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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Capital return Taylor Maritime Investments Limited TMIP£52m
Special dividend
Capital is returned through compulsory redemptions rather than dividends. No additional dividend is declared following the 24 April 2026 policy change.
Kind special dividendAmount $45 millionOf market value 186.2%Fourth $45m redemption confirmed, effective 26 OctNext Present plans for cancellation of listing after December redemption 26 Oct · in 1 days -
Capital return Shoe Zone SHOE£34m
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 £3.47 millionOf market value 11.7%Started 11 August 2026, broker-managedNext Buyback period ends, or earlier if authority is exhausted 26 Oct · in 1 days -
Big fundraise Pennon Group PNN£1,747m
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.
Size approximately £550 million; 220,257,997 new shares, fully …Use of money Deliver the strategic plan and invest in additional growth …Terms set; subscription period opens 12 OctoberNext Results of the rights issue announced 27 Oct · in 2 days -
Takeover Vesuvius VSVS£1,093m
Possible offer
RHI Magnesita has made unsolicited proposals since 29 September 2025 (first 448p cash), all rejected.
Offer 448p in cashPremium +20% on 374.4pSpread now +0.9% to the offerBoard opposesApproachNext RHIM firm offer (Rule 2.7) or walk away 27 Oct · in 2 days -
Profit outlook C&C Group (CDI) CCR£383m
Earnings guidance downgrade and Distribution margin rebuild
January's guidance cut was confirmed by FY26 operating profit of €70.5m. The 11 September 2026 update says the half to August is in line, with H1 underlying operating profit expected at €43-44m and full-year profit on track with …
FY26 profit Operating profit before exceptionals €70.5m (FY25: €77.1m); …Leverage 1.6x (FY25: 0.9x); net debt €121.4mH1 profit €43-44m in line; full year on trackNext Interim results 28 Oct · in 3 days -
Activist Sanderson Design Group SDG£53m
LBV ASSET MANAGEMENT LLP campaign
The removal of the Chair at the instigation of a single shareholder, coupled with the simultaneous appointment of that shareholder's own nominee, would not serve the interests of shareholders as a …
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 -
Debt & refinancing Oxford Biodynamics OBD£16m
Funding requirement by late August
The company said on 30 June 2026 that it needed new funds by late August, with cash of £1.38m at 31 May and no non-dilutive deal. It announced a £9.15m placing on 10 August;
Size £9.15m placing of 9,150,000,000 new sharesPrice £0.001 per Placing SharePlacing completed; £250,000 still outstandingNext Vulpes to pay outstanding £250,000 placing balance 30 Oct · in 5 days -
Disposal Real Estate Investors RLE£54m
Orderly portfolio sales programme
Management remains open to a corporate transaction that could provide a more rapid conclusion to its stated disposal and wind-down strategy, provided that it delivers attractive value for …
Overrun confirmed; debt-free then capital returns 2027Next Complete £6.2m in legals and October deferred sale; repay debt 31 Oct · in 6 days -
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 -
Capital return IWG IWG£1,745m
Share buyback and convertible repayment
The 2026 buyback began in December 2025 and was raised to $150m from $100m on 30 June. The H1 results show $100m spent on 37,971,536 shares and $109m returned including dividends.
Authority AGM 19 May 2026; up to 145,918,746 shares; 138,231,271 …Closed period 1 July 2026 to 11 August 2026 (2026 Interim Results)$100m of $150m programme bought by 30 JuneNext buyback update; Q3 trading update 3 Nov · in 9 days -
Disposal Capita CPI£356m
Closed book Life & Pensions exit
Capita went live on the Civil Service Pension Scheme with an 86,000-case backlog (10 Mar 2026) and agreed an improvement plan with the Cabinet Office (18 May 2026).
Cash impact £35m-£50m on 2026 free cash flowCost drivers Surge resource, remediation, pension consulting disruption, …CSPS recovery ongoing; NAO review announcedNext Capital Market Event 4 Nov · in 10 days -
Takeover Logistics Development Group LDG£91m
Possible offer
The Draft Revised Proposal is not at a level that the Independent Directors are minded be support
Offer 19p in cashSpread now -13.6% to the offerBoard opposesApproachNext DBAY to announce firm offer or walk away (Rule 2.6(a) deadline) 5 Nov · in 11 days -
Profit outlook ASOS ASC£524m
Multi-year turnaround
Turnaround since Nov 2025: balance sheet repair (refinancing 13 Nov 2025; Lichfield and Atlanta sales completed by 1 Jul 2026) alongside GMV recovery.
EBITDA guidance above midpoint of £150-180m range, up more than 25% YoYGross margin more than 50% vs 48-50% guidedGMV back in growth in Q4; guidance raisedNext FY26 full-year results with detail on guidance 5 Nov · in 11 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 -
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 -
Capital return Caledonia Investments CLDN£1,872m
Discount to NAV
Caledonia's discount to NAV was 43.4% at year end and 37.1% at end April, and it has bought back shares to address it (£34.6m, 9.47m shares cancelled at a 34.7% average discount).
Discount 43.4% at year end; 37.1% at end AprilPrior buybacks £34.6m, 9.47m shares cancelled at 34.7% average discountNew buyback instruction running 1 Oct to 9 NovNext Half-year results for six months to 30 September 2026 10 Nov · in 16 days -
Profit outlook Dialight DIA£213m
Transformation Plan
The Transformation Plan began with the November 2025 interims and drove profit upgrades and net cash. Q1 FY2027 beat sales and margin targets, and guidance was raised on 22 July.
Guidance FY2027 adjusted profit before tax likely significantly …Q2 margin Gross margin continues to comfortably exceed the 45% plus …Second profit upgrade; Q2 ahead of targetsNext Interim results for the six months to 30 September 2026 10 Nov · in 16 days -
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 -
Disposal WH Smith SMWH£631m
Pure-play travel portfolio reset
After selling its High Street business and funkypigeon.com, the Group is pure-play travel retail and has been closing North America fashion and non-core Rest of World stores.
Next milestone Preliminary results on 12 November 2026Las Vegas Strategic options being considered for Welcome to Las Vegas …Exits continuing; Cult Pens soldNext Update on key priorities at preliminary results 12 Nov · in 18 days -
Profit outlook WH Smith SMWH£631m
FY26 guidance cut and dividend suspension
On 23 April 2026 the Group cut FY26 PBT guidance and suspended the dividend. It cut again on 10 June 2026 to £75m-£90m.
Margins UK c.13-14% (from c.14-15%), NA c.7% (from c.7-8%), ROW …North America FY26 revenue growth 4%-6%; headline trading margin c.5% …FY26 PBT confirmed at c.£75mNext Preliminary results and priorities for the year ahead 12 Nov · in 18 days -
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 -
Takeover Mobico Group MCG£246m new
Possible offer from a private equity bidder
On 21 Oct 2026 Mobico confirmed an approach from AdL, held by CMC Group and Asterion Industrial Partners Fund III, for a possible cash offer. After negotiation AdL made a non-binding proposal of 46p per share in cash.
Offer 46p in cashPremium +55% on 29.7pSpread now +13.9% to the offerApproachNext AdL firm offer or walk-away decision by Rule 2.6 deadline 18 Nov · in 24 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 Auction Technology Group ATG£580m
FY26 guidance delivery
Guidance was set on 26 November 2025, then raised on 14 May 2026 to 5-6% and on 23 July 2026 to 5.5-6.5%.
Cost savings $4m run-rate programme, mainly FY27Margin guidance 34.5-35.5% adjusted EBITDA, unchanged; outcome expected at …FY26 slightly ahead; FY27 in lineNext FY26 results and FY27 detail 24 Nov · in 30 days -
Capital return CVS Group CVSG£884m
Buyback programme
Began in October 2025 as a £20m buyback funded from headroom, with leverage at 1.18x. After the CMA final decision and the bank refinancing, the Board launched up to £50m.
Kind buyback programmeAmount £50mOf market value 5.8%£50m programme commenced via two brokersNext Completion of buyback; capital allocation presentation 24 Nov · in 30 days -
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 Resolute Mining Limited RSG£1,137m
Mali supply chain and operating risk
Mali security and supply problems cut Syama Q2 output (5 June 2026) and pushed Syama to the lower end of guidance (20 August 2026).
Guidance Group production around lower end of 250-275 koz; AISC …Mitigation Onsite emulsion plant commissioning planned by November …Guidance cut again; recovery still unprovenNext Emulsion plant commissioning; Q4 Syama output of 45-50 koz 30 Nov · in 36 days -
Disposal Mobico Group MCG£246m
UK Bus asset monetisation
Depots and land were sold at end-2025, giving a £4.3m profit benefit. On 18 Aug 2026 Mobico agreed in principle to sell UK Bus to WMCA for about £24m upfront after liabilities.
Timing Completion ahead of transition to franchisingBuyer West Midlands Combined Authority (WMCA)Agreement in principle; completion expected November 2026Next Completion of UK Bus sale to WMCA 30 Nov · in 36 days -
Capital return Paragon Banking Group PAG£1,269m
FY26 share buy-back
A further £50.0m buy-back for FY26 started via Peel Hunt (announced December 2025, began July 2026) after the SFS sale added to CET1. The Q3 update keeps FY26 buy-backs at up to £100m.
Size FY26 buy-backs up to £100 million, unchanged; further …Capital after buy-back June 2026 pro forma CET1 13.5%, Tier 1 15.2%, TCR 16.9%, …Under way; FY26 total up to £100m unchangedNext full year results and buy-back completion 1 Dec · in 37 days -
Disposal SSP Group SSPG£1,343m
Continental European Rail review
The review of Continental European Rail, supported by Alvarez & Marsal, concluded in May with plans to exit about a third of c.330 units and cut rail capex by c.50%.
Estate c.330 units; about one third to be exited, subject to …Exits Approximately one third of the estate, subject to local …Exit actions being implementedNext Progress update at FY26 results 8 Dec · in 44 days
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.