Situations
Where money or control changes hands at a UK small cap – takeovers, disposals, capital returns, activists, stake building, refinancings. Each one followed from the first announcement to the outcome.
- Friday
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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 agreedNext Complete final owned vessel sale; decide exit from leased vessel 31 Dec · in 67 days -
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 appointedNext Migrate fulfilment from Sheffield to Burnley under GXO after Peak -
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 2027Next Exchange and complete another sale within three months -
Debt & refinancing Bezant Resources BZT£25m new
Yorkville loan facility
On 22 October 2026 Bezant completed a £4M gross unsecured, non-convertible loan with Yorkville's YA II PN Ltd, drawn in full, as an alternative to an immediate £4M equity placing.
Size £4 million gross, drawn in full; 6% upfront fee and £20,000 …Interest 5% p.a., unsecured, non-convertible, repayable in cashFacility agreed 22 Oct 2026 and drawn in fullNext First £400,000 repayment; ATM facility to be set up within 15 business days 15 Jan · in 82 days -
Profit outlook Robinson RBN£19m 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 renewedGuidance cut again to £1.2m-£1.6mNext 2026 results and FY2027 mitigation update 4 Mar · in 130 days - Thursday
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Disposal Synthomer SYNT£185m
Broadened divestment programme
Divestment programme broadened Oct 2025. Acrylate Monomers sale announced 19 June 2026 and completed 30 Sep 2026 as planned.
Use of money Enhance strategic focus and reduce debtOther projects Good progress on other divestment projects (22 Oct 2026); …Acrylate sale done; other projects progressingNext update on other divestment projects -
Profit outlook Auction Technology Group ATG£580m
FY26 guidance delivery
Guidance was set on 26 November 2025, then raised on 14 May 2026 to 5-6% and on 23 July 2026 to 5.5-6.5%.
Cost savings $4m run-rate programme, mainly FY27Margin guidance 34.5-35.5% adjusted EBITDA, unchanged; outcome expected at …FY26 slightly ahead; FY27 in lineNext FY26 results and FY27 detail 24 Nov · in 30 days -
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 lossNext final 2026 trading result, shaped by Q4 phasing - Wednesday
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Takeover Mobico Group MCG£246m new
Possible offer from a private equity bidder
On 21 Oct 2026 Mobico confirmed an approach from AdL, held by CMC Group and Asterion Industrial Partners Fund III, for a possible cash offer. After negotiation AdL made a non-binding proposal of 46p per share in cash.
Offer 46p in cashPremium +55% on 29.7pSpread now +13.9% to the offerApproachNext AdL firm offer or walk-away decision by Rule 2.6 deadline 18 Nov · in 24 days -
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 …ApproachNext Circle8 firm offer or walk-away by PUSU deadline; limited due diligence meanwhile was due 21 Oct -
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 wayNext Metallurgical testwork, bulk sample assessment and further exploration -
Big fundraise 4basebio 4BB£81m
Leadership transition and commercial push
New CEO Amy Walker took over in February 2026 to lead a commercial growth push. H1 results on 28 September showed a £63m pipeline but only £0.3m revenue, an £8.9m loss and £14.1m cash.
Other insiders M&G 465,830 shares; Elevage 256,504 shares; directors £0.3m …Next milestone Admission expected 8.00 a.m. on 10 November 2026; General …Retail offer closed; raise awaiting shareholder approvalNext General Meeting result, then Admission of new shares 10 Nov · in 16 days - Tuesday
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Sale process GB Group GBG£354m new
Strategic options for Global Fraud Solutions
On 20 October 2026 GBG said the non-core Global Fraud Solutions business, about 5% of revenue, declined more than expected on licence renewal timing, churn and fewer new wins. It is still assessing strategic options;
Business Global Fraud Solutions, non-core, c.5% of total revenueTrading declined more significantly than expected in 1H27Strategic options under assessmentNext Outcome of the strategic options assessment -
Big fundraise Invinity Energy Systems IES£66m new
Equity fundraise at 10p
On 19 Oct 2026 Invinity announced a proposed fundraise of at least £20m at 10p per share, with shares suspended.
Conditions Shareholder resolutions at the General Meeting; NWF needs …Trading status Shares suspended from 7.30am on 19 Oct 2026 until the raise …Terms set; placing bookbuild launchedNext Placing results, retail offer result, then shareholder vote at General Meeting 11 Nov · in 17 days -
Debt & refinancing XP Power Ltd. XPP£478m new
Comet litigation
The Comet litigation is ongoing. In Q3 2026 the litigation bond was released, bringing in £50.2m of cash, which cut net debt to £4.5m at 30 September 2026.
Bond released £50.2m cash received in Q3 2026 on release of the Comet …Company stance Will continue to defend its position in the caseBond released; company still defending caseNext further updates as appropriate - Monday
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Disposal Zenith Energy LTD.Com Shs ZEN£29m
Partial sale of solar portfolio
Zenith planned in Oct 2025 to sell part of its solar portfolio. WESOLAR signed a non-binding MoU on 15 Jul 2026 for about 50 MWp of Piedmont projects at EUR 12m against about EUR 5m cost.
Size 50 MWp of sales by March 2027, about EUR 41m combinedOperational assets About 20 MWp, valued at circa EUR 26 millionNegotiations ongoing; no agreement announcedNext conclude sale negotiations -
Delisting Glenveagh Properties (CDI) GLV£978m new
Delisting from London Stock Exchange
Glenveagh announced on 19 Oct 2026 its intention to delist from the LSE after a review of its listing structures, citing low LSE trading activity and the extra cost and regulatory burden.
Reason Review of listing structures: level of LSE trading …Last trading day Friday 27 November 2026 on the LSEDelisting announced 19 Oct 2026; FCA cancellation requestedNext Last day of LSE trading, then cancellation of LSE listing 27 Nov · in 33 days -
Profit outlook 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 strongNext next-generation higher-speed products ramp up during FY2028 - Earlier this month
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Activist Roadside Real Estate ROAD£99m
Mr D Holdsworth campaign
The Concert Party would therefore continue to hold shares carrying more than 50 per cent. of the voting rights of the Company.
Activist Mr D HoldsworthStake 6.24%Campaign -
Takeover Kenmare Resources (CDI) KMR£200m
Possible offer
On 6 Oct 2026, after press speculation, Kenmare confirmed a non-binding proposal from IRH for a possible cash offer for the whole company. The 15 Oct Q3 report says talks are ongoing and gives no price or new terms.
Bidder International Resources Holdings RSC Ltd (IRH)Offer Non-binding proposal for a possible cash offer for the …ApproachNext IRH firm offer or no-offer statement under Rule 2.7/2.8 17 Nov · in 23 days -
Disposal 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 2027Next complete £200m disposal target by March 2027 31 Mar · in 157 days -
Disposal Norcros NXR£273m
Sale of South African operations
The Board said on 12 May 2026 it would explore a sale of the profitable South African business, completing the shift to a capital-light UK and European brand group.
Status Process to potentially dispose of the South African …Buyer Not statedSale process progressing to planNext Disposal process progressing; interim results due 19 Nov · in 25 days -
Profit outlook 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 tonnesNext SMO 2 commissioning 31 Dec · in 67 days -
Profit outlook Dunelm Group DNLM£1,727m
Furniture availability recovery
Guidance went from 'in line' in October 2025 to the lower end of consensus in April 2026, then in line with £210m consensus in July. FY26 PBT of £211.0m was flat.
FY26 PBT £211.0m, flat on FY25Early FY27 significantly softer first six weeks due to hot weather; …FY27 guidance held; H1 PBT to be lowerNext Q2 trading update 14 Jan · in 81 days -
Sale process YouGov YOU£314m
Shopper strategic review
YouGov began a strategic review of Shopper in March 2026 to unlock long-term value. On 13 Oct 2026 it said the review is ongoing with no outcome given.
Shopper H1 profit £6.8m adjusted operating profit (HY25: £13.9m)Incremental investment £6m expected in FY26Review ongoing; no outcomeNext further update on the review -
Capital return 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 -
Capital return YouGov YOU£314m
Share buyback replacing dividend
In March 2026 the Board said it expected to replace the annual dividend with a buyback, citing a gap between intrinsic and market value. Facilities were amended by 6 Aug 2026.
Balance sheet Year-end leverage 1.7x; net debt £142.1m; debt facilities …Size Up to £15m maximum aggregate consideration, in lieu of the …Buyback launched 13 Oct 2026, run by BerenbergNext Buyback expected to complete within second half of FY27 -
Profit outlook 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 normalisationUpgraded guidance reiterated at H1 resultsNext FY27 results -
Capital return AdvancedAdvT Limited ADVT£233m
£10m buyback and possible tender offer
Having already completed £10.0 million of share buyback, and we have initiated a further £10 million programme in September.
Second £10m buyback under wayNext half year results 2 Nov · in 8 days -
Activist Sanderson Design Group SDG£53m
LBV ASSET MANAGEMENT LLP campaign
The removal of the Chair at the instigation of a single shareholder, coupled with the simultaneous appointment of that shareholder's own nominee, would not serve the interests of shareholders as a …
Activist LBV ASSET MANAGEMENT LLPStake 14.065%Wants remove the chair, board seat(s)Board opposesCircular published; board recommends voting againstNext general meeting 29 Oct · in 4 days -
Takeover First Tin 1SN£73m
Possible offer
First Tin received an unsolicited, indicative proposal from Metals X, announced 9 October 2026, for a possible cash offer at 15p per share.
Offer Preliminary, non-binding indicative cash offer for all …Bidder Metals X Limited, existing shareholder with two appointees …ApproachNext firm offer or walk away (Rule 2.6) 6 Nov · in 12 days -
Disposal Gran Tierra Energy Inc. (CDI) GTE£306m
Perico and Espejo acquisition
On 5 Aug 2026 Gran Tierra agreed to sell all its Colombia and Ecuador assets to Maurel & Prom for about $1.33bn total consideration. The 2031 Noteholders consented on 22 Sep 2026, and on 9 Oct 2026 stockholders approved the sale.
Conditions Colombian and Ecuadorian regulatory approvals and other …Noteholder consent 2031 Notes holders' consent obtainedStockholders approved; regulatory approvals pendingNext Colombian and Ecuadorian regulatory approvals; closing targeted around 31 Dec 2026 31 Dec · in 67 days -
Disposal SSP Group SSPG£1,343m
Continental European Rail review
The review of Continental European Rail, supported by Alvarez & Marsal, concluded in May with plans to exit about a third of c.330 units and cut rail capex by c.50%.
Estate c.330 units; about one third to be exited, subject to …Exits Approximately one third of the estate, subject to local …Exit actions being implementedNext Progress update at FY26 results 8 Dec · in 44 days -
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%Wants board seat(s)Board engagingBoard urging votes against Saba before AGMNext AGM vote on Saba resolutions 21-26 was due 23 Jul -
Debt & refinancing Gran Tierra Energy Inc. (CDI) GTE£306m
October 2026 notes amortization
The sale agreement of 5 Aug 2026 provides for the purchaser to assume the 2029 and 2031 notes and for Gran Tierra to redeem the 2027 Notes from proceeds. The 2031 Notes consent was obtained on 22 Sep 2026.
Notes assumed 2031 Notes and 2029 Notes assumed by purchaserNotes redeemed 2027 Notes redeemed by company from proceeds2031 Notes consent in hand; sale closing pendingNext Closing of the Sale, when the 2031 Notes amendments take effect 31 Dec · in 67 days -
Profit outlook 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 profitWarning issued 9 October 2026Next Interim results for 12 months to 30 September 2026 -
Takeover Logistics Development Group LDG£91m
Possible offer
The Draft Revised Proposal is not at a level that the Independent Directors are minded be support
Offer 19p in cashSpread now -13.6% to the offerBoard opposesApproachNext DBAY to announce firm offer or walk away (Rule 2.6(a) deadline) 5 Nov · in 11 days -
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 continuesNext Further updates in due course; capital allocation policy review -
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 retainedElvis part sale completed; further disposals activeNext Progress further disposal processes under time-boxed review -
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 beginsNext Complete technical DD and definitive documents within 45 days -
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 approvalNext FCA change of control approval and completion -
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 dividendNext Board reviews the buyback programme at its end 31 Dec · in 67 days -
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 monthsCEO bridge loan agreed, up to $500KNext Drawdown of CEO bridge loan; financing for Permian equipment manufacture -
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 conflictAward missed FY2026 window; revenue moves to FY2027Next Middle East purchase order award for the delayed project -
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 -
Big fundraise Pennon Group PNN£1,747m
Rights issue
On 7 October 2026 Pennon launched a c.£550m fully underwritten rights issue to fund the enlarged AMP8 water investment. Terms are now set: 7 new shares for every 15 held at 250p, a 35.5% discount to TERP.
Size approximately £550 million; 220,257,997 new shares, fully …Use of money Deliver the strategic plan and invest in additional growth …Terms set; subscription period opens 12 OctoberNext Results of the rights issue announced 27 Oct · in 2 days -
Capital return Taylor Maritime Investments Limited TMIP£52m
Special dividend
Capital is returned through compulsory redemptions rather than dividends. No additional dividend is declared following the 24 April 2026 policy change.
Kind special dividendAmount $45 millionOf market value 186.2%Fourth $45m redemption confirmed, effective 26 OctNext Present plans for cancellation of listing after December redemption 26 Oct · in 1 days -
Capital return 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 -
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) -
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 saleNext GoldOz ASX re-listing and completion of the sale -
Disposal Capita CPI£356m
Closed book Life & Pensions exit
Capita went live on the Civil Service Pension Scheme with an 86,000-case backlog (10 Mar 2026) and agreed an improvement plan with the Cabinet Office (18 May 2026).
Cash impact £35m-£50m on 2026 free cash flowCost drivers Surge resource, remediation, pension consulting disruption, …CSPS recovery ongoing; NAO review announcedNext Capital Market Event 4 Nov · in 10 days -
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 raisedNext Pressella and PathosMind generally available -
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 -
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 CEONext Farm-out outcome; further funding if no deal -
Debt & refinancing Oxford Biodynamics OBD£16m
Funding requirement by late August
The company said on 30 June 2026 that it needed new funds by late August, with cash of £1.38m at 31 May and no non-dilutive deal. It announced a £9.15m placing on 10 August;
Size £9.15m placing of 9,150,000,000 new sharesPrice £0.001 per Placing SharePlacing completed; £250,000 still outstandingNext Vulpes to pay outstanding £250,000 placing balance 30 Oct · in 5 days -
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 -
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 newsNext state approvals for the sale; no date given -
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 2026Next Agree binding terms for CME stake sale -
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 GoodwinAgreed; awaiting regulatory approvals, completion Q1 2027Next Regulatory approvals and completion -
Disposal Real Estate Investors RLE£54m
Orderly portfolio sales programme
Management remains open to a corporate transaction that could provide a more rapid conclusion to its stated disposal and wind-down strategy, provided that it delivers attractive value for …
Overrun confirmed; debt-free then capital returns 2027Next Complete £6.2m in legals and October deferred sale; repay debt 31 Oct · in 6 days -
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 passedNext Italian regulator approval -
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 receivedNext Select preferred bidder -
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 decisionNext Board decision on amount, timing and form of return -
Capital return Caledonia Investments CLDN£1,872m
Discount to NAV
Caledonia's discount to NAV was 43.4% at year end and 37.1% at end April, and it has bought back shares to address it (£34.6m, 9.47m shares cancelled at a 34.7% average discount).
Discount 43.4% at year end; 37.1% at end AprilPrior buybacks £34.6m, 9.47m shares cancelled at 34.7% average discountNew buyback instruction running 1 Oct to 9 NovNext Half-year results for six months to 30 September 2026 10 Nov · in 16 days -
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 acquisitionNext fundraise terms with the prospectus -
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 financingNext Short-term financing options; CME binding terms in Q4 2026 -
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 -
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 flaggedNext Board keeps funding requirements under review -
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 expectationsNext receipt of £1.85m settlement from supplier was due 15 Oct -
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 lowerNext full-year ARR growth, expected slightly below 14% -
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 -
Takeover Vesuvius VSVS£1,093m
Possible offer
RHI Magnesita has made unsolicited proposals since 29 September 2025 (first 448p cash), all rejected.
Offer 448p in cashPremium +20% on 374.4pSpread now +0.9% to the offerBoard opposesApproachNext RHIM firm offer (Rule 2.7) or walk away 27 Oct · in 2 days -
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 millionExtended programme run to 28 September; 10.6m shares boughtNext Board decision on any further buyback after the extended programme -
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 -
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 -
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 -
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 wideFirst compulsory redemption announced; realisation under wayNext Further redemptions as additional cash becomes available -
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 setNext deliver FY27 targets post-disposal -
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 approvalNext FIRB approval and completion of the Definitive Agreement -
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 upsideOption signed; KGHM funds future work
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.