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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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 shareSubscription conditionally raised; admission pendingNext Admission of shares and result of WRAP Retail Offer 29 Oct · in 3 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 15 days -
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 closeFundraise sized at £25m; awaiting shareholder voteNext General Meeting to approve the fundraise, then Admission 11 Nov · in 16 days -
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 23 days -
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 optionsNext Detail of capital return at FY26 results 24 Nov · in 29 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.