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.
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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 cashFacility agreed 22 Oct 2026 and drawn in fullNext First £400,000 repayment; ATM facility to be set up within 15 business days 15 Jan · in 82 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 directionGuidance cut again to £1.2m-£1.6mNext 2026 results and FY2027 mitigation update 4 Mar · in 130 days - Thursday
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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); …Acrylate sale done; other projects progressingNext update on other divestment projects -
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 directionGuidance cut to £3-5m trading lossNext 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.
Direction ahead of expectations / raisedReaction on the day +5%In 12 months 1 statement in the same directionGuidance raised - 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.
Funding Structured as all cash, without issuing additional Circle8 …Certainty No certainty any firm offer will be made or of its termsBoard mindedApproachNext firm offer or walk away (Rule 2.6) 18 Nov · in 24 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.
Offer 46p in cashPremium +55% on 29.7pSpread now +13.9% to the offerApproach -
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 …Retail offer closed; raise awaiting shareholder approvalNext General Meeting result, then Admission of new shares 10 Nov · in 16 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 directionAhead of expectations · fourth in 12 months -
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 directionGuidance raised · second in 12 months -
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.
Direction below expectations / warningReaction on the day −11%In 12 months 1 statement in the same directionProfit warning - Tuesday
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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 1H27Strategic options under assessmentNext Outcome of the strategic options assessment -
Big fundraise Invinity Energy Systems IES£66m new
Equity fundraise at 10p
On 19 Oct 2026 Invinity announced a proposed fundraise of at least £20m at 10p per share, with shares suspended.
Conditions Shareholder resolutions at the General Meeting; NWF needs …Trading status Shares suspended from 7.30am on 19 Oct 2026 until the raise …Terms set; placing bookbuild launchedNext Placing results, retail offer result, then shareholder vote at General Meeting 11 Nov · in 17 days -
Debt & refinancing XP Power Ltd. XPP£478m new
Comet litigation
The Comet litigation is ongoing. In Q3 2026 the litigation bond was released, bringing in £50.2m of cash, which cut net debt to £4.5m at 30 September 2026.
Bond released £50.2m cash received in Q3 2026 on release of the Comet …Company stance Will continue to defend its position in the caseBond released; company still defending caseNext further updates as appropriate -
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 directionGuidance raised · third in 12 months -
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 directionGuidance raised · second in 12 months -
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 directionFY26 profit guided down to c.£84mNext FY26 results with 2027 outlook 1 Mar · in 127 days - Monday
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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 valueNegotiations ongoing; no agreement announcedNext 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 LSEDelisting announced 19 Oct 2026; FCA cancellation requestedNext Last day of LSE trading, then cancellation of LSE listing 27 Nov · in 33 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 directionAhead of expectations · second in 12 months - Earlier this month
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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.
Direction below expectations / warningReaction on the day −7%In 12 months 1 statement in the same directionBelow expectations -
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.
Bidder International Resources Holdings RSC Ltd (IRH)Offer Non-binding proposal for a possible cash offer for the …ApproachNext IRH firm offer or no-offer statement under Rule 2.7/2.8 17 Nov · in 23 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 statedSale process progressing to planNext Disposal process progressing; interim results due 19 Nov · in 25 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 directionGuidance raised · fourth in 12 months -
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 directionGuidance raised · second in 12 months -
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; …FY27 guidance held; H1 PBT to be lowerNext Q2 trading update 14 Jan · in 81 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.
Direction ahead of expectations / raisedReaction on the day +8%In 12 months 1 statement in the same directionAhead of expectations -
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 directionGuidance raised · third in 12 months -
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.
Direction below expectations / warningReaction on the day −9%In 12 months 1 statement in the same directionProfit warning -
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.
Shopper H1 profit £6.8m adjusted operating profit (HY25: £13.9m)Incremental investment £6m expected in FY26Review ongoing; no outcomeNext 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 …Buyback launched 13 Oct 2026, run by BerenbergNext 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 directionGuidance raised · third in 12 months -
Capital return AdvancedAdvT Limited ADVT£233m
£10m buyback and possible tender offer
Having already completed £10.0 million of share buyback, and we have initiated a further £10 million programme in September.
Second £10m buyback under wayNext half year results 2 Nov · in 8 days -
Activist Sanderson Design Group SDG£53m
LBV ASSET MANAGEMENT LLP campaign
LBV ASSET MANAGEMENT LLP holds 14.065% of Sanderson Design Group and wants: remove the chair, board seat(s).
Activist LBV ASSET MANAGEMENT LLPStake 14.065%Wants remove the chair, board seat(s)Board opposesCircular published; board recommends voting againstNext general meeting 29 Oct · in 4 days -
Takeover First Tin 1SN£73m
Possible offer
First Tin received an unsolicited, indicative proposal from Metals X, announced 9 October 2026, for a possible cash offer at 15p per share.
Offer Preliminary, non-binding indicative cash offer for all …Bidder Metals X Limited, existing shareholder with two appointees …ApproachNext firm offer or walk away (Rule 2.6) 6 Nov · in 12 days -
Disposal Gran Tierra Energy Inc. (CDI) GTE£306m
Perico and Espejo acquisition
On 5 Aug 2026 Gran Tierra agreed to sell all its Colombia and Ecuador assets to Maurel & Prom for about $1.33bn total consideration. The 2031 Noteholders consented on 22 Sep 2026, and on 9 Oct 2026 stockholders approved the sale.
Conditions Colombian and Ecuadorian regulatory approvals and other …Noteholder consent 2031 Notes holders' consent obtainedStockholders approved; regulatory approvals pendingNext Colombian and Ecuadorian regulatory approvals; closing targeted around 31 Dec 2026 31 Dec · in 67 days -
Activist Workspace Group WKP£637m
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 engagingBoard urging votes against Saba before AGM -
Debt & refinancing Gran Tierra Energy Inc. (CDI) GTE£306m
October 2026 notes amortization
The sale agreement of 5 Aug 2026 provides for the purchaser to assume the 2029 and 2031 notes and for Gran Tierra to redeem the 2027 Notes from proceeds. The 2031 Notes consent was obtained on 22 Sep 2026.
Notes assumed 2031 Notes and 2029 Notes assumed by purchaserNotes redeemed 2027 Notes redeemed by company from proceeds2031 Notes consent in hand; sale closing pendingNext Closing of the Sale, when the 2031 Notes amendments take effect 31 Dec · in 67 days -
Profit outlook Caledonia Mining Corporation CMCL£310m
Profit warning
Caledonia Mining Corporation issued a profit warning on 9 Oct 2026; the shares moved −4% on the day. It is the second such statement in 12 months.
Direction below expectations / warningReaction on the day −4%In 12 months 2 statements in the same directionProfit warning · second in 12 months -
Profit outlook Oxford Metrics OMG£39m
FY26 guidance cut
On 17 June 2026 FY26 revenue guidance of c.£56m for the 15 months was confirmed. On 9 October 2026 the Board cut it to £47-51m with an Adjusted EBIT loss of £0.5-3.9m, against market expectations of £56.2m and a £3.0m profit.
Direction below expectations / warningReaction on the day −6%In 12 months 1 statement in the same directionWarning issued 9 October 2026Next Interim results for 12 months to 30 September 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.