Situations

1. Today
2. Activist Auction Technology Group ATG£580m moved

   FitzWalter Capital Limited campaign

   FitzWalter's campaign dates from 13 Dec 2024. Its possible offers lapsed on 2 Feb 2026 when it said it would not bid.

   Activist FitzWalter Capital LimitedStake 27.4533%Wants board seat(s), sale of the company, return of capital
   Bid dropped; Rule 2.8 applies; shareholder campaign open

   Next General Meeting vote on removing the Chair

   −18% since 13 Dec · moved 26 Oct
3. Big fundraise Sareum Holdings SAR£38m new

   Discounted equity fundraise

   Sareum paused AIM trading on 8 Oct 2026 to run a fundraise, and on 26 Oct 2026 announced a conditional £3.2m subscription at 14p, a c.49% discount, with warrants.

   Size c.£3.2m before expenses; 22,807,143 new shares; WRAP offer …Price 14p per share
   Subscription conditionally raised; admission pending

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

   +0% since 26 Oct · moved 26 Oct
4. Debt & refinancing Critical Metals CRTM£83m moved

   Additional funding requirement

   The £2.1m NIU convertible loan note was raised on 31 December 2025. The final results state that part of the funds went on restructuring, debt reduction and Molulu, and that fieldwork restarted after funds were released.

   Amount £2.1 million convertible loan note from NIUUse of money Restructuring, debt reduction and advancing the Molulu …
   £2.1m NIU note funded fieldwork restart

   +720% since 7 Nov · moved 26 Oct
5. Friday
6. 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 81 days

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

   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.

   Direction below expectations / warningReaction on the day −8%In 12 months 1 statement in the same direction
   Guidance cut again to £1.2m-£1.6m

   Next 2026 results and FY2027 mitigation update 4 Mar · in 129 days

   −8% since 23 Oct · moved 23 Oct
8. Thursday
9. Sale process Arc Minerals Limited ARCM£14m new

   Kabompo West strategic partnership

   After the Settlement Agreement reached in the previous quarter, Arc is running a dual-track strategy at Kabompo West in Zambia.

   Track 1 Advanced discussions with a shortlist of large mining …Track 2 Review of geological, geophysical and drilling database, …
   Advanced discussions with shortlisted majors

   Next Update on partnership talks and project review

   −4% since 22 Oct · moved 22 Oct
10. Sale process Bloomsbury Publishing BMY£505m new

    Sale of Who’s Who and Osprey Games

    Bloomsbury decided earlier in 2026 to sell Who’s Who and Osprey Games, both in Special Interest. The 22 Oct 2026 interims say sale processes have begun; Consumer margin was 9.5%, or 11.6% excluding Special Interest.

    Business sold Who’s Who and Osprey Board Games (Special Interest, …Status Sale processes begun
    Sale processes begun

    Next Outcome of sale processes

    −7% since 22 Oct · moved 22 Oct
11. 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
12. Capital return Auction Technology Group ATG£580m new

    Return of excess capital

    As set out at the HY26 results, the Board is considering options for returning excess capital to shareholders.

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

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

    −0% since 22 Oct · moved 22 Oct
13. Big fundraise Cornish Metals PLC TIN£94m new

    Placing of 179% of the market value

    Cornish Metals PLC is raising approximately £135 million (before expenses) by placing, 179.3% of its market value, at a 41.2% discount; the shares moved −41% on the day.

    Raise Placing · approximately £135 million (before expenses)Of market value 179.3%Discount 41.2% to the last close
    Announced

    −26% since 14 Oct · moved 22 Oct
14. Big fundraise Invinity Energy Systems IES£66m new

    Equity fundraise at 10p

    On 19 Oct 2026 Invinity announced a fundraise of at least £20m at 10p per share, a 43.5% discount, with shares suspended. On 20 Oct 2026 it reported a £10m oversubscribed placing and NWF's £10m cornerstone.

    Raise Placing · approximately £20 millionOf market value 19.8%Discount 43.5% to the last close
    Fundraise sized at £25m; awaiting shareholder vote

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

    −35% since 19 Oct · moved 22 Oct
15. 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.

    Direction below expectations / warningReaction on the day −7%In 12 months 2 statements in the same direction
    Guidance cut to £3-5m trading loss

    Next final 2026 trading result, shaped by Q4 phasing

    −9% since 26 Aug · moved 22 Oct
16. Profit outlook Essentra ESNT£326m new

    Profit upgrade

    Essentra raised its guidance on 22 Oct 2026; the shares moved +5% on the day.

    Direction ahead of expectations / raisedReaction on the day +5%In 12 months 1 statement in the same direction
    Guidance raised

    +2% since 22 Oct · moved 22 Oct
17. Wednesday
18. Takeover SThree STEM£358m

    Possible offer

    Circle8 approached SThree on 9 Sep 2026 and confirmed an unpriced all-cash possible proposal on 11 Sep, which the Board unanimously rejected as significantly undervaluing the company.

    Funding Structured as all cash, without issuing additional Circle8 …Certainty No certainty any firm offer will be made or of its termsBoard minded
    Approach

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

    +8% since 9 Sep · moved 21 Oct
19. Takeover Mobico Group MCG£246m new

    Possible offer

    A bidder has made a possible offer for Mobico Group at 46p in cash, a premium of 55% on 29.7p.

    Offer 46p in cashPremium +55% on 29.7pSpread now +13.9% to the offer
    Approach

    +36% since 21 Oct · moved 21 Oct
20. Big fundraise 4basebio 4BB£81m

    Leadership transition and commercial push

    New CEO Amy Walker took over in February 2026 to lead a commercial growth push. H1 results on 28 September showed a £63m pipeline but only £0.3m revenue, an £8.9m loss and £14.1m cash.

    Other insiders M&G 465,830 shares; Elevage 256,504 shares; directors £0.3m …Next milestone Admission expected 8.00 a.m. on 10 November 2026; General …
    Retail offer closed; raise awaiting shareholder approval

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

    −6% since 10 Feb · moved 21 Oct
21. Profit outlook Hardide HDD£94m

    Profit upgrade

    Hardide said it is trading ahead of expectations on 21 Oct 2026; the shares moved +7% on the day. It is the fourth such statement in 12 months.

    Direction ahead of expectations / raisedReaction on the day +7%In 12 months 6 statements in the same direction
    Ahead of expectations · fourth in 12 months

    +647% since 3 Feb · moved 21 Oct
22. Profit outlook Hercules Plc HERC£30m new

    Profit upgrade

    Hercules Plc raised its guidance on 21 Oct 2026; the shares moved +9% on the day. It is the second such statement in 12 months.

    Direction ahead of expectations / raisedReaction on the day +9%In 12 months 2 statements in the same direction
    Guidance raised · second in 12 months

    +10% since 21 Oct · moved 21 Oct
23. Profit outlook Serabi Gold SRB£137m new

    Profit warning

    Serabi Gold issued a profit warning on 21 Oct 2026; the shares moved −11% on the day.

    Direction below expectations / warningReaction on the day −11%In 12 months 1 statement in the same direction
    Profit warning

    −20% since 21 Oct · moved 21 Oct
24. Tuesday
25. 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
26. Capital return Gulf Keystone Petroleum Ltd Com Shs GKP£462m new

    Special dividend

    Gulf Keystone Petroleum Ltd Com Shs: special dividend of USD 50 million, 4.2% of the market value – proposed (20 Oct 2026).

    Kind special dividendAmount USD 50 millionOf market value 4.2%
    Proposed

    −6% since 20 Oct · moved 20 Oct
27. Profit outlook Cropper (James) CRPR£76m

    Profit upgrade

    Cropper raised its guidance on 20 Oct 2026; the shares moved +14% on the day. It is the third such statement in 12 months.

    Direction ahead of expectations / raisedReaction on the day +14%In 12 months 3 statements in the same direction
    Guidance raised · third in 12 months

    +184% since 14 Apr · moved 20 Oct
28. Profit outlook Ixico IXI£22m

    Profit upgrade

    Ixico raised its guidance on 20 Oct 2026; the shares moved +10% on the day. It is the second such statement in 12 months.

    Direction ahead of expectations / raisedReaction on the day +10%In 12 months 2 statements in the same direction
    Guidance raised · second in 12 months

    +23% since 7 Jul · moved 20 Oct
29. Profit outlook Genuit Group GEN£640m new

    Subdued market and profit guidance

    Since Nov 2025 profit guidance has tracked a subdued market. In May 2026 FY26 was guided to the lower end of the £94.7m-£105.5m range, and on 11 Aug H1 came in line.

    Direction below expectations / warningReaction on the day −12%In 12 months 1 statement in the same direction
    FY26 profit guided down to c.£84m

    Next FY26 results with 2027 outlook 1 Mar · in 126 days

    −12% since 20 Oct · moved 20 Oct

A row opens the situation with its chart and every step. Company pages also show the smaller matters – a new CEO, a plan, a contract, director buying.