Situations

Today

1. Big fundraise Sareum Holdings SAR£38m moved

   Discounted equity fundraise

   Sareum Holdings is raising £3.34 million by placing, 12.6% of its market value, at a 49% discount; the shares moved −40% on the day.

   Raise Placing · £3.34 millionOf market value 12.6%Discount 49% to the last close

   Next Admission of shares and result of WRAP Retail Offer 29 Oct · in 1 days −41% since 8 Oct · moved 28 Oct
2. Big fundraise Quantum Base Holdings plc QUBE£16m new

   Placing of 27% of the market value

   Quantum Base Holdings plc is raising £4.3m by placing, 26.8% of its market value.

   Stage CompletedRaise Placing · £4.3mOf market value 26.8%

   +0% since 28 Oct · moved 28 Oct
3. Big fundraise Pulsar Group PULS£20m new

   Placing of 25% of the market value

   Pulsar Group is raising up to £5.0m by placing, 25% of its market value.

   Stage AnnouncedRaise Placing · up to £5.0mOf market value 25%

   +0% since 28 Oct · moved 28 Oct

Yesterday

1. Takeover Atlantic Lithium Limited ALL£111m moved

   Offer for the company

   Huayou's all-cash Scheme at US$0.25486 per share (26.6% premium) was agreed in a binding SID on 7 May 2026 with unanimous board backing. FIRB approval was received in the quarter.

   Stage ApprovedOffer 18.8pPremium +4% on 18pSpread now +17.1% to the offerBoard recommends

   Next First Court Hearing to convene Scheme Meeting 5 Nov · in 8 days −11% since 23 Feb · moved 27 Oct
2. Takeover Vesuvius VSVS£1,093m moved

   Possible offer

   RHI Magnesita has made unsolicited proposals since 29 September 2025 (first 448p cash), all rejected.

   Stage ApproachOffer 470p in cash and sharesPremium +26% on 374.4pIrrevocables 23%Board engaging

   Next firm offer or walk away (Rule 2.6) 24 Nov · in 27 days +23% since 29 Sep · moved 27 Oct
3. Capital return Shoe Zone SHOE£34m moved

   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 £3.5 millionOf market value 11.6%

   +11% since 11 Aug · moved 27 Oct
4. Activist Workspace Group WKP£637m moved

   Saba Capital Management, L.P. campaign

   Saba proposed a 12-month wind-down on 8 January 2026, which the Board rejected. It requisitioned board changes on 8 May, widened them to all six NEDs on 22 May, and holds about 21.12%.

   Activist Saba Capital Management, L.P.Stake 29.7302% – just under the 30% bid thresholdWants board seat(s)Board engaging

   −16% since 6 Aug · moved 27 Oct
5. Big fundraise Pennon Group PNN£1,747m moved

   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 close

   −17% since 7 Oct · moved 27 Oct
6. Debt & refinancing S&U SUS£231m new

   Securitisation funding facilities

   On 27 Oct 2026 S&U announced two new securitisation facilities from two Tier 1 UK financial institutions, providing up to £600m over an initial three-year term.

   Size Up to £600m: £350m for Advantage (motor), £250m for Aspen …Term Initial three years

   Next Growth plans for next three years at full year results 20 Apr · in 174 days +2% since 27 Oct · moved 27 Oct
7. Profit outlook Inspiration Healthcare Group IHC£17m moved

   Profit upgrade

   Guidance has been raised several times since June 2026. With the interim results on 27 October 2026 the company upgraded FY27 revenue expectations to at least £43m, citing 26% underlying H1 growth and a growing pipeline.

   Direction ahead of expectations / raisedReaction on the day +5%In 12 months 4 statements in the same direction

   Next Final results for FY27 15 Jun · in 230 days −25% since 16 Jun · moved 27 Oct
8. Profit outlook Redcentric RCN£86m new

   Results ahead of expectations

   Redcentric reported results ahead of expectations twice in the last 12 months. The 27 Oct 2026 H1 update puts EBITDA at c.£9.1m, flat and modestly above management's own expectations, with revenue down to c.£63.7m.

   Direction ahead of expectations / raisedReaction on the day +3%In 12 months 2 statements in the same direction

   Next Interim results with expected interim dividend 7 Dec · in 40 days +3% since 27 Oct · moved 27 Oct

Monday

1. Takeover Grit Real Estate Income Group Limited GR1T£32m new

   Development platform disposal

   A proposal for GREA and APDM was first disclosed on 29 April 2026. On 26 Oct 2026 the Board accepted a conditional binding offer, but definitive agreements are still to be completed.

   Business sold Group's interests in GREA and APDM plus certain associated …Status Conditional binding offer accepted 26 Oct 2026; definitive …

   Next Definitive agreements and lender agreement on terms and timing +0% since 26 Oct · moved 26 Oct
2. Activist Auction Technology Group ATG£580m moved

   FitzWalter Capital Limited campaign

   FitzWalter's campaign dates from 13 Dec 2024. Its possible offers lapsed on 2 Feb 2026 when it said it would not bid.

   Activist FitzWalter Capital LimitedStake 27.4533%Wants board seat(s), sale of the company, return of capital

   Next Board to call general meeting; further update in due course; FY26 results 24 Nov · in 27 days −16% since 13 Dec · moved 26 Oct
3. Debt & refinancing Grit Real Estate Income Group Limited GR1T£32m new

   Lender support and restructuring

   Lenders have supported the Group with maturity extensions, standstills, working capital and covenant condonements, but support is conditional.

   Lender support Maturity, standstill, working capital and covenant …Reporting 18-month audited results and 30 June 2026 interims not …

   Next Lender agreement on liquidity, covenants and transaction milestones +0% since 26 Oct · moved 26 Oct
4. Debt & refinancing Critical Metals CRTM£83m moved

   Additional funding requirement

   The £2.1m NIU convertible loan note was raised on 31 December 2025. The final results state that part of the funds went on restructuring, debt reduction and Molulu, and that fieldwork restarted after funds were released.

   Amount £2.1 million convertible loan note from NIUUse of money Restructuring, debt reduction and advancing the Molulu …

   +840% since 7 Nov · moved 26 Oct

Friday

1. Debt & refinancing Bezant Resources BZT£25m new

   Yorkville loan facility

   On 22 October 2026 Bezant completed a £4M gross unsecured, non-convertible loan with Yorkville's YA II PN Ltd, drawn in full, as an alternative to an immediate £4M equity placing.

   Size £4 million gross, drawn in full; 6% upfront fee and £20,000 …Interest 5% p.a., unsecured, non-convertible, repayable in cash

   Next First £400,000 repayment; ATM facility to be set up within 15 business days 15 Jan · in 79 days −10% since 23 Oct · moved 23 Oct
2. Profit outlook Robinson RBN£19m new

   2026 profit guidance

   Guidance was lowered in December 2025 and on 20 August 2026 to £2.2m-£2.6m after Middle East cost pressure. On 25 September the Board said 2026 was in line, but a £3.3m-revenue contract would not be renewed.

   Direction below expectations / warningReaction on the day −8%In 12 months 1 statement in the same direction

   Next 2026 results and FY2027 mitigation update 4 Mar · in 127 days −4% since 23 Oct · moved 23 Oct

Thursday

1. 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 −17% since 22 Oct · moved 22 Oct
2. Disposal Synthomer SYNT£185m

   Broadened divestment programme

   Divestment programme broadened Oct 2025. Acrylate Monomers sale announced 19 June 2026 and completed 30 Sep 2026 as planned.

   Use of money Enhance strategic focus and reduce debtOther projects Good progress on other divestment projects (22 Oct 2026); …

   Next update on other divestment projects +99% since 23 Oct · moved 22 Oct
3. Disposal 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 begun

   Next Outcome of sale processes −4% since 22 Oct · moved 22 Oct
4. 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 27 days +2% since 22 Oct · moved 22 Oct
5. Big fundraise Cornish Metals PLC TIN£94m new

   Placing of 179% of the market value

   Cornish Metals PLC is raising approximately £135 million (before expenses) by placing, 179.3% of its market value, at a 41.2% discount; the shares moved −41% on the day.

   Stage AnnouncedRaise Placing · approximately £135 million (before expenses)Of market value 179.3%Discount 41.2% to the last close

   −33% since 14 Oct · moved 22 Oct
6. 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 close

   Next General Meeting to approve the fundraise, then Admission 11 Nov · in 14 days −37% since 19 Oct · moved 22 Oct
7. Profit outlook Camellia CAM£135m

   Full-year trading outlook

   On 26 Aug Kakuzi flagged 2026 net earnings at least 25% lower, and the H1 results (3 Sep) added El Nino as a headwind.

   Direction below expectations / warningReaction on the day −7%In 12 months 2 statements in the same direction

   Next final 2026 trading result, shaped by Q4 phasing −9% since 26 Aug · moved 22 Oct
8. Profit outlook Essentra ESNT£326m new

   Profit upgrade

   Essentra raised its guidance on 22 Oct 2026; the shares moved +5% on the day.

   Stage Guidance raisedDirection ahead of expectations / raisedReaction on the day +5%In 12 months 1 statement in the same direction

   +2% since 22 Oct · moved 22 Oct

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.