Situations

1. 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.

   Raise Rights issue · £550 millionOf market value 35.7%Discount 44.7% to the last close
   Terms set; subscription period opens 12 October

   Next Results of the rights issue announced 27 Oct · in 1 days

   −18% since 7 Oct · moved 7 Oct
2. Takeover Vesuvius VSVS£1,093m

   Possible offer

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

   Offer 470p in cash and sharesPremium +26% on 374.4pIrrevocables 23%Board opposes
   Approach

   Next firm offer or walk away (Rule 2.6) 27 Oct · in 1 days

   +22% since 29 Sep · moved 29 Sep
3. 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 share
   Subscription conditionally raised; admission pending

   Next Admission of shares and result of WRAP Retail Offer 29 Oct · in 3 days

   −40% since 26 Oct · moved 26 Oct
4. 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 opposes
   Circular published; board recommends voting against

   Next general meeting 29 Oct · in 3 days

   +60% since 22 Jan · moved 12 Oct
5. 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 Share
   Placing completed; £250,000 still outstanding

   Next Vulpes to pay outstanding £250,000 placing balance 30 Oct · in 4 days

   −22% since 30 Jun · moved 1 Oct
6. 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 way

   Next half year results 2 Nov · in 7 days

   +24% since 4 Mar · moved 12 Oct
7. Takeover Logistics Development Group LDG£91m

   Possible offer

   A bidder has made a possible offer for Logistics Development Group at 20p in cash, a premium of 5% on 19p. The board has rejected it.

   Offer 20p in cashPremium +5% on 19pSpread now -7.0% to the offerBoard opposes
   Approach

   Next firm offer or walk away (Rule 2.6) 5 Nov · in 10 days

   +13% since 8 Oct · moved 8 Oct
8. 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 …
   Approach

   Next firm offer or walk away (Rule 2.6) 6 Nov · in 11 days

   +17% since 9 Oct · moved 9 Oct
9. 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 approval

   Next General Meeting result, then Admission of new shares 10 Nov · in 15 days

   −5% since 10 Feb · moved 21 Oct
10. 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
    Fundraise sized at £25m; awaiting shareholder vote

    Next General Meeting to approve the fundraise, then Admission 11 Nov · in 16 days

    −36% since 19 Oct · moved 22 Oct
11. 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 …
    Approach

    Next IRH firm offer or no-offer statement under Rule 2.7/2.8 17 Nov · in 22 days

    +25% since 6 Oct · moved 15 Oct
12. 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 minded
    Approach

    Next firm offer or walk away (Rule 2.6) 18 Nov · in 23 days

    +12% since 9 Sep · moved 21 Oct
13. 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 stated
    Sale process progressing to plan

    Next Disposal process progressing; interim results due 19 Nov · in 24 days

    +5% since 12 May · moved 15 Oct
14. 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.

    Status Board considering options for returning excess capital (22 …Leverage c.1.5x adjusted net debt to adjusted EBITDA expected at …
    Board considering options

    Next Detail of capital return at FY26 results 24 Nov · in 29 days

    −1% since 22 Oct · moved 22 Oct
15. 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 LSE
    Delisting announced 19 Oct 2026; FCA cancellation requested

    Next Last day of LSE trading, then cancellation of LSE listing 27 Nov · in 32 days

    −6% since 19 Oct · moved 19 Oct
16. Profit outlook Celebrus Technologies CLBS£19m

    New business and logo wins

    The go-to-market restructure (Marketing, Sales, Customer Success) was meant to fix FY26's new business shortfall.

    Direction below expectations / warningReaction on the day −40%In 12 months 2 statements in the same direction
    Restructure not yet converting; ARR falling

    Next H1 FY27 results and presentation 8 Dec · in 43 days

    −41% since 14 Jul · moved 6 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.