Situations

1. Friday
2. Disposal Taylor Maritime Investments Limited TMIP£52m moved

   Managed realisation vessel sales

   Managed realisation began with disposals from 2025. On 1 Sep 2026 the company agreed to sell three handysize vessels for about $48.6m gross, completed 6 Oct 2026.

   Pricing Vessel A $15.0m vs $13.7m valued; Vessels B and C $33.6m vs …Use of money Majority of net proceeds to fund a further compulsory …
   Final owned vessel sale agreed

   Next Complete final owned vessel sale; decide exit from leased vessel 31 Dec · in 67 days

   −9% since 24 Oct · moved 23 Oct
3. Disposal Boohoo Group DEBS£400m moved

   Disposals and warehouse exits

   Warehouse consolidation into Sheffield completed by 30 Mar 2026, and the US distribution centre was subleased to ID Logistics on 12 Jun 2026.

   Earlier proceeds £90m from Primark for Sheffield DCSheffield disposal £90m automation sale and lease assignment, completed; 3PL …
   Disposals completed; Burnley retained, GXO appointed

   Next Migrate fulfilment from Sheffield to Burnley under GXO after Peak

   +119% since 27 Nov · moved 23 Oct
4. Disposal Robinson RBN£19m moved

   Surplus property disposals

   Surplus property sales began in December 2025, and three sales completed in H1 2026 for £1.5m. On 23 October 2026 the Group said proceeds are still £1.5m for 2026 to date.

   Proceeds to date £1.5m cash in 2026Delayed sale Exchange and completion delayed to Q2 2027
   £1.5m received; one sale delayed to Q2 2027

   Next Exchange and complete another sale within three months

   −12% since 23 Dec · moved 23 Oct
5. 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 cash
   Facility agreed 22 Oct 2026 and drawn in full

   Next First £400,000 repayment; ATM facility to be set up within 15 business days 15 Jan · in 82 days

   −12% since 23 Oct · moved 23 Oct
6. Profit outlook Robinson RBN£19m moved

   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.

   Gross profit hit £1.0m annual contribution to gross profitContract end End of December 2026, not renewed
   Guidance cut again to £1.2m-£1.6m

   Next 2026 results and FY2027 mitigation update 4 Mar · in 130 days

   −12% since 23 Dec · moved 23 Oct
7. Thursday
8. 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 progressing

   Next update on other divestment projects

   +99% since 23 Oct · moved 22 Oct
9. 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 line

   Next FY26 results and FY27 detail 24 Nov · in 30 days

   +66% since 26 Nov · moved 22 Oct
10. 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.

    H1 trading loss £5.0m versus £9.6m in H1 2025Headwinds Energy, fuel, fertiliser and transport costs; lower avocado …
    Guidance cut to £3-5m trading loss

    Next final 2026 trading result, shaped by Q4 phasing

    −8% since 3 Sep · moved 22 Oct
11. Wednesday
12. 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 offer
    Approach

    Next AdL firm offer or walk-away decision by Rule 2.6 deadline 18 Nov · in 24 days

    +36% since 21 Oct · moved 21 Oct
13. 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 …Timetable PUSU deadline extended from 7 Oct to 5.00 p.m. on 21 Oct …Board minded
    Approach

    +8% since 9 Sep · moved 21 Oct
14. Disposal Andrada Mining Limited ATM£143m

    Brandberg West earn-in partnership

    ACAM LP, through BWCAM, is funding a USD51m phased investment in Brandberg West; the first USD10m was received earlier in 2026. The Namibian Competition Commission gave unconditional approval of the earn-in in August 2026.

    Received First USD10 million (£7.3 million) received in the QuarterInitial work Tailings recovery, feasibility study preparation, pit …
    NaCC approved; evaluation work under way

    Next Metallurgical testwork, bulk sample assessment and further exploration

    +53% since 21 Jan · moved 21 Oct
15. 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 16 days

    −6% since 10 Feb · moved 21 Oct
16. Tuesday
17. 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 1H27
    Strategic options under assessment

    Next Outcome of the strategic options assessment

    −2% since 20 Oct · moved 20 Oct
18. 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 launched

    Next Placing results, retail offer result, then shareholder vote at General Meeting 11 Nov · in 17 days

    −35% since 19 Oct · moved 20 Oct
19. 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 case
    Bond released; company still defending case

    Next further updates as appropriate

    −4% since 20 Oct · moved 20 Oct
20. Monday
21. 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.

    Size 50 MWp of sales by March 2027, about EUR 41m combinedOperational assets About 20 MWp, valued at circa EUR 26 million
    Negotiations ongoing; no agreement announced

    Next conclude sale negotiations

    +2% since 20 Oct · moved 19 Oct
22. 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 33 days

    −1% since 19 Oct · moved 19 Oct
23. Profit outlook Volex VLX£973m

    Data Centre demand momentum

    Data Centre demand drove two FY26 upgrades (Jan and Mar 2026); FY26 revenue $1,242.6m with Data Centre about doubling.

    H1 FY27 Data Centre Well ahead of prior year, below H2 FY2026Reason Temporary extra share while other suppliers were supply …
    H1 FY27 Data Centre below H2 FY26, demand strong

    Next next-generation higher-speed products ramp up during FY2028

    +31% since 21 Jan · moved 19 Oct
24. Earlier this month
25. 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 23 days

    +24% since 6 Oct · moved 15 Oct
26. Disposal Workspace Group WKP£637m

    Low-conviction building disposals

    Since November 2025 Workspace has sold low-conviction buildings under a £200m target to March 2027. By 15 July, £138.4m was exchanged or completed.

    Total disposals £138.3m since March 2025, against £200m target by March 2027Q1 sales £12.6m sold in Q1 at average 22.3% discount to book value
    £138m done; extra £100m+ unlikely by March 2027

    Next complete £200m disposal target by March 2027 31 Mar · in 157 days

    −18% since 19 Nov · moved 15 Oct
27. 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 25 days

    +6% since 12 May · moved 15 Oct
28. Profit outlook Kenmare Resources (CDI) KMR£200m

    Value over volume, inventory drawdown

    Kenmare has cut production and drawn down stocks since January 2026. The 15 Oct Q3 report lowers 2026 shipments guidance to about 1.05m tonnes from over 1.1m, blaming port delays.

    Guidance 2026 ilmenite production now approximately 800,000 tonnes, …H1 shipments 555,600 tonnes, up 14% YoY; guidance at least 1.1 million …
    Shipments guidance cut to about 1.05m tonnes

    Next SMO 2 commissioning 31 Dec · in 67 days

    −11% since 21 Jan · moved 15 Oct
29. 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 lower

    Next Q2 trading update 14 Jan · in 81 days

    −9% since 10 Feb · moved 15 Oct
30. 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 FY26
    Review ongoing; no outcome

    Next further update on the review

    +54% since 24 Mar · moved 13 Oct
31. Capital return FirstGroup FGP£1,106m

    Special dividend

    The Capital Reduction creates additional distributable reserves of £500,000,000 for the Group, providing greater flexibility to support future dividends and share buybacks.

    Kind special dividendAmount £500,000,000Of market value 54.5%
    Proposed

    +23% since 18 Jun · moved 13 Oct
32. 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 Berenberg

    Next Buyback expected to complete within second half of FY27

    +54% since 24 Mar · moved 13 Oct
33. Profit outlook Bytes Technology Group BYIT£1,042m

    FY27 guidance and cost normalisation

    FY27 guidance was set on 24 March and reiterated on 12 May. On 17 September the Board upgraded it after H1 GP growth of c.18%.

    H1 GP growth c.18% year-on-year (estimated)H1 operating profit c.6% growth, reflecting cost normalisation
    Upgraded guidance reiterated at H1 results

    Next FY27 results

    +51% since 24 Mar · moved 13 Oct
34. 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 8 days

    +24% since 4 Mar · moved 12 Oct
35. 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 opposes
    Circular published; board recommends voting against

    Next general meeting 29 Oct · in 4 days

    +53% since 22 Jan · moved 12 Oct
36. 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 12 days

    +16% since 9 Oct · moved 9 Oct
37. 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 obtained
    Stockholders approved; regulatory approvals pending

    Next Colombian and Ecuadorian regulatory approvals; closing targeted around 31 Dec 2026 31 Dec · in 67 days

    +167% since 10 Dec · moved 9 Oct
38. 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 implemented

    Next Progress update at FY26 results 8 Dec · in 44 days

    +21% since 4 Dec · moved 9 Oct
39. 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 engaging
    Board urging votes against Saba before AGM

    −18% since 6 Aug · moved 9 Oct
40. 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 proceeds
    2031 Notes consent in hand; sale closing pending

    Next Closing of the Sale, when the 2031 Notes amendments take effect 31 Dec · in 67 days

    +184% since 24 Oct · moved 9 Oct
41. 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.

    FY26 revenue £47.0-51.0m versus market expectations of £56.2mFY26 Adj. EBIT loss of £0.5-3.9m versus expected £3.0m profit
    Warning issued 9 October 2026

    Next Interim results for 12 months to 30 September 2026

    −0% since 9 Oct · moved 9 Oct
42. 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 opposes
    Approach

    Next DBAY to announce firm offer or walk away (Rule 2.6(a) deadline) 5 Nov · in 11 days

    +16% since 8 Oct · moved 8 Oct
43. Sale process NAHL Group NAH£22m

    Strategic options for shareholder value

    Review of options to accelerate shareholder value began in May 2026. The first disposal, Searches UK, has now completed. Capital allocation policy is under review and net cash is expected by end October 2026.

    Next milestone Further updates 'in due course'; capital allocation policy …Balance sheet Net debt £1.1m at 30 June 2026; net cash expected by end …
    First disposal completed; review continues

    Next Further updates in due course; capital allocation policy review

    +35% since 7 May · moved 8 Oct
44. Disposal Next 15 Group NFG£330m

    Blueshirt and BCA disposal

    Portfolio cut from 22 to 10 businesses since the November 2025 review under a Track 1/Track 2 framework.

    Buyer Wonderhood StudiosBusiness sold Part of Elvis (Track 2); about half of revenues retained
    Elvis part sale completed; further disposals active

    Next Progress further disposal processes under time-boxed review

    −17% since 28 Oct · moved 8 Oct
45. Disposal Jubilee Metals Group JLP£73m

    Large Waste Project

    Jubilee has been shortlisting partners for the Large Waste Project since late 2025. On 10 Aug 2026 it announced two binding offers; on 26 Aug 2026 it chose a preferred purchaser at US$35.0m.

    Payment Settled over 3 years, first instalment due December 2026 if …Seller settlement US$5.0m final payment in 150 489 090 new shares at 2.5p, …
    Legal DD complete; 45-day technical DD begins

    Next Complete technical DD and definitive documents within 45 days

    −26% since 21 Nov · moved 8 Oct
46. Disposal Investacc Group Limited INAC£99m

    Sale of Vesta and InvestAcc Ltd

    On 2026-10-08 InvestAcc agreed to sell Vesta Wealth and InvestAcc Limited (Appointed Representative services) to Edengate, owned by Vesta director Nick Gardner, for £12m EV (9.2x FY25 EBITDA).

    Price £12m Enterprise Value, 9.2x FY25 EBITDAPayment £10m on completion; £1m on each of first and second …
    Agreed; awaiting FCA approval

    Next FCA change of control approval and completion

    +7% since 8 Oct · moved 8 Oct
47. Capital return Power Probe PLC PWR£41m

    Progressive dividend, first payment 2026

    The Buyback Programme will have a budget of up to $1.0 million (the “Maximum Amount”) to be used to buy back Power Probe’s ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary …

    Buyback of up to $1.0m added to dividend

    Next Board reviews the buyback programme at its end 31 Dec · in 67 days

    moved 8 Oct
48. Debt & refinancing MyCelx Technologies Corporation MYX£12m

    Liquidity and bridge financing

    Cash fell to c.$0.5m by July 2026 and the company was weighing financing options for Permian equipment manufacture.

    Size Up to $500K, drawable in whole or partTerm 9 months
    CEO bridge loan agreed, up to $500K

    Next Drawdown of CEO bridge loan; financing for Permian equipment manufacture

    −16% since 8 Oct · moved 8 Oct
49. Profit outlook MyCelx Technologies Corporation MYX£12m

    Middle East conflict exposure

    Impact on 2026 business was not assessable in May. In July several large Middle East projects were expected within six months.

    Awards Several large expansion and upgrade projects expected …Risk Timelines dependent on the ongoing conflict
    Award missed FY2026 window; revenue moves to FY2027

    Next Middle East purchase order award for the delayed project

    +8% since 7 May · moved 8 Oct
50. Disposal Pennon Group PNN£1,747m

    Sale of Pennon Power

    Pennon proposes to sell Pennon Power as a strand of the revised funding plan, alongside the rights issue, rebased dividend and reinvested efficiencies. The announcement gives no price or buyer;

    Business sold Pennon PowerUse of money About £25m reinvested in behind-the-meter renewables; …
    Proposed; listed in funding plan

    −18% since 7 Oct · moved 7 Oct
51. 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 October

    Next Results of the rights issue announced 27 Oct · in 2 days

    −18% since 7 Oct · moved 7 Oct
52. 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 Oct

    Next Present plans for cancellation of listing after December redemption 26 Oct · in 1 days

    −12% since 12 Dec · moved 6 Oct
53. Capital return Celebrus Technologies CLBS£19m

    Share buyback programme

    The up-to-1,000,000-share buyback through Cavendish launched on 13 Feb 2026. The H1 update shows $2.0m spent in the period, alongside a $1.2m final dividend, while cash fell to $22.3m.

    Buyback spend of $2.0m reported in H1

    −60% since 13 Feb · moved 6 Oct
54. Stake building Critical Mineral Resources PLC CMRS£13m

    NEBARI CARRY CF II, LLC building a stake

    NEBARI CARRY CF II, LLC: 30.43% (from 0%)

    Holder NEBARI CARRY CF II, LLCStake 0% → 30.43%Crossed 29.9%
    30.43% (from 0%)

    Next a 30% holder must bid (Rule 9)

    −17% since 6 Oct · moved 6 Oct
55. Disposal Lexington Gold Ltd LEX£10m

    USA projects strategic options review

    Board signed a conditional agreement on 24 June 2026 to sell the 51% US project interests to GoldOz, with completion subject to GoldOz re-listing on the ASX.

    Buyer GoldOz LtdBusiness sold 100% of Global Asset Resources Ltd, holding 51% of …
    Conditional agreement; new CEO to progress sale

    Next GoldOz ASX re-listing and completion of the sale

    −50% since 13 Jan · moved 5 Oct
56. 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 announced

    Next Capital Market Event 4 Nov · in 10 days

    −25% since 12 Dec · moved 2 Oct
57. Profit outlook Pathos Communications plc NEWS£19m

    Post-IPO growth investment

    Since the December 2025 IPO Pathos has invested in sales hiring, AI tools and new geographies, with payback expected in H2. H1 results showed revenue up 14% and adjusted EBITDA up 36%, and July revenue was a record.

    Sign-up rate 30% higher since the enhanced Sales Team beganFY26 expectations Revenue US$15.0m (previously US$14.0m); adjusted EBITDA …
    Payback under way; FY26 revenue expectations raised

    Next Pressella and PathosMind generally available

    moved 2 Oct
58. Profit outlook Wizz Air Holdings WIZZ£986m

    F26 guidance cut

    Guidance for F26 net income was cut after the 4 March Middle East hit, then raised on 12 May. F26 net profit was €1.3m (11 June). Q1 F27 showed a €183.3m operating loss with RASK down 8.1% (6 August).

    F26 operating profit €139.7m vs €167.5mF27 guidance None given, citing Iran conflict and Strait of Hormuz …
    Q2 RASK guided up to flat; no F27 guidance

    −11% since 4 Mar · moved 2 Oct
59. Sale process Pantheon Resources PANR£138m

    Farm-out and funding

    Data room opened March 2026 with ten parties now active. One firm proposal was declined as undervaluing the assets.

    Process Ten parties active in data room; one firm proposal not …Investor support Oak Securities and several institutions; IPGL expected …
    Ten parties in data room; new CEO

    Next Farm-out outcome; further funding if no deal

    −11% since 14 Sep · moved 1 Oct
60. 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 5 days

    −23% since 30 Jun · moved 1 Oct
61. Sale process Real Estate Investors RLE£54m

    Possible sale of entire portfolio

    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 …

    Open to corporate transactions; nothing active

    −5% since 14 Jan · moved 30 Sep
62. Disposal Eurasia Mining EUA£83m

    West Kytlim disposal

    Our majority interest in the West Kytlim mine, held through our 68% ownership in Kosvinsky Kamen, was approved for sale by shareholders in January this year.

    Shareholder-approved; no completion news

    Next state approvals for the sale; no date given

    −40% since 29 Dec · moved 30 Sep
63. Disposal Creo Medical Group CREO£50m

    Sale of 49% Creo Medical SL stake

    Creo sold 51% of CME in February 2025 and signed a non-binding agreement in May 2026 to sell the remaining 49%. On 28 July completion was expected in Q3-26.

    Price Indicative EV in line with 31 December 2025 carrying value; …Status Non-binding heads of terms; binding terms now expected …
    Delayed; binding terms now expected Q4 2026

    Next Agree binding terms for CME stake sale

    −1% since 22 May · moved 30 Sep
64. Disposal Goodwin Plc GDWN£1,077m

    FY2026 profit guidance

    Strategic review began 7 Aug 2026; sale of GSC, GI, Noreva, Easat and Pumps to a Cerberus affiliate for up to about £1.1bn cash agreed on 9 Sep 2026.

    Business sold Goodwin Steel Castings, Goodwin International, Noreva, …Adviser N.M. Rothschild & Sons Limited acting for Goodwin
    Agreed; awaiting regulatory approvals, completion Q1 2027

    Next Regulatory approvals and completion

    −7% since 27 Oct · moved 30 Sep
65. 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 2027

    Next Complete £6.2m in legals and October deferred sale; repay debt 31 Oct · in 6 days

    −5% since 14 Jan · moved 30 Sep
66. Disposal Rockhopper Exploration RKH£647m

    Italian assets disposal

    Rockhopper agreed in Oct 2024 to sell Rockhopper Civita Limited, which holds its Italian assets, to Zodiac Energy. FIG approval has been received but Italian approval has not.

    Buyer Zodiac Energy LimitedBusiness sold Rockhopper Civita Limited, holding Italian assets and …
    Italian approval outstanding; long stop passed

    Next Italian regulator approval

    −13% since 30 Jun · moved 30 Sep
67. Disposal Chariot Limited CHAR£87m

    Sale of Renewable Power business

    On 30 Jun 2026 Chariot stated an intention to realise the value of Renewable Power to focus on upstream. The 30 Sep 2026 H1 results say a formal sales process is underway with multiple offers received.

    Business Renewable Power: 34% of Etana, 194MW wind stakes, solar and …Use of money Further cash anticipated from the sale; no allocation …
    Sales process underway; multiple offers received

    Next Select preferred bidder

    +90% since 30 Jun · moved 30 Sep
68. Capital return Goodwin Plc GDWN£1,077m

    Dividend policy review

    On 9 Sep 2026 the Board said it intends to pay a significant proportion of net sale proceeds to shareholders. The 30 Sep update says the Board is still weighing the mechanism with advisers; no decision on amount, timing or form.

    Proposed dividend Ordinary dividend of 330p per share (2025: 280p), up 18% …Policy Board considering capital allocation and dividend policy …
    Mechanism under consideration; no decision

    Next Board decision on amount, timing and form of return

    −37% since 23 Mar · moved 30 Sep
69. 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 discount
    New buyback instruction running 1 Oct to 9 Nov

    Next Half-year results for six months to 30 September 2026 10 Nov · in 16 days

    −0% since 19 May · moved 30 Sep
70. Big fundraise Apertura Energy Plc VZLA£21m

    Concurrent placing up to £30m

    There is no certainty that these conditions will be satisfied or that the transaction or associated fundraising will complete on the proposed terms.

    Still proposed, conditional on acquisition

    Next fundraise terms with the prospectus

    +0% since 11 Aug · moved 30 Sep
71. Debt & refinancing Creo Medical Group CREO£50m

    Path to self-sustaining cashflows

    Since January 2026 Creo has cut costs and raised funds: a £5.5m placing and £2m Development Bank of Wales loan notes completed in May 2026.

    Cash £7.4m at 30 June 2026 (31 December 2025: £12.4m)Financing completed About £5.5m equity placing; £2.0m convertible loan notes …
    Going concern uncertainty; seeking short-term financing

    Next Short-term financing options; CME binding terms in Q4 2026

    −8% since 20 Jan · moved 30 Sep
72. Debt & refinancing Apertura Energy Plc VZLA£21m

    Going concern material uncertainty

    While the Directors consider that the Group has adequate resources to meet its forecast operating expenditure over the going concern assessment period

    Directors now see adequate resources after April raise

    +322% since 30 Apr · moved 30 Sep
73. Debt & refinancing Tan Delta Systems TAND£16m

    Cash runway and funding need

    The Board continues to keep these requirements under regular review.

    Cash £0.85m; funding requirement flagged

    Next Board keeps funding requirements under review

    −20% since 30 Sep · moved 30 Sep
74. Profit outlook NAHL Group NAH£22m

    Lower FY26 Consumer Legal Services outlook

    Earlier guidance flagged notably weaker H2 NAL settlements, with H1 in line. The interims reconfirm lower H2 NAL settlements but now say FY26 profit and cash will be materially above market expectations.

    Amount at stake £1.85m due on or before 15 October 2026Board view FY26 profit and cash generation materially higher than …
    FY26 profit and cash now above market expectations

    +28% since 27 Jan · moved 30 Sep
75. Profit outlook Skillcast Group SKL£36m

    ARR growth slowdown

    The delays in decision-making have particularly impacted new business opportunities and resulted in a slowdown in growth in ARR in the first half of the year.

    H1 ARR growth 14%; full year slightly lower

    Next full-year ARR growth, expected slightly below 14%

    −22% since 29 Apr · moved 30 Sep
76. Profit outlook Everplay Group plc EVPL£599m

    FY26 guidance upgrades

    The Board only said 'in line' in July, then on 15 Sep said FY26 would be materially ahead of consensus (£175.2m revenue, £50.7m EBITDA).

    Consensus before £175.2m revenue, £50.7m adjusted EBITDA (as at 15 Sep …Consensus now £197.6m revenue, £57.2m adjusted EBITDA, company-compiled …
    Second upgrade after July 'in line'

    Next FY26 results against raised consensus

    −2% since 30 Sep · moved 30 Sep
77. 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 opposes
    Approach

    Next RHIM firm offer (Rule 2.7) or walk away 27 Oct · in 2 days

    +19% since 29 Sep · moved 29 Sep
78. Capital return Venture Life Group VLG£80m

    Share buyback programme

    The buyback began in September 2025 and was extended on 20 August 2026. The results show £4.7m returned by period end (about 7.0m shares). After the period a further 3.6m shares were bought for £2.4m.

    Total returned £7.1 million, 10.6 million shares, average price 67.3 pencePost-period buying 3.6 million shares for £2.4 million
    Extended programme run to 28 September; 10.6m shares bought

    Next Board decision on any further buyback after the extended programme

    +2% since 26 Jan · moved 29 Sep
79. Debt & refinancing Tortilla Mexican Grill MEX£28m

    Covenant waivers after French restatement

    A French accounting adjustment in May 2026 cut FY25 EBITDA, raised covenant breach risk and delayed the audit, so shares were suspended from 1 July. Accounts were then published.

    FY25 EBITDA £1.1m pre-IFRS 16 after £2.7m of French correcting …Adjusted net debt £12.4m at end of H1 FY26 (H1 FY25: £9.9m)
    Net debt rising; suspension and covenant status not updated

    −2% since 19 May · moved 29 Sep
80. Sale process Zephyr Energy ZPHR£65m

    Paradox marketing / farm-in partner

    Zephyr is seeking Paradox partners and signed a non-binding LOI on 27 Jul 2026 with Atlas for up to US$15m of prepaid financing. On 24 Aug 2026 it said both the farm-out and the commodity purchase agreement continue to progress.

    New leases 2,294 acres, five-year primary term, 16.67% royalty; funded …Partner process Farm-out and gas marketing newsflow previously flagged as …
    Negotiations continuing; marketing partner selection in...

    Next Resolve farm-out; complete CPA with Atlas or other marketer

    +13% since 30 Dec · moved 28 Sep
81. Sale process Checkit CKT£16m

    Formal Sale Process

    Board launched the Formal Sale Process on 26 March 2026 after six unsolicited approaches. By 8 September it had several non-binding proposals above a 30p floor.

    Price floor Board will not consider proposals below 30 pence per shareDue diligence Some parties have done detailed due diligence, including …
    Terminated; no recommendable offer

    +4% since 26 Mar · moved 28 Sep
82. Disposal Chrysalis Investments Limited CHRY£295m

    Shareholder consultation and structural review

    Shareholders approved a three-year orderly realisation at the 24 March 2026 EGM; the buyback ended 30 April 2026 at £117.4m and debt was repaid by 3 August 2026.

    Debt All outstanding indebtedness repaid, about £17.8m including …Share discount 44% to NAV on 26 June 2026, which the Board calls too wide
    First compulsory redemption announced; realisation under way

    Next Further redemptions as additional cash becomes available

    −47% since 4 Nov · moved 28 Sep
83. Profit outlook XP Factory XPF£26m

    FY26 EBITDA guidance cut; FY27 consolidation year

    Run rate Group EBITDA of at least £4m

    New post-Boom FY27 targets set

    Next deliver FY27 targets post-disposal

    +5% since 2 Feb · moved 28 Sep
84. Disposal Strategic Minerals SML£135m

    Leigh Creek sale to Cuprum

    Cuprum exercised its call option over Leigh Creek in December 2025 and paid A$250,000 for the option and first instalment. The timetable slipped in June while Cuprum arranged funding.

    Earn-out 20% of half-yearly Operating Cash Flows from commercial …Equity Shares equal to 19.9% of the listed vehicle, up to A$3m, on …
    Definitive Agreement signed; awaiting FIRB approval

    Next FIRB approval and completion of the Definitive Agreement

    +249% since 9 Jan · moved 25 Sep
85. Disposal Great Western Mining Corporation (CDI) GWMO£13m

    Eastside-Tango option to KGHM

    Option signed in May 2026 lets KGHM earn 100% of Eastside-Tango over time. The half-year report says KGHM's involvement removes Great Western's further financial exposure and leaves long-term royalty upside, so the company can …

    Partner KGHM Polska Miedz S.A.Company view Removes further financial exposure, long-term royalty upside
    Option signed; KGHM funds future work

    −30% since 28 May · moved 25 Sep
86. Stake building System1 Group SYS1£43m

    Brave Bison strategic stake

    Brave Bison bought John Kearon's 23% stake in March 2026 and holds 27.85%. It made a possible offer on 10 July 2026, rejected by the board on 13 and 17 July.

    Discount 4.9% discount on 16 July 2026 closing prices (Brave Bison …Board view Rejected possible offer on 13 and 17 July 2026 as …
    Offer period; forecasts reported under Rule 28.1

    Next Brave Bison decision on a firm offer

    +72% since 2 Mar · moved 24 Sep
87. 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% guided
    GMV back in growth in Q4; guidance raised

    Next FY26 full-year results with detail on guidance 5 Nov · in 11 days

    +90% since 13 Nov · moved 24 Sep
88. Profit outlook System1 Group SYS1£43m

    FY26 guidance delivery

    FY26 guidance held through a weak H1 and recovered in H2. FY27 EBITDA expectations rose above consensus on 16 March 2026, and FY26 results on 8 July 2026 were in line.

    Net revenue retention 80% vs 72% in March 2026Cash £11.2m at end August 2026 (March 2026: £12.4m)
    FY27 profit guidance raised again to £5.0m

    Next half year trading update

    +60% since 2 Dec · moved 24 Sep
89. Profit outlook Vistry Group VTY£806m

    Return to net cash

    Net debt was £144.2m at end-2025 and the buyback was paused on 13 May 2026 with a target of over £100m net cash. On 24 Sep 2026 net debt at 30 June was £468.8m and the year-end target was cut to broadly neutral cash.

    Next milestone Future distributions reviewed at the half yearBuyback Remaining share buyback paused on 13 May 2026 to prioritise …
    Year-end target cut to broadly neutral cash

    Next Year-end cash position; distributions reconsidered after deleveraging 31 Dec · in 67 days

    −60% since 4 Mar · moved 24 Sep
90. September 2026
91. Takeover System1 Group SYS1£43m

    Possible offer

    While it remains in an offer period, no questions or statements will be taken from the floor at the Annual General Meeting

    Approach

    +5% since 17 Jul · moved 23 Sep
92. Takeover Pollen Street POLN£547m

    Possible offer from a private equity bidder

    The Board confirms it has commenced an assessment of the strategic options available to the Company with a view to delivering greater value for shareholders.

    Review

    +14% since 23 Sep · moved 23 Sep
93. Sale process Pollen Street POLN£547m

    Strategic review and possible offer

    Following media speculation, on 2026-09-23 Pollen Street confirmed a Rule 2.4 strategic review to deliver greater value for shareholders, with a take-private as one option.

    Stage Strategic review begun; preliminary discussions with a …Possible outcome Take-private is one of multiple options; no certainty of an …
    Strategic review; very early talks with third parties

    Next further announcement as and when appropriate

    +14% since 23 Sep · moved 23 Sep
94. Disposal Pharos Energy PHAR£121m

    Blocks 125 & 126 farm-in

    Pharos has been in farm-in discussions on Blocks 125 & 126 since Dec 2025. The 23 Sep 2026 interim results describe a formal process run with an independent adviser, with very encouraging engagement.

    Process Formal process with independent third-party adviser to find …Partner status No partner or terms announced; engagement described as very …
    Formal farm-out process, encouraging engagement

    Next Identify farm-in partner before exploration drilling

    +53% since 9 Dec · moved 23 Sep
95. Disposal Portmeirion Group PMP£24m

    Wax Lyrical disposal

    Wax Lyrical was confirmed non-core on 6 May 2026 with a sale to be sought. It now has a profit improvement plan, 'Getting Match Fit', under new leadership, and disposal is pushed to the medium-term.

    H1 sales Down 18.0%, mainly from cancelled orders after key supplier …Plan 'Getting Match Fit': new retailers, D2C ecommerce, car …
    Profit improvement plan under way

    Next Deliver profit improvement plan; disposal medium-term

    −48% since 6 May · moved 23 Sep
96. Capital return Boku, Inc BOKU£382m

    Share buyback programme

    Board authorised a 4m-share buyback in January 2026, saying the shares were undervalued, with shares held in Treasury. The company repurchased 9.5m shares for $23.6m in H1, and on 8 July the Board approved a further 8m shares.

    H1 buyback 9.5m shares for $23.6m (H1 2025: 5.8m for $12.3m)Extension Up to a further 8m shares, approved 8 July 2026
    Extension approved; up to 8m more shares

    −36% since 2 Jan · moved 23 Sep
97. Big fundraise Portmeirion Group PMP£24m

    US tariffs and net debt

    Net debt of £17.5m at FY25 prompted the 50p equity raise and the ABL facility. At 30 June 2026 net debt was £6.2m, helped by the £17.2m net equity raise and receipt of 98% of the $3m US tariff claim.

    Seasonal peak Working capital peak in OctoberSize £18.6m gross equity raise
    Net debt cut to £6.2m; ABL signed

    Next Seasonal working capital peak in October

    −52% since 3 Feb · moved 23 Sep
98. Debt & refinancing Ampeak Energy Limited AMP£12m

    Group funding requirement

    The Board recognises that securing further funding remains an important priority, and we continue to pursue a range of funding initiatives

    Cash £3.6m at 30 June; seeking funding

    Next Pursue further funding initiatives

    −28% since 23 Sep · moved 23 Sep
99. Profit outlook Zinc Media Group ZIN£13m

    Medium-term £50m revenue, £5m EBITDA targets

    Medium-term targets of £50m revenue and £5m EBITDA were set in December 2025. In July 2026 £5m slipped into FY27. The 23 Sep 2026 interims cut FY26 guidance to £38m revenue and £1.4m EBITDA as £7m slips to 2027.

    Secured only £25m, against £35m at 30 June 2025Slippage £7m of production delayed into 2027; £8m moved from H1 into …
    FY26 guidance cut to £38m revenue, £1.4m EBITDA

    Next deliver H2-weighted FY26 revenue of £38m

    −9% since 9 Dec · moved 23 Sep
100. Disposal PureTech Health PRTC£268m

     Deupirfenidone IPF Phase 3

     Celea's $180m financing completed in July 2026 and the first patient was dosed in the Phase 3 SURPASS-IPF head-to-head trial on 13 Jul 2026. The 22 Sep 2026 half-year report confirms topline data in H2 2029.

     Investors RA Capital Management, Leaps by Bayer, PureTech, a US …Next milestone Phase 3 SURPASS-IPF topline results in the second half of …
     Phase 3 dosing; Celea financed

     Next Celea topline data from Phase 3 SURPASS-IPF

     −10% since 8 Dec · moved 22 Sep
101. Disposal Henry Boot BOOT£195m

     2026 earnings reset

     On 29 January the Board guided 2026 profit well below consensus; the 22 July update guided Hallam plot sales materially lower and a Stonebridge operating loss.

     Stonebridge 72 homes in H1 (HY25: 85); operating loss expected in 2026; …Offsets Origin JV schemes 75% let or under offer; 8,974 plots with …
     H1 loss; FY in line with £9.7m consensus

     Next H2-weighted land sales and completions to meet consensus; strategy at FY results

     −34% since 29 Jan · moved 22 Sep
102. Disposal M&C Saatchi SAA£137m

     Australia restructuring and options review

     The Australian options review began in November 2025 and the media buying business was closed. The planned private-equity-backed management buyout of the Australia and New Zealand business is now no longer progressing.

     MBO PE-backed Australia and New Zealand buyout no longer …Next Client talks; possible transfer of work within Group
     MBO collapsed; work to transition

     Next Client discussions on transitioning Australia work to wider Group

     −8% since 24 Nov · moved 22 Sep
103. Capital return PureTech Health PRTC£268m

     Capital returns to shareholders

     With Celea financed and Gallop seeking outside capital, PureTech says on 22 Sep 2026 that future monetisation proceeds will go more to shareholder returns. It will also keep an adequate runway and deploy capital selectively.

     Priorities Maintain operating runway, deploy capital selectively, …Amount Not stated
     Intent stated; no amount or timing

     Next Details of any capital return

     −9% since 22 Sep · moved 22 Sep
104. Profit outlook Midwich Group MIDW£163m

     Middle East conflict impact

     The business in the Middle East continued to trade profitably despite the disruptions, albeit on significantly lower volumes.

     Profitable but on significantly lower volumes

     +23% since 21 Jul · moved 22 Sep
105. Profit outlook Oxford Biomedica OXB£622m

     FY26 guidance trend

     In March 2026 OXB guided FY26 revenue of £220–240m and a c.10% EBITDA margin. The 22 Sep 2026 H1 results reiterate guidance given after the August trading update: £180–200m revenue and a mid-single-digit margin ex one-offs …

     FY26 revenue £180–200m constant currency (was £220–240m in March 2026)FY26 EBITDA margin Mid-single-digit % ex one-offs; low-single-digit % reported …
     Guidance at lower level, reiterated at H1

     Next H2-weighted delivery against £180–200m revenue guidance

     +10% since 22 Sep · moved 22 Sep
106. 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 unproven

     Next Emulsion plant commissioning; Q4 Syama output of 45-50 koz 30 Nov · in 36 days

     −2% since 28 Oct · moved 21 Sep
107. Disposal Oriole Resources ORR£13m

     Sale of Muratdere Royalty

     Oriole agreed on 18 Sep 2026 to sell its 1.2% NSR royalty in the Muratdere project in Turkey to Ardent Metals for US$1.2m in three tranches. US$400,000 is received and title has transferred.

     Price US$1.2 million in three tranches of US$400,000Buyer Ardent Metals LLC-FZ, a company incorporated in Dubai
     Agreed; first tranche received, title transferred

     Next Second US$400,000 tranche due from Ardent 19 Mar · in 145 days

     −12% since 18 Sep · moved 18 Sep
108. Disposal Victoria VCP£45m

     Cash initiatives and property sales

     Cash initiatives and the Belgian distribution centre sale and leaseback were agreed in Feb-Apr 2026. The FY26 results on 24 Jul 2026 added a target of about £70m net proceeds from property sales, intended for deleveraging.

     Net proceeds About £70m expected from property assets identified for saleTiming Balance of FY2027 and FY2028
     About £26m of £70m FY27 target completed

     Next updates on advanced property sale negotiations

     +48% since 23 Feb · moved 17 Sep
109. Capital return The Beauty Tech Group PLC TBTG£504m

     Share buyback programme

     On 17 Sep 2026 TBTG announced its intention to launch an up to £20m buyback, to be managed by Berenberg, with shares bought to be cancelled. The Board says cash exceeds what organic growth needs;

     Size Up to £20m, before fees, expenses and stamp dutyTiming Expected to commence in the next four weeks
     Intention announced; start expected within four weeks

     Next formal start of the buyback and further announcement

     +36% since 17 Sep · moved 17 Sep
110. Capital return Galliford Try GFRD£675m

     Share buyback programmes

     The third £10m buyback began on 17 Sep 2025 and completed in April 2026, with 1,957,703 shares cancelled at about £5.11.

     Size £15m new buyback over the balance of the current financial …Funding Operational cash generation
     Fourth programme announced 17 Sep 2026

     Next execute £15m buyback over the balance of FY2027

     +12% since 17 Sep · moved 17 Sep
111. Debt & refinancing Victoria VCP£45m

     Refinancing of 2028 senior secured notes

     The 2028 notes were left unresolved after the Dec 2025 refinancing. Victoria signed a support agreement on 8 July 2026 to cut senior secured and preferred liabilities by about £300m and finance costs by about £34m, extending …

     Implementation route Consent solicitation; completion still subject to conditionsBoard view Executive Chairman Geoff Wilding: overwhelming support …
     Circular posted; general meeting called for 5 October

     −29% since 6 Nov · moved 17 Sep
112. Takeover 80 Mile 80M£49m

     Possible offer

     On 8 Sep 2026 the 80 Mile and Greenland Energy boards agreed indicative all-share terms at about 1.1p per share, valuing 80 Mile at £61.48m.

     Offer 0.67p in cashPremium -5% on 0.7pSpread now -26.4% to the offer
     Approach

     +28% since 16 Sep · moved 16 Sep
113. Takeover Aptitude Software Group APTD£116m

     Possible offer

     Half-year Results

     Sale process

     −1% since 8 Apr · moved 16 Sep
114. Sale process Aptitude Software Group APTD£116m

     Strategic review

     Formal sale process launched 8 April 2026 with the £20m buyback suspended and no offer received.

     Proposals Non-binding indicative proposals from trade and private …Board view Continuing discussions with certain parties on a cash offer …
     Proposals received; one party's talks more advanced

     Next Further announcements on discussions as appropriate

     −1% since 8 Apr · moved 16 Sep
115. 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 sold

     Next Update on key priorities at preliminary results 12 Nov · in 18 days

     −39% since 19 Dec · moved 16 Sep
116. Disposal European Green Transition EGT£28m

     Pajala Copper Project sale option

     EGT signed an exclusive six-month option on Pajala in October 2025 for buyer due diligence. The FY25 results gave no price.

     Status Continued engagement with multiple parties on sale and/or …Price Not stated
     Talks with multiple parties; no deal

     Next outcome of talks on sale and/or partnership

     +78% since 30 Oct · moved 16 Sep
117. 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.£75m

     Next Preliminary results and priorities for the year ahead 12 Nov · in 18 days

     −33% since 23 Apr · moved 16 Sep
118. Disposal Elecosoft Public Limited Company ELCO£192m

     Veeuze disposal and financing

     Eleco sold loss-making Veeuze to its management in April 2026, effective 1 January 2026, to focus on Building Lifecycle. H1 excludes Veeuze trading.

     Buyer Veeuze management team (management buy-out)Effective date 1 January 2026
     Disposal effective 1 January 2026; £1.3m financing provided

     +100% since 10 Apr · moved 15 Sep
119. Capital return LSL Property Services LSL£249m

     £12m share buyback programme

     The £7m buyback was completed and followed in January 2026 by a larger £12m programme funded from existing cash.

     Size £12m programme launched January 2026Status Progressing, per 15 May 2026 AGM update
     In progress; £4.8m deployed in H1

     Next complete buyback programme 1 Jan · in 68 days

     +2% since 27 Jan · moved 15 Sep
120. Debt & refinancing ICFG Limited ICFG£84m

     InvesCore dividend deferral

     InvesCore's dividend was deferred on 20 April 2026 pending lender consents after covenant breaches. On 10 July 2026 one lender waived cross-default provisions to 31 August 2027, covering about 13.3% of affected exposure.

     Future drawdowns Waiver extends to any future drawdowns under the existing …Remaining lenders Talks continue; no terms or dates stated
     Covenant breaches ongoing; one waiver only

     Next waiver outcome from remaining lenders; no date stated

     +173% since 20 Apr · moved 15 Sep
121. Disposal Greencoat Renewables (CDI) GRP£714m

     Asset disposal programme

     A programme to sell up to €350m of assets over 18 months was launched in March 2026 after a 116MW Irish sale at a 4% premium to NAV.

     Size Up to €350m of assets over 18 months (from March 2026)Status Formal asset sale processes initiated
     Formal sale processes initiated

     Next outcome of formal asset sale processes

     +15% since 5 Mar · moved 14 Sep
122. Capital return Greencoat Renewables (CDI) GRP£714m

     Buyback programme

     While generation was modestly below budget overall, our home market of Ireland, which accounts for the majority of the Group's revenues, performed in line with expectations and underpinned strong …

     Kind buyback programmeAmount €50 millionOf market value 6.1%
     Proposed

     +0% since 14 Sep · moved 14 Sep
123. Capital return Goldplat GDP£39m

     Special dividend

     Goldplat began regular dividends with quarterly assessment: 0.0878p in August 2025, 0.1171p in December 2025, 0.14638p in March 2026 and £300,000 in June 2026. On 19 Aug 2026 it declared a fourth interim of £400,000 (0.23285p).

     Kind special dividendAmount 0.87319 pence per share (approximately £1.5 million)Of market value 4.8%
     Special dividend of £1.5m declared

     +34% since 14 Sep · moved 14 Sep
124. Debt & refinancing Pennpetro Energy PPP£11m

     Suspension, going concern and pledged shares

     Shares have been suspended since the missed audit deadline. A Loan Release Deed of 30 March 2026 removed about US$5m of debt, and the FY26 accounts of 3 Aug 2026 again carried disclaimers.

     Audit FY26 audit report again carries disclaimers of opinion, …Reset Audited interims for April-June 2026 planned, expected to …
     CLN4 agreed; conversion blocked pending AGM vote

     +0% since 5 Dec · moved 14 Sep
125. Takeover Kore Potash KP2£186m

     Possible offer

     Financial Results for Half Year Ended 30 June 2026

     Offer 2.9p in cashPremium -6% on 3.1pSpread now -19.4% to the offer
     Approach

     +16% since 4 Nov · moved 11 Sep
126. Sale process Kore Potash KP2£186m

     Formal sale process

     Kore began a formal sale process on 4 November 2025 after approaches from two parties. One suspended its interest on 27 February 2026. A new party approached on 8 June 2026, so two are again engaged.

     Bidders Original party continuing due diligence; new party …Price Not stated; no firm offer
     Two parties engaged; no price or offer

     Next outcome of due diligence by the two engaged parties

     +16% since 4 Nov · moved 11 Sep
127. Capital return Trainline TRN£710m

     Buyback programme

     The Programme is expected to run beyond the date of the Company's next Annual General Meeting, and its continuation after the expiry of the current general authority will be conditional upon renewal …

     Kind buyback programmeAmount £100,000,000Of market value 14.3%
     Proposed

     +11% since 11 Sep · moved 11 Sep
128. Debt & refinancing Kore Potash KP2£186m

     Going concern and funding gap

     The 2025 audited results carry a going-concern warning because forecast liquidity is insufficient to 31 March 2027. Cash fell from US$10.56m at year-end to c.US$8.3m at 31 March 2026.

     Cash USD7,543,612 at 30 June 2026, from USD10,555,176 at 31 …Forecast Insufficient liquidity to end of going concern period, …
     Cash US$7.54m at 30 June 2026

     Next raise funds in Q1 2027 for working capital

     +12% since 25 Mar · moved 11 Sep
129. 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 €121.4m
     H1 profit €43-44m in line; full year on track

     Next Interim results 28 Oct · in 3 days

     −19% since 23 Jan · moved 11 Sep
130. Takeover Inspecs Group SPEC£98m

     Offer for the company

     Bidco 1125 (the Consortium) agreed a recommended 84p cash offer on 10 Dec 2025, switched to a takeover offer on 20 Feb 2026, and the offer closed on 15 May 2026 with Bidco holding about 68.5%.

     Irrevocables 31,362,712 of 32,434,773 accepted; 1,072,061 delayed by …Next milestone Not stated; compulsory acquisition not addressed
     Offer unconditional since March; Bidco majority holder

     +8% since 17 Mar · moved 10 Sep
131. Capital return Currys CURY£1,473m

     £50m share buyback

     The new £50m buyback began on 2 July 2026, after the prior £50m programme was completed in FY26, and is part of c.£85m planned cash returns for 2026/27.

     New buyback £50m, commencing 2 July 2026Returns FY26 £74m shareholder returns in the year
     £23m of £50m completed

     Next complete the £50m buyback; further returns at interim results 17 Dec · in 53 days

     +14% since 18 Dec · moved 10 Sep
132. Capital return Glenveagh Properties (CDI) GLV£978m

     Buyback programme

     All units expected to close in 2026 are now sold, contracted or reserved, providing strong visibility on deliveries.

     Kind buyback programmeAmount €100 millionOf market value 8.7%
     Doubled to €100m from €50m

     Next further returns from H2 cash generation as buyback runs

     −9% since 10 Sep · moved 10 Sep
133. Profit outlook Glenveagh Properties (CDI) GLV£978m

     Land sales programme

     Land sale guidance for 2026 is revised to approximately €20 million (previously €45 million), with a further €25 million of land sales anticipated in 2027.

     2026 guidance cut to about €20m

     Next €25m of land sales expected in 2027

     +18% since 15 Jan · moved 10 Sep
134. Disposal ASA International Group ASAI£243m

     India deconsolidation / ASA India sale

     Wind-down of ASA India began in October 2025. By 30 June 2026 Gross OLP was USD 4.3m (USD 30.2m at Dec 2025), clients 10k (129k) and branches zero.

     Gross OLP USD 4.3m at 30 June 2026, from USD 30.2m at 31 December 2025Clients 10k at 30 June 2026, down 92% from 129k at December 2025
     Run-off nearly complete; branches now zero

     Next finalise India wind-down 31 Dec · in 67 days

     +28% since 21 Oct · moved 9 Sep
135. Takeover Checkit CKT£16m

     Possible offer from a private equity bidder

     Update on Formal Sale Process

     Board opposes
     Sale process

     +4% since 26 Mar · moved 8 Sep
136. 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 2026

     Next Completion of UK Bus sale to WMCA 30 Nov · in 36 days

     +86% since 26 Nov · moved 8 Sep
137. Debt & refinancing Kazera Global KZG£17m

     Fujax prepayment settlement

     On 3 Sep 2026 Kazera agreed to settle the Fujax prepayment claim (about US$1.32m at 30 June 2026) for US$1.0m, half in shares and half in cash instalments to 1 Mar 2027.

     Settlement Sum US$1.0m, of which US$500,000 in shares and US$500,000 in …Share element Number of shares to be determined under the agreement; not …
     Terms agreed; settlement shares pending approval

     Next Fujax Settlement Shares number set; separate Admission application

     −27% since 3 Sep · moved 8 Sep
138. Sale process Team Internet Group plc TIG£85m

     Strategic review and divestments

     Strategic review of the profitable DIS segment began in November 2025. On 7 September 2026 the Board said the review is at an advanced stage, with multiple parties interested in all or parts of the division.

     Stage Advanced; discussions ongoing aiming for a transaction in …Timetable Any agreed transaction expected to complete around the year …
     Advanced discussions; multiple parties interested

     Next agree a transaction in the near term; completion around year end

     −19% since 11 Nov · moved 7 Sep
139. Disposal Grainger GRI£1,340m

     Deleveraging to c.30% LTV

     We will reduce net debt by £300-350m by the end of FY29 to offset the rise in future finance costs from higher interest rates.

     Plan reaffirmed; disposals accelerated

     Next Deliver £300-350m net debt reduction by end FY29 via disposals

     −4% since 20 Nov · moved 7 Sep
140. Capital return Gamma Communications GAMA£974m

     Share buyback programmes

     The Board launched a buyback of up to £42.5m for FY2026 on 13 January 2026. Buybacks of £21.1m had been completed as at the end of June 2026.

     Size Up to £42.5m in FY2026Spent to date £21.1m as at end of June 2026
     Suspended pending the offer

     +24% since 13 Jan · moved 7 Sep
141. Big fundraise IQE IQE£471m

     MACOM investment and fundraising

     The strategic review ended in April 2026 with MACOM investing in IQE through an £81m package at 19.8p, a 58.4% discount to the prior close. The H1 results, dated 7 Sep 2026, say fundraising proceeds were received.

     MACOM £45m: £30m equity and £15m non-interest bearing convertible …Noteholders £23m redemption and reinvestment of convertible loan notes
     Proceeds received; net cash £30.2m

     −26% since 27 Apr · moved 7 Sep
142. Debt & refinancing Team Internet Group plc TIG£85m

     Leverage and net debt reduction

     Net debt rose to USD 117.6m at 30 June 2026 from USD 87.6m at year end. Drivers were a registry contract non-renewal and USD 14.8m of tax payments. Leverage is 3.9x (3.1x on an accounting basis) with USD 78.2m of liquidity.

     Net debt USD 117.6m at 30 June 2026 (31 Dec 2025: USD 87.6m)Leverage 3.9x TTM (3.1x accounting basis); TTM Dec 2025: 2.9x
     Leverage 3.9x; net debt expected to fall

     Next significant net debt reduction in H2 2026

     −17% since 7 Sep · moved 7 Sep
143. Profit outlook IQE IQE£471m

     Guidance upgrades

     On 28 May 2026 IQE guided FY 2026 revenue growth above 20% and high-single to low-double-digit adjusted EBITDA. On 21 Jul 2026 it raised this to above 30% and low-teens £m, driven by InP demand for AI and data centres.

     Prior guidance FY 2026 revenue growth above 20%; adjusted EBITDA …New guidance FY 2026 revenue growth above 30%; adjusted EBITDA low-teens …
     Guidance reconfirmed after H1 beat

     Next H2 delivery against FY 2026 guidance

     −2% since 21 Jul · moved 7 Sep
144. Profit outlook Concurrent Technologies CNC£250m

     FY26 guidance trend

     On 13 Jul 2026 the Board said FY26 would be at least in line with consensus. On 7 Sep 2026 it went further, expecting results ahead of consensus (revenue £52m, PBT £8m).

     Consensus FY26 revenue £52m, PBT £8m (as at 6 Sep 2026)New guidance Revenue materially ahead, profit ahead of expectations
     Guidance raised above consensus

     Next FY26 delivery against raised expectations; busy Q4

     +4% since 7 Sep · moved 7 Sep
145. Disposal Hilton Food Group HFG£645m

     Business and portfolio review

     Since March 2026 the company has run improvement plans at Seachill, Foppen and Dalco. Dalco's sale was agreed in July 2026 with a £16.7m impairment, removing its losses from guidance.

     Seachill Improvement plans expected to have positive impact in H2 …Dalco Sale agreed July 2026; £16.7m non-cash impairment; held for …
     Dalco sale agreed; Seachill plans gaining traction

     Next Dalco sale completion; Seachill H2 improvement impact

     +12% since 11 Nov · moved 3 Sep
146. Disposal Camellia CAM£135m

     Disposal of non-core assets

     Under the Value Enhancement Plan announced in May 2025, Camellia is selling non-core, low-return and non-operating assets.

     Proceeds £30.7m cash proceeds in H1 2026Profit £18.9m profit on disposals
     Non-operating disposals substantially complete

     −8% since 3 Sep · moved 3 Sep
147. Stake building Jadestone Energy JSE£241m

     PT Prima Petroleum Energi building a stake

     On 2 Sep 2026 Prima Energy, an Indonesian oil and gas operator, agreed to buy c.28.3% of Jadestone from Tyrus Capital funds, its largest shareholder, under a private share purchase agreement.

     Holder PT Prima Petroleum EnergiStake 0% → 28.2779%Crossed 25%
     Stake purchase agreed; company response, not yet confirmed

     Next independent confirmation of the Sale received by Jadestone

     +23% since 3 Sep · moved 3 Sep
148. Big fundraise Renalytix RENX£40m

     Fundraise and debt conversion

     Renalytix launched a bookbuild on 1 September 2026 at 6p, a premium to the market price. It funds the Quest Diagnostics rollout and converts the Heights bonds to equity.

     Size £10.1m gross placing at 6p; up to £1.0m WRAP Retail OfferShares 168,366,151 new shares plus 57,729,741 Conversion Shares to …
     Retail offer open; first tranche admission pending

     +45% since 1 Sep · moved 3 Sep
149. Takeover Jadestone Energy JSE£241m

     Possible offer from a private equity bidder

     Prima Energy is an experienced upstream oil and gas operator in Indonesia and will support the Company as it continues to deliver long term growth and value creation for all shareholders.

     Approach

     +29% since 2 Sep · moved 2 Sep
150. Disposal TT Electronics TTG£331m

     Disposal of Components business

     Components strategic review of all four active sites was completed with the 25 March 2026 results; on 15 May the Board was still evaluating options.

     Scope Strategic review covered all four active Components sitesOptions Range of options including a potential disposal
     Indications of interest received; no deal

     Next Decision on any Components transaction, subject to value

     +78% since 25 Mar · moved 2 Sep
151. Profit outlook Ashtead Technology Holdings AT.£489m

     Middle East conflict exposure

     The Middle East conflict, unresolved since March 2026, has cut regional activity and pushed projects into 2027, prompting guidance cuts in July and August.

     H1 impact Adjusted EBITA £25.1m (HY25: £27.0m); margin 25.0% vs …FY26 guidance Revenue ~5% and Adjusted EBITA ~15% below consensus (20 …
     Guidance cut confirmed; H1 impact reported

     +66% since 17 Mar · moved 1 Sep
152. 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 targets

     Next Interim results for the six months to 30 September 2026 10 Nov · in 16 days

     +102% since 11 Nov · moved 1 Sep
153. August 2026
154. Disposal FIH Group FIH£16m

     Strategic options review

     FIC management are also working on a programme of improvement across all other areas of the business.

     Momart sale awaiting shareholder approval

     −48% since 26 Nov · moved 28 Aug
155. Capital return Somero Enterprises Inc. SOM£152m

     Buyback programme

     The proposed move to majority voting and shorter Board terms will strengthen accountability while preserving appropriate continuity and Board stability.

     Kind buyback programmeAmount US$12.0mOf market value 7.7%
     Proposed

     +41% since 23 Jul · moved 28 Aug
156. Capital return Macfarlane Group MACF£124m

     Buyback programme

     Trading is in line with market expectations for the full year to 31 December 2026.

     Kind buyback programmeAmount £6mOf market value 5.2%
     £3.1m of £4m spent; new £6m added

     +8% since 27 Aug · moved 27 Aug
157. Capital return Gulf Keystone Petroleum Ltd Com Shs GKP£462m

     Special dividend

     A $50m special dividend was first proposed on 25 Aug 2026. On 20 Oct 2026 it was tied to the ShaMaran merger: existing Gulf Keystone shareholders are to receive $50m (about $0.23 per share) at closing.

     Kind special dividendAmount $10 millionOf market value 1.7%
     Proposed

     Next Payment at completion of ShaMaran merger

     +16% since 25 Aug · moved 25 Aug
158. Disposal BATM Advanced Communications Ltd. BVC£39m

     Exit of non-core assets

     Since January 2026 BATM has been exiting non-core assets, completing the AMS sale on 2 Jan 2026. On 22 Jun 2026 it agreed to sell three of four remaining non-core activities for $13.3m cash.

     Price $13.3m cash, 33x the Disposed Businesses' 2025 adjusted net …Linked share sale 96,794,500 BATM shares at 18.15p, about £17.6m (c. $23.3m), …
     Agreed; awaiting shareholder and third-party approvals

     −30% since 2 Jan · moved 24 Aug
159. Stake building Caffyns CFYN£13m

     Andrew Perloff building a stake

     Andrew Perloff: 27.34% (from 22.22%)

     Holder Andrew PerloffStake 22.22% → 27.34%Crossed 25%
     27.34% (from 22.22%)

     +21% since 19 Aug · moved 19 Aug
160. Debt & refinancing Vast Resources VAST£62m

     Alpha and Mercuria loan default

     The Alpha and Mercuria loans have been in technical default since Oct 2025. A binding US$10m term sheet followed on 27 Jul 2026, and on 4 Aug 2026 net placing proceeds (est. £4.81m) were earmarked for creditors.

     Net proceeds Estimated £4,809,057 from Placing and Subscription, for …Lenders named A&T Investments SARL and Mercuria Energy Trading SA
     Funding in place; settlement of loans pending

     Next Settle Alpha and Mercuria loans from equity and Glencore facility proceeds

     −23% since 31 Oct · moved 19 Aug
161. Debt & refinancing Kenmare Resources (CDI) KMR£200m

     RCF covenant amendment talks

     Net debt rose to $175.8m at 30 June 2026 from $158.8m at end 2025 as prices fell. The RCF was upsized by $30m to $230m with covenant adjustments, which the company says gives additional flexibility.

     Lender talks Adjustments to the RCF, including amendments to covenant …Dividend 2025 final dividend suspended; resumption when prudent and …
     RCF upsized and covenants adjusted

     Next Debt reduction from post-period receipts and H2 cash flow

     +1% since 25 Mar · moved 19 Aug
162. Takeover Evoke EVOK£190m

     Offer for the company

     Bally's Intralot's recommended 52p all-share offer was agreed on 5 June 2026. evoke shareholders approved the scheme on 17 August 2026 with over 99% support, and Intralot shareholders passed their resolutions on 18 September …

     Offer 52p in sharesPremium +34% on 38.8pSpread now +23.5% to the offerBoard recommends
     Approved

     Next scheme expected to become effective the final quarter of 2026 or first quarter of 2027

     +8% since 20 Apr · moved 17 Aug
163. Disposal Thungela Resources Limited TGA£867m

     Goedehoop North disposal

     Thungela agreed the sale of the winding-down Goedehoop North assets at the end of 2025, with rehabilitation liabilities moving to the buyer on completion. The June 2026 pre-close said the sale was still being progressed.

     Next milestone Completion expected in the second half of 2026Liabilities Rehabilitation liabilities transfer to the purchaser on …
     Sale pending; completion expected in H2 2026

     Next Completion of the sale expected in the second half

     +91% since 1 Dec · moved 17 Aug
164. Big fundraise Touchstone Exploration Inc TXP£45m

     Equity raise and loan covenant

     October 2025 placing completed. The lender waived only the 2025 covenant test; on 4 June 2026 the company launched a US$10-15m raise at 7p, with a 2026 debt service waiver, and announced initial US$10.9m proceeds on 5 June.

     First Admission Expected on or around 10 June 2026 on AIM, with TSX listingAdvisers Canaccord Genuity Nominated Adviser and Lead Bookrunner; …
     Debenture converted to equity; going-concern doubt remains

     Next Bank debt repayments of about $14.2m over next 12 months

     −9% since 24 Oct · moved 14 Aug
165. Takeover CAB Payments Holdings 1/3P (WI) CABP£204m

     Offer for the company

     Helios made a firm offer from early 2026 at 85p, which the board has repeatedly rejected as opportunistic. StoneX's 110p possible offer fell away on 5 May 2026 after Helios withheld support.

     Offer 110p in cashPremium +52% on 72.2pSpread now +36.8% to the offerBoard minded
     Offer

     Next Pre-close trading update 19 January 2027; FY results 4 March 2027 19 Jan · in 86 days

     +11% since 2 Feb · moved 13 Aug
166. Capital return Costain Group COST£651m

     Enhanced shareholder returns

     Costain confirmed a £20m buyback and 3x dividend cover with its FY25 results on 10 March 2026, after the January pension agreement.

     Buyback size £20m on-market programme in FY26Progress 2.1m shares bought for £4.0m by 13 May 2026
     Buyback 38% done; dividend cover cut

     +54% since 26 Jan · moved 13 Aug
167. Stake building Bay Capital BAY£11m

     DAVID JEFFREYS WILLIAMS building a stake

     Chairman David Williams had raised his stake to 25.35% from 22.8% by 13 August 2026.

     Holder DAVID JEFFREYS WILLIAMSStake 22.8% → 25.3499%Crossed 25%
     25.3499% (from 22.8%)

     +22% since 13 Aug · moved 13 Aug
168. Disposal CLS Holdings CLI£189m

     £400m disposal programme

     Disposal programme started in late 2025 to cut debt; £144.2m sold in 2025 and The Brix exchanged unconditionally at €60m in April.

     Sold in 2026 £62 million completed to date2026 target £100 million of sales by year end
     £75.7m completed or exchanged; ~£100m target

     −18% since 2 Dec · moved 12 Aug
169. 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 June

     Next buyback update; Q3 trading update 3 Nov · in 9 days

     −16% since 4 Nov · moved 11 Aug
170. 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-managed

     Next Buyback period ends, or earlier if authority is exhausted 26 Oct · in 1 days

     +21% since 11 Aug · moved 11 Aug
171. Stake building Zinc Media Group ZIN£13m

     Aberdeen Group plc building a stake

     Aberdeen Group plc: 32.2926%

     Holder Aberdeen Group plcStake 0% → 32.2926%Crossed 29.9%
     32.2926% (from 0%)

     Next a 30% holder must bid (Rule 9)

     −21% since 7 Aug · moved 7 Aug
172. Sale process Morgan Advanced Materials MGAM£674m

     Thermal Products strategic review

     Strategic review of the Thermal Products division, including a potential disposal, began in March 2026.

     Scope Full range of options under consideration, including a …Progress Good progress assessing the division's growth prospects; …
     Review progressing; options being prepared, no outcome

     Next further update in due course

     +4% since 3 Mar · moved 6 Aug
173. Stake building Touchstone Exploration Inc TXP£45m

     Purebond Limited building a stake

     Purebond Limited: 36.27% (from 19.99%)

     Holder Purebond LimitedStake 19.99% → 36.27%Crossed 29.9%
     Nominee proposed, due diligence pending

     Next a 30% holder must bid (Rule 9)

     +46% since 6 Aug · moved 6 Aug
174. Disposal SHAWBROOK GROUP PLC SHAW£1,473m

     Sale of Blue Motor Finance

     Shawbrook signed a contract on 4 August 2026 to sell its Blue Motor Finance loan portfolio, reported as assets held for sale of £276.9 million in the H1 2026 results (5 August 2026).

     Business sold Blue Motor Finance loan portfolio, classified as assets …Size £276.9 million of loans held for sale, included in the …
     Sale contract signed 4 August 2026

     Next completion of the sale; price and buyer not stated

     −15% since 5 Aug · moved 5 Aug
175. Disposal Diversified Energy Company DEC£761m

     Oklahoma operated development program

     On 5 Aug 2026 with Q2 results, Diversified announced a one-rig operated development program in Oklahoma, drawing on acreage acquired mainly through PDP-focused deals including Camino.

     Scale One rig; more than 450 economic locations at $65/Bbl oil …Runway Over 20 years of development at a one-rig pace
     Announced; capex begins second half 2026

     Next Operated capex starts; production impact expected 2027

     +13% since 5 Aug · moved 5 Aug
176. Stake building Trufin TRU£54m

     Watrium AS building a stake

     Watrium AS: 44.78% (from 25.01%)

     Holder Watrium ASStake 25.01% → 44.78%Crossed 29.9%
     44.78% (from 25.01%)

     Next a 30% holder must bid (Rule 9)

     −28% since 5 Aug · moved 5 Aug
177. Capital return Domino's Pizza Group DOM£827m

     Capital allocation review

     After the November 2025 CEO exit and the arrival of a new CFO, a capital allocation review began.

     Priority Invest in core business under rigorous capex hurdlesLeverage 2.3x; net debt £290.1m; range 1.5x-2.5x, aiming for the …
     Framework set: organic growth, deleveraging, no M&A

     Next progress on debt and leverage reduction

     +27% since 25 Nov · moved 4 Aug
178. Debt & refinancing Kosmos Energy KOS£1,224m

     2026 and 2027 debt maturities

     Since Nov 2025 Kosmos has refinanced near-term maturities, eased RBL covenants and raised ~$200m of equity in March 2026. The EG sale completed on 16 Jun 2026.

     Equity raise ~$200m raised in March 2026; proceeds used to accelerate …Liquidity Over $500m at end Q2 2026
     RBL refinancing under way, targeted Q4

     Next RBL refinancing completion targeted

     +70% since 3 Nov · moved 3 Aug
179. July 2026
180. Capital return Elementis ELM£1,023m

     Pharma proceeds share buyback

     The sale of the pharma business to ABF was agreed on 5 March 2026 with net cash proceeds to be returned to shareholders, and completed on 2 June 2026.

     Size c£25m (c$35m)Funding Net cash proceeds from sale of the pharmaceutical …
     New c£25m buyback launched

     Next buyback execution using pharma sale proceeds

     +4% since 30 Jul · moved 30 Jul
181. Profit outlook Vesuvius VSVS£1,093m

     FY26 guidance downgrade

     On 28 May 2026 Vesuvius confirmed FY26 expectations with a stronger H2. On 27 July it cut guidance to profit slightly ahead of FY25.

     H1 profit Trading profit £74.0m, (0.1%) at constant currency; …FY26 guidance Trading profit slightly ahead of FY25, constant currency; …
     Cut guidance confirmed at half-year results

     Next Steel operational issues to be resolved by year-end 31 Dec · in 67 days

     −2% since 27 Jul · moved 30 Jul
182. Profit outlook Vanquis Banking Group 20 VANQ£181m

     Returns guidance reset

     Vanquis had guided to low double digit statutory ROTE for 2026 as recently as May 2026. At the half year it cut 2026 to low single digit, as lower Credit Card yields from new customers and cautious spending moderate returns.

     2026 ROTE Low single digit (previously low double digit)2027 ROTE Low double digit
     ROTE guidance cut; recovery pushed to 2027-28

     Next FY26 results: dividend decision and ROTE delivery

     −39% since 30 Jul · moved 30 Jul
183. Disposal Hargreaves Services HSP£265m

     Renewable energy land asset disposals

     The first sale completed in October 2025 at £8.8m. By year end two assets had been realised for initial cash of £15.6m, in line with third-party valuations, and £20m was returned via the May 2026 tender offer.

     Cash realised £15.6m initial cash from two assets, in line with third …Remaining value Near term assets independently valued at £9.1m
     Two assets sold; remainder valued £9.1m

     Next further realisations of remaining near term assets

     +31% since 20 Oct · moved 29 Jul
184. Disposal Franchise Brands FRAN£289m

     Review of non-core business disposals

     In March 2026 the Board began reviewing sales of non-core businesses. The H1 results say the Group is simplifying to three core B2B franchised businesses. No sale or buyer is named, and any proceeds would go to debt repayment.

     Focus Simplify to three core B2B franchised businessesUse of money Any disposal proceeds applied to accelerate debt repayment
     Simplification under way; no sale announced

     +35% since 25 Mar · moved 29 Jul
185. 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 unchanged

     Next full year results and buy-back completion 1 Dec · in 37 days

     −16% since 3 Dec · moved 29 Jul
186. Big fundraise Allergy Therapeutics AGY£285m

     Potential equity raise

     In December 2025 the Board sought authority to issue up to 610m shares without pre-emption, but no raise was agreed. Shareholder loans were repaid via £55m warrant exercises and a £40m Hayfin facility was drawn.

     New facility £40m senior secured 2026 Hayfin Facility, drawn immediately …Cash £24.2m at 30 June 2026 (30 June 2025: £12.8m), unaudited
     No raise; debt funded, cash £24.2m

     Next preliminary audited results

     −58% since 12 Dec · moved 29 Jul
187. Debt & refinancing Mobico Group MCG£246m

     Leverage reduction options review

     Covenant gearing rose to 2.9x and cash outflows from legacy liabilities constrain net debt reduction.

     Covenant gearing 2.9x at 31 March 2026 (Dec 2025: 2.7x)Liquidity £0.8bn: £242m net cash and undrawn £600m RCF
     Advisers evaluating options; update in H2 2026

     Next Update on strategic and financial options

     +46% since 29 Jul · moved 29 Jul
188. Sale process Science Group SAG£229m

     Freehold property options review

     Advisors have been appointed to evaluate a range of options which may provide benefits in the longer term.

     Advisers appointed, evaluating options

     Next advisers to evaluate options for the two freehold sites

     −3% since 27 Jul · moved 27 Jul
189. Disposal Vast Resources VAST£62m

     Zimbabwe diamond parcel sale

     The first tender in November 2025 sold 98% of the parcel for about US$1.09m net, with higher-quality stones to be sold in phases. Dubai sales were delayed by Middle East conflict.

     New channel Antwerp, sales expected to start week commencing 4 May 2026Next milestone Further update on processing and sales shortly
     Polished sales deferred; retail channels started

     Next Dubai rough tender of c.5,000 ct, timing market-dependent

     −23% since 31 Oct · moved 27 Jul
190. Capital return Science Group SAG£229m

     Buyback programme

     The Board anticipates sequential period growth in the second half of the year, driven principally by the Services division.

     Kind buyback programmeAmount £20.0mOf market value 8%
     2.4m shares bought in H1 for £13.5m

     Next buy-back spend expected to exceed £20.0m in 2026

     −3% since 27 Jul · moved 27 Jul
191. Delisting Everyman Media Group EMAN£47m

     AIM delisting proposal

     On 16 June 2026 Everyman said three director-shareholders holding 45.6% back cancelling AIM trading, with other holders of at least 11.0% also expected to support it.

     Director support Adam Kaye, Charles Dorfman and Michael Rosehill hold 45.6% …Other support Other shareholders holding no less than 11.0% expected to …
     Stakeholder engagement; announcement due by end-August

     +46% since 16 Jun · moved 27 Jul
192. Capital return Kazera Global KZG£17m

     Return of Aftan settlement proceeds

     On 22 June 2026 the Board said it intended to return about 80% of net Aftan settlement cash, once the initial US$500,000 arrived.

     Amount About 80% of net cash proceeds received under the US$10.5m …Timing Record date anticipated in July 2026 (stated 22 June 2026); …
     Programme proposed; CVR terms being finalised

     +50% since 22 Jun · moved 24 Jul
193. Stake building Angus Energy ANGS£15m

     Forum Energy Services Limited building a stake

     Forum Energy Services Limited: 25.6044% (from 16.2117%)

     Holder Forum Energy Services LimitedStake 16.2117% → 25.6044%Crossed 25%
     25.6044% (from 16.2117%)

     +0% since 23 Jul · moved 23 Jul
194. Profit outlook Morgan Sindall Group MGNS£1,839m

     Fit Out profit outperformance

     For the full year, the division is expected to have another strong performance, with profits expected to now be slightly ahead of the top end of the revised medium-term target range (Average annual …

     Held; Fit Out target raised to £100-130m

     Next Full-year delivery slightly ahead of top of £100m-£130m range

     −23% since 12 Feb · moved 23 Jul
195. Debt & refinancing Kazera Global KZG£17m

     Director loan facility refinancing

     Director loan facilities matured on 30 April 2026, with Tracarta talks continuing and no extension terms announced. REMI cut working capital needs on 26 May 2026, and the SAI deal of 9 July 2026 added SAI-funded operations.

     Board view Funding position materially strengthened; no further …REMI contribution ZAR600,000 (circa £27,000) monthly toward project costs
     Funding strengthened; Tracarta loan still unresolved

     Next Outcome of Tracarta loan extension talks

     +50% since 31 Mar · moved 20 Jul
196. Disposal MS International MSI£261m

     Disposal of non-core divisions

     Presently, I am not in a position to give more detail as we are currently negotiating with potential buyers but I am hoping that an announcement can be made before the end of the summer.

     Trade buyer negotiations on Petrol Station business

     Next Announcement on Petrol Station Superstructures and Branding sale; Forgings process after

     +13% since 14 Jan · moved 16 Jul
197. Profit outlook Me Group International MEGP£417m

     FY 2026 guidance cut

     On 23 March 2026 FY26 trading was in line with expectations. On 1 June 2026 the company cut FY26 PBT guidance to £69m-£74m after a weak April.

     April trend Photo.ME revenue down 17%; Wash.ME revenue up 3%Next milestone Deputy CEO Vladimir Crasneanscki presents interim results …
     Interims confirm cut guidance; May trading recovering

     Next H2 trading against £69m-£74m guidance; laundry installation pace

     −24% since 1 Jun · moved 13 Jul
198. Capital return The Pebble Group PEBB£77m

     Special dividend

     The Company today announces that it will be increasing the maximum aggregate consideration of the Original Share Buyback Programme by £2.0 million, taking the programme to a total of £7.0 million.

     Kind special dividendAmount £7.0m total (increased from £5.0m)Of market value 7.9%
     Extended to £7m and completed 30 July

     +15% since 17 Mar · moved 9 Jul
199. Capital return PayPoint PAY£418m

     Buyback programme

     The Company intends to purchase ordinary shares for an aggregate maximum consideration of £25 million with the sole purpose to reduce the share capital of the Company.

     Kind buyback programmeAmount £25 millionOf market value 7.2%
     Proposed

     +24% since 1 Jul · moved 1 Jul
200. June 2026
201. Disposal Mercia Asset Management MERC£128m

     Direct investment realisations

     Advisers were appointed at several portfolio companies in December 2025 to prepare exits. Valuation comparables and acquirer behaviour have lengthened timelines, so most realisations are now expected in FY28-FY29.

     Portfolio value £124.8m (2025: £126.0m)Fair value move £12.8m net decrease in FY26
     Exit timetable pushed out

     Next Realisations expected FY28-FY29; alternative divestment options considered

     +3% since 2 Dec · moved 30 Jun
202. Capital return Georgia Capital CGEO£1,243m

     Return of capital

     The GEL 700m capital return programme, announced in August 2025 for completion by end-2027, is now effectively complete through the early bond call and the buyback extension.

     Kind return of capitalAmount US$ 50 millionOf market value 2.6%
     GEL 700m nearly done; GEL 1bn programme launched

     +7% since 29 Jun · moved 29 Jun
203. Takeover Scancell Holdings SCLP£124m

     Possible offer

     Scancell is in advanced discussions with Neuphoria Therapeutics Inc. regarding a potential reverse merger transaction, whereby Scancell would acquire Neuphoria via an all-share transaction.

     Approach

     +379% since 26 Jun · moved 26 Jun
204. Big fundraise Defence Holdings PLC ALRT£16m

     At-the-market equity facility

     On 25 June 2026 the company launched an accelerated bookbuild to raise up to about £4m at 1p, a 24.81% discount, with Fortified as sole bookrunner; a broker offer of up to £1m was added and the ATM suspended.

     Size £4m gross; 400,000,000 new shares; placing completed 26 …Price 1 pence per share
     Placing completed, oversubscribed; admission pending

     −41% since 22 Dec · moved 26 Jun
205. Disposal Chemring Group CHG£1,460m

     Alloy Surfaces strategic review

     The Group is working with the DoW to assess the financial profile of these awards and will provide updated guidance at the year end.

     Review outcome: retained, restarting manufacturing

     Next updated guidance on financial profile at the year end; reclassify ASC as continuing

     −1% since 10 Nov · moved 25 Jun
206. Stake building Portmeirion Group PMP£24m

     AB Traction building a stake

     AB Traction: 25.8572% (from 15.9285%)

     Holder AB TractionStake 15.9285% → 25.8572%Crossed 25%
     25.8572% (from 15.9285%)

     −10% since 25 Jun · moved 25 Jun
207. Takeover Palace Capital PCA£30m

     Possible offer from a private equity bidder

     The Lakestreet Entities will not, at any time exercise any voting rights which would represent, in aggregate, more than 29.99 per cent. of the total votes that may be cast.

     Approach

     +16% since 24 Jun · moved 24 Jun
208. Disposal Palace Capital PCA£30m

     Portfolio disposal and capital return

     Wind-down began in July 2022, with over £160m of assets sold and over £64m returned. Halifax sold for £9.9m in February 2026. Portfolio valued at £31.3m at 31 March 2026, down 16%.

     Buybacks done 700,000 shares for c.£1.2m, announced 21 and 24 April 2026Distributable reserves £6.9m, which limits cash returns; no dividend declared
     Buyback waiver vote pending; Lakestreet caps votes

     −4% since 27 Nov · moved 24 Jun
209. Capital return Pets at Home Group PETS£1,029m

     Buyback programme

     The dividend was rebased to a 50% payout on 31 March 2026, with the saving redirected to buybacks and total returns unchanged. The £50m buyback started on 24 June via Deutsche Bank, with shares cancelled.

     Kind buyback programmeAmount £50 millionOf market value 6.5%
     First £25m tranche progressing

     Next Complete £25m first tranche by end of H1

     +39% since 24 Jun · moved 24 Jun
210. Disposal DCI Advisors Ltd DCI£43m

     Asset sales and capital return

     The completion of the sale of the remaining 3 land plots for the agreed aggregate sale price of €0.65 million will proceed, pending the final tax clearances and completion of other corporate actions.

     Apollo plots sold; proceeds going to debt repayment

     Next Completion of remaining 3 Apollo plots pending tax clearances

     +12% since 30 Mar · moved 23 Jun

Show 33 more

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.