Discount 4.9% discount on 16 July 2026 closing prices (Brave Bison …Board view Rejected possible offer on 13 and 17 July 2026 as …
    Next Brave Bison decision on a firm offer +72% since 2 Mar · moved 24 Sep
  2. Stake building Jadestone Energy JSE£241m

    PT Prima Petroleum Energi building a stake

    On 2 Sep 2026 Prima Energy, an Indonesian oil and gas operator, agreed to buy c.28.3% of Jadestone from Tyrus Capital funds, its largest shareholder, under a private share purchase agreement.

    Holder PT Prima Petroleum EnergiStake 0% → 28.2779%Crossed 25%
    Next independent confirmation of the Sale received by Jadestone +21% since 3 Sep · moved 3 Sep

August 2026

  1. Stake building Caffyns CFYN£13m

    Andrew Perloff building a stake

    Andrew Perloff raised its stake in Caffyns from 22.22% to 27.34% on 19 Aug 2026, crossing 25%.

    Stage 27.34% (from 22.22%)Holder Andrew PerloffStake 22.22% → 27.34%Crossed 25%
    +19% since 19 Aug · moved 19 Aug
  2. Stake building Bay Capital BAY£11m

    DAVID JEFFREYS WILLIAMS building a stake

    Chairman David Williams had raised his stake to 25.35% from 22.8% by 13 August 2026.

    Stage 25.3499% (from 22.8%)Holder DAVID JEFFREYS WILLIAMSStake 22.8% → 25.3499%Crossed 25%
    +22% since 13 Aug · moved 13 Aug
  3. Stake building Zinc Media Group ZIN£13m

    Aberdeen Group plc building a stake

    Aberdeen Group plc raised its stake in Zinc Media Group from 0% to 32.2926% on 7 Aug 2026, crossing 29.9%.

    Stage 32.2926% (from 0%)Holder Aberdeen Group plcStake 0% → 32.2926%Crossed 29.9%
    Next over 30% a holder normally has to make an offer (Rule 9) −21% since 7 Aug · moved 7 Aug
  4. Stake building Touchstone Exploration Inc TXP£45m

    Purebond Limited building a stake

    Purebond Limited raised its stake in Touchstone Exploration Inc from 19.99% to 36.27% on 6 Aug 2026, crossing 29.9%.

    Holder Purebond LimitedStake 19.99% → 36.27%Crossed 29.9%
    Next over 30% a holder normally has to make an offer (Rule 9) +46% since 6 Aug · moved 6 Aug
  5. Stake building Trufin TRU£54m

    Watrium AS building a stake

    Watrium AS raised its stake in Trufin from 25.01% to 44.78% on 5 Aug 2026, crossing 29.9%.

    Stage 44.78% (from 25.01%)Holder Watrium ASStake 25.01% → 44.78%Crossed 29.9%
    Next over 30% a holder normally has to make an offer (Rule 9) −27% since 5 Aug · moved 5 Aug

July 2026

  1. Stake building Angus Energy ANGS£15m

    Forum Energy Services Limited building a stake

    Forum Energy Services Limited raised its stake in Angus Energy from 16.2117% to 25.6044% on 23 Jul 2026, crossing 25%.

    Stage 25.6044% (from 16.2117%)Holder Forum Energy Services LimitedStake 16.2117% → 25.6044%Crossed 25%
    +0% since 23 Jul · moved 23 Jul

June 2026

  1. Stake building Portmeirion Group PMP£24m

    AB Traction building a stake

    AB Traction raised its stake in Portmeirion Group from 15.9285% to 25.8572% on 25 Jun 2026, crossing 25%.

    Stage 25.8572% (from 15.9285%)Holder AB TractionStake 15.9285% → 25.8572%Crossed 25%
    −10% since 25 Jun · moved 25 Jun

May 2026

  1. Stake building Celebrus Technologies CLBS£19m

    Mission Trail Capital Management LLC building a stake

    Mission Trail Capital Management LLC raised its stake in Celebrus Technologies from 22.4266% to 29.4983% on 20 May 2026, crossing 25%.

    Stage 29.4983% (from 22.4266%)Holder Mission Trail Capital Management LLCStake 22.4266% → 29.4983%Crossed 25%
    −41% since 20 May · moved 20 May
  2. Stake building SkinBioTherapeutics SBTX£15m

    Mark H Dixon and Diana Dixon building a stake

    Mark H Dixon and Diana Dixon raised its stake in SkinBioTherapeutics from 0% to 26.971% on 12 May 2026, crossing 25%.

    Stage 26.971% (from 0%)Holder Mark H Dixon and Diana DixonStake 0% → 26.971%Crossed 25%
    −41% since 12 May · moved 12 May

April 2026

  1. Stake building Kazera Global KZG£17m

    Catalyse Capital Ltd & Related parties RS & CA Jennings building a stake

    Catalyse Capital Ltd & Related parties RS & CA Jennings raised its stake in Kazera Global from 22.1% to 26.13% on 30 Apr 2026, crossing 25%.

    Stage 26.13% (from 22.1%)Holder Catalyse Capital Ltd & Related parties RS & CA JenningsStake 22.1% → 26.13%Crossed 25%
    +12% since 30 Apr · moved 30 Apr

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.

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