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
September 2026
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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 -
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
August 2026
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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% -
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% -
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) -
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) -
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)
July 2026
June 2026
May 2026
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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% -
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%
April 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.