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.
Yesterday
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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 capitalNext General Meeting vote on removing the Chair -
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 -
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 …
Friday
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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 cashNext First £400,000 repayment; ATM facility to be set up within 15 business days 15 Jan · in 80 days -
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 directionNext 2026 results and FY2027 mitigation update 4 Mar · in 128 days
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 -
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 -
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 28 days -
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 -
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 -
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 directionNext final 2026 trading result, shaped by Q4 phasing -
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
Wednesday
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Takeover SThree STEM£358m
Possible offer
Circle8 approached SThree on 9 Sep 2026 and confirmed an unpriced all-cash possible proposal on 11 Sep, which the Board unanimously rejected as significantly undervaluing the company.
Stage ApproachFunding Structured as all cash, without issuing additional Circle8 …Certainty No certainty any firm offer will be made or of its termsBoard mindedNext firm offer or walk away (Rule 2.6) 18 Nov · in 22 days -
Takeover Mobico Group MCG£246m new
Possible offer
A bidder has made a possible offer for Mobico Group at 46p in cash, a premium of 55% on 29.7p.
Stage ApproachOffer 46p in cashPremium +55% on 29.7pSpread now +18.7% to the offer -
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 -
Profit outlook Hardide HDD£94m
Profit upgrade
Hardide said it is trading ahead of expectations on 21 Oct 2026; the shares moved +7% on the day. It is the fourth such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +7%In 12 months 6 statements in the same direction -
Profit outlook Hercules Plc HERC£30m new
Profit upgrade
Hercules Plc raised its guidance on 21 Oct 2026; the shares moved +9% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +9%In 12 months 2 statements in the same direction -
Profit outlook Serabi Gold SRB£137m new
Profit warning
Serabi Gold issued a profit warning on 21 Oct 2026; the shares moved −11% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −11%In 12 months 1 statement in the same direction
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 -
Capital return Gulf Keystone Petroleum Ltd Com Shs GKP£462m new
Special dividend
Gulf Keystone Petroleum Ltd Com Shs: special dividend of USD 50 million, 4.2% of the market value – proposed (20 Oct 2026).
Stage ProposedKind special dividendAmount USD 50 millionOf market value 4.2% -
Profit outlook Cropper (James) CRPR£76m
Profit upgrade
Cropper raised its guidance on 20 Oct 2026; the shares moved +14% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +14%In 12 months 3 statements in the same direction -
Profit outlook Ixico IXI£22m
Profit upgrade
Ixico raised its guidance on 20 Oct 2026; the shares moved +10% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +10%In 12 months 2 statements in the same direction -
Profit outlook Genuit Group GEN£640m new
Subdued market and profit guidance
Since Nov 2025 profit guidance has tracked a subdued market. In May 2026 FY26 was guided to the lower end of the £94.7m-£105.5m range, and on 11 Aug H1 came in line.
Direction below expectations / warningReaction on the day −12%In 12 months 1 statement in the same directionNext FY26 results with 2027 outlook 1 Mar · in 125 days -
Disposal Zenith Energy LTD.Com Shs ZEN£29m
Partial sale of solar portfolio
Zenith planned in Oct 2025 to sell part of its solar portfolio. WESOLAR signed a non-binding MoU on 15 Jul 2026 for about 50 MWp of Piedmont projects at EUR 12m against about EUR 5m cost.
Price £10.2m · 30.4% of market valueNext conclude sale negotiations -
Delisting Glenveagh Properties (CDI) GLV£978m new
Delisting from London Stock Exchange
Glenveagh announced on 19 Oct 2026 its intention to delist from the LSE after a review of its listing structures, citing low LSE trading activity and the extra cost and regulatory burden.
Reason Review of listing structures: level of LSE trading …Last trading day Friday 27 November 2026 on the LSENext Last day of LSE trading, then cancellation of LSE listing 27 Nov · in 31 days -
Profit outlook Diales Group Plc DIAL£17m new
Results ahead of expectations
Diales Group Plc said it is trading ahead of expectations on 19 Oct 2026; the shares moved +10% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +10%In 12 months 2 statements in the same direction -
Profit outlook Iofina IOF£90m new
Results below expectations
Iofina said it is trading below expectations on 16 Oct 2026; the shares moved −7% on the day.
Stage Below expectationsDirection below expectations / warningReaction on the day −7%In 12 months 1 statement in the same direction -
Takeover Kenmare Resources (CDI) KMR£200m
Possible offer
On 6 Oct 2026, after press speculation, Kenmare confirmed a non-binding proposal from IRH for a possible cash offer for the whole company. The 15 Oct Q3 report says talks are ongoing and gives no price or new terms.
Stage ApproachBidder International Resources Holdings RSC Ltd (IRH)Offer Non-binding proposal for a possible cash offer for the …Next IRH firm offer or no-offer statement under Rule 2.7/2.8 17 Nov · in 21 days -
Disposal Norcros NXR£273m
Sale of South African operations
The Board said on 12 May 2026 it would explore a sale of the profitable South African business, completing the shift to a capital-light UK and European brand group.
Status Process to potentially dispose of the South African …Buyer Not statedNext Disposal process progressing; interim results due 19 Nov · in 23 days -
Profit outlook THG THG£630m
Profit upgrade
THG raised its guidance on 15 Oct 2026; the shares moved +16% on the day. It is the fourth such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +16%In 12 months 4 statements in the same direction -
Profit outlook TPXimpact Holdings TPX£90m new
Profit upgrade
TPXimpact Holdings raised its guidance on 15 Oct 2026; the shares moved +17% on the day. It is the second such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +17%In 12 months 2 statements in the same direction -
Profit outlook Dunelm Group DNLM£1,727m
Furniture availability recovery
Guidance went from 'in line' in October 2025 to the lower end of consensus in April 2026, then in line with £210m consensus in July. FY26 PBT of £211.0m was flat.
FY26 PBT £211.0m, flat on FY25Early FY27 significantly softer first six weeks due to hot weather; …Next Q2 trading update 14 Jan · in 79 days -
Profit outlook XPS Pensions Group XPS£692m new
Results ahead of expectations
XPS Pensions Group said it is trading ahead of expectations on 15 Oct 2026; the shares moved +8% on the day.
Stage Ahead of expectationsDirection ahead of expectations / raisedReaction on the day +8%In 12 months 1 statement in the same direction -
Big fundraise Ferrexpo FXPO£341m
Placing of 25% of the market value
Ferrexpo is raising minimum US$100 million by placing, 25.2% of its market value, at a 42.3% discount; the shares moved +13% on the day.
Stage CompletedRaise Placing · minimum US$100 millionOf market value 25.2%Discount 42.3% to the last close -
Profit outlook Vertu Motors VTU£264m
Profit upgrade
Vertu Motors raised its guidance on 14 Oct 2026; the shares moved +4% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +4%In 12 months 3 statements in the same direction -
Profit outlook Thor Explorations Ltd THX£330m new
Profit warning
Thor Explorations Ltd issued a profit warning on 14 Oct 2026; the shares moved −9% on the day.
Stage Profit warningDirection below expectations / warningReaction on the day −9%In 12 months 1 statement in the same direction -
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 -
Capital return YouGov YOU£314m
Share buyback replacing dividend
In March 2026 the Board said it expected to replace the annual dividend with a buyback, citing a gap between intrinsic and market value. Facilities were amended by 6 Aug 2026.
Balance sheet Year-end leverage 1.7x; net debt £142.1m; debt facilities …Size Up to £15m maximum aggregate consideration, in lieu of the …Next Buyback expected to complete within second half of FY27 -
Profit outlook Marston's MARS£364m
Profit upgrade
Marston's raised its guidance on 13 Oct 2026; the shares moved +15% on the day. It is the third such statement in 12 months.
Direction ahead of expectations / raisedReaction on the day +15%In 12 months 3 statements in the same direction
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.