Situations – UK small caps

Takeover target See all 53 →

LDGLogistics Development Group Possible offer · approach next: DBAY to announce firm offer or walk away... · 5 Nov FUMFutura Medical Possible offer · sale process STEMSThree Possible offer · approach KMRKenmare Resources (CDI) Possible offer · approach

Sale process / strategic review See all 23 →

MINDMind Gym Strategic review and possible offer · Review ongoing; discussions with third parties continue next: update to shareholders as appropriate; half... NWTNewmark Security PLC Access Control strategic review · Review concluded; sale process under way GBGGB Group Strategic options for Global Fraud Solutions · Strategic options under assessment YOUYouGov Shopper strategic review · Review ongoing; no outcome

Disposal of a part (break-up) See all 78 →

ZENZenith Energy LTD.Com Shs Partial sale of solar portfolio · Negotiations ongoing; no agreement announced next: conclude sale negotiations WKPWorkspace Group Low-conviction building disposals · £138m done; extra £100m+ unlikely by March 2027 GTEGran Tierra Energy Inc. (CDI) Perico and Espejo acquisition · Stockholders approved; regulatory approvals pending NXRNorcros Sale of South African operations · Sale process progressing to plan

Large acquisition / reverse takeover See all 25 →

GUNGunsynd Eagle Gold Project farm-in · Circular published; approval pending; requisition received next: Board response to the requisition;... PPPPennpetro Energy Reverse takeover of ICENERGY · Non-binding Heads of Agreement signed 16 Oct 2026 BBSNBrave Bison Group Contested final offer for System1 · Final offer open; first acceptances, 35.20% countable GKPGulf Keystone Petroleum Ltd Com Shs Merger with ShaMaran · Merger agreed; awaiting approvals KISTKistos Holdings Oman oil acquisitions · Blocks 3 & 4 completed; Block 9 pending

Delisting / take-private See all 6 →

NANONanoco Group Delisting and move to private company · Shareholder consultation ongoing after adjourned meeting next: outcome of shareholder consultation; no date given MIRIMirriad Advertising Cash runway and funding · In administration; investment talks with third party ongoing WCATWildcat Petroleum Main Market delisting to Aquis · Provisional timetable set; admission targeted 1 September GLVGlenveagh Properties (CDI) Delisting from London Stock Exchange · Delisting announced 19 Oct 2026; FCA cancellation requested

Capital return See all 51 →

FGPFirstGroup Special dividend and return of capital · proposed YOUYouGov Share buyback replacing dividend · Buyback launched 13 Oct 2026, run by Berenberg ADVTAdvancedAdvT Limited £10m buyback and possible tender offer · Second £10m buyback under way BMVBluebird Merchant Ventures Buyback programme · proposed

Cash shell / net cash above market value See all 8 →

JIMJarvis Securities Group wind-down and AIM cancellation · Cash shell; cancellation decision on hold next: Consider credible Relevant Transactions... MIRIMirriad Advertising AIM cash shell status · Suspended; accounts overdue; plc in administration SORTSorted Group Holdings Reverse takeover search · Evaluating opportunities; no candidate identified PRISPristine Capital Search for initial transaction · Shell; recapitalisation proposed, investor targets RTO

Balance-sheet stress / refinancing See all 49 →

NOGNostrum Oil & Gas Delayed SSN and SUN coupon payment · SSNs redeemed; SUN purchase pending next: Announce SUN purchase amount and price; pay... PDLPetra Diamonds Ltd. Net debt and facility headroom · Refinancing talks under added pressure from winding-up order THRUThruvision Group Going concern and cash runway · Backlog doubled; cash down to £1.6m RCGHRC365 Holding Liquidity and going concern · Guarantee in place; funding offers declined NWTNewmark Security PLC Net debt and financing · Net debt £4.8m at year-end; Safetell exit completed

Dilutive fundraise See all 24 →

EAASeEnergy Group Working capital funding for solar programme · Awaiting shareholder vote; board urging approval next: General Meeting vote on Fundraising Resolutions · 23 Oct 4BB4basebio Leadership transition and commercial push · Funding the commercial push; runway extended to H2 2028 BMVBluebird Merchant Ventures Capital reorganisation and funding framework · Contractor pool exhausted; treasury pool planned IESInvinity Energy Systems Equity fundraise at 10p · Announced; use of proceeds and NWF backing given OBIOndine Biomedical Inc. Equity fundraise · Bookbuild launched; result due 20 October SRVLServal Resources Plc £7m fundraise for Namibia drilling · Retail offer closed; awaiting shareholder approval

New CEO / reset See all 30 →

PNNPennon Group CEO succession · Plan announced, actions under way VP.VP CEO succession · Plan in development; strategy progressing, details at interims OMGOxford Metrics CEO succession and reset · Start date fixed; Bullard interim until then LEXLexington Gold Ltd Executive management restructure · New CEO in place; COO role created

Turnaround plan with targets See all 83 →

TONTiton Holdings Management’s priorities for FY27 are to improve MVS margins and return WDH to growth. Turnaround and 2028 targets · FY26 revenue as guided; margin recovery expected in FY27 next: FY26 full year results · 14 Jan GBGGB Group Americas Identity turnaround · Attrition persists; impairment and recovery plan due next: Recovery actions for Americas and impairment... · 24 Nov MINDMind Gym Three-year transformation strategy · Year three; recurring revenue growing, trading weak CPH2Clean Power Hydrogen IP monetisation and strategic alternatives · Licensing model executing; Hidrigin deal reshaped WKPWorkspace Group Fix, Accelerate and Scale turnaround · Execution; Q2 occupancy dip, early pricing wins TPXTPXimpact Holdings Three-year turnaround plan · Growth phase; FY27 guidance upgraded 15 Oct 2026 RWARobert Walters Cost savings and portfolio management · Run rate c.£22m; cash lower, facilities added IHPIntegraFin Holding Group-wide cost review implementation · Reiterated; H2-weighted savings confirmed for FY26 VP.VP Brandon Hire Station repositioning · Restructure done; performance improving, exceptional costs booked ACRMAcuity RM Group Cost-led turnaround to profit · Near breakeven; defence programme orders widening SDGSanderson Design Group Manufacturing turnaround via Future Factory · Profitable growth; positive H2 order book DNLMDunelm Group Winning Hearts & Homes plan · Early implementation; cost removal begun YOUYouGov Value Delivery Plan · Wave 1 done; Wave 2 ahead of plan

Transformational contract / build-out See all 41 →

SNWSSmiths News News UK national distribution network expansion · Fifth contract won; footprint build continues next: Further guidance on financial effects of all... · 4 Nov PNNPennon Group K8 capital investment programme · Programme enlarged to c.£3.6bn; draft determination out IOFIofina IOsorb plant build-out to 2000MT target · IO#11 pipeline done, IO#12 handed over, IO#13/14 agreed THRUThruvision Group South-East Asia airport screening contract · Awarded; delivery expected in H2 FY27

Project milestones See all 141 →

ZENZenith Energy LTD.Com Shs increases the Company's total solar development pipeline to approximately 233 MWp,... Italian solar development pipeline · Pipeline about 233 MWp; Pavia cluster 30 MWp next: reach 240 MWp pipeline target by end-2026 · 31 Dec CPH2Clean Power Hydrogen MFE220 1MW testing and on-site operation · Provisional findings; remedial redesign started; external verification pending next: Board approval of final conclusions; revised... AURAAura Energy Limited Häggån uranium legislation and permitting · Permit pending; Swedish government change next: Alum shale inquiry report to government; new... · 28 Feb STCMSteppe Cement Ltd Clinker line 6 capacity expansion · Under construction, on time and budget, funded next: Line 6 back-end filter due October 2026;... SKAShuka Minerals Kabwe drilling programme · Phase 1 lab results complete; phase 2 planned KMRKenmare Resources (CDI) WCP A upgrade and Nataka transition · Throughput improving; nameplate pushed to H1 2027 SEASeascape Energy Asia Plc Temaris block gas development · Acreage extension agreed in principle; farm-out restarted PLSRPulsar Helium Inc Topaz multi-well drilling campaign · Plant site agreed; financing and approvals open CAPDCapital Limited Reko Diq mining ramp-up · Performing in line with contract; Barrick review continues GALGalantas Gold Corp. Indiana resource update and option payments · Exploration prioritised; PEA deferred ZPHRZephyr Energy Paradox project first gas · Awaiting Enbridge approval; acreage added TINCornish Metals PLC South Crofty development and financing · Equity raise proposed; trading paused PTALPetrotal Corporation Bretana drilling restart and water handling · Well 25H drilling on schedule at 3,362m THSTharisa Karo Platinum Project build-out · Construction; awaiting bond drawdown KEFIKEFI Gold and Copper Tulu Kapi project financing and construction · Suspension lifted; phased restart under way BRESBlencowe Resources Orom-Cross DFS and JORC update · Board reshaped; interim CEO on Board; funding open AETAfentra Block 3/05 redevelopment and drilling · Rig moved to Impala-2; Pacassa SW sidetrack follows ITMITM Power Lingen and Refhyne II 100 MW plants · Lingen 1 operational; Lingen 2 on track HEXHelix Exploration Rudyard regulatory pause and restart · Approval granted; restart under way TCFTheraCryf Plc Ox-1 Phase 1 approval in Australia · Preclinical complete; application being compiled SQZSerica Energy Organic growth drilling programme · Rig contract being finalised; Bruce drilling Q3 2027 SAVSavannah Resources Boticas bypass road permitting · Positive conditional DIA received; moving to RECAPE OBIOndine Biomedical Inc. US FDA NDA submission · Preparing NDA after positive LANTERN results CASPCaspian Sunrise Yelemes Deep production licence · Drilling three deep wells; 803 needs re-cementing

Segment turn See all 24 →

BRKBrooks Macdonald Group Reignite Growth strategy · Fourth straight quarter of net inflows next: Further quarterly flows; new CFO joins Board... · 13 Oct OXIGOxford Instruments Imaging & Analysis recovery · Recovery continuing; H1 orders up over 11% DKLDekel Agri-Vision Cashew processing expansion · Q3 record: 2,130 tonnes RCN processed GANAGana Media Group plc Estadio Gana Mexico launch ramp-up · Q3 scaling; conversion and GGR rising

Upgrade / downgrade cycle See all 90 →

KMRKenmare Resources (CDI) We also expect 2026 shipments to be slightly lower than guidance at approximately 1.05... Value over volume, inventory drawdown · Shipments guidance cut to about 1.05m tonnes next: SMO 2 commissioning · 31 Dec DNLMDunelm Group Furniture availability recovery · FY27 guidance held; H1 PBT to be lower DSCVDiscoverie Group Organic growth recovery after destocking · H1 orders +22% organic; earnings running ahead RWARobert Walters Market recovery and 2026 NFI · Q3 net fees up 1%; result at least in line VLXVolex Data Centre demand momentum · H1 FY27 Data Centre below H2 FY26, demand strong BYITBytes Technology Group FY27 guidance and cost normalisation · Upgraded guidance reiterated at H1 results GMSGulf Marine Services Gulf conflict impact on utilisation · Losses being recovered; distributions deferred SQZSerica Energy Triton FPSO restart · Maintenance extended; restart around end-November

Activist campaign See all 16 →

WKPWorkspace Group Saba Capital Management, L.P. campaign · vote next: AGM vote on Saba resolutions 21-26 · 23 Jul SDGSanderson Design Group LBV ASSET MANAGEMENT LLP campaign · vote ROADRoadside Real Estate Mr D Holdsworth campaign · campaign GUNGunsynd An activist campaign · campaign

Stake building towards control See all 21 →

SYS1System1 Group Brave Bison strategic stake · Offer period; forecasts reported under Rule 28.1 next: Brave Bison decision on a firm offer CMRSCritical Mineral Resources PLC NEBARI CARRY CF II, LLC towards control · 30.43% (from 0%) JSEJadestone Energy PT Prima Petroleum Energi towards control · 28.2779% (from 0%) DBOXDigitalBox Cecil Hetherington towards control · 25.089% (from 23.379%)

Insider conviction See all 99 →

Overhang See all 61 →

ROADRoadside Real Estate the net effect of the proposed Tarncourt Purchase and the Placing would be to reduce... Dickson Concert Party sell-down · Accelerated bookbuild launched 16 Oct 2026 next: Announcement of Tarncourt purchase and... VRCIVerici DX CANACCORD GENUITY GROUP INC selling down · 11.0216% → 3.969% in 3 notices SRVLServal Resources Plc KCL Investments Limited selling down · 27.5% → 21.2% in 1 notice TUNTungsten West Henry Maxey selling down · 12.5% → 6.28% in 6 notices EARNEarnz Gresham House Asset Management Ltd selling down · 27.2% → 21.28% in 1 notice ASCASOS Frasers Group Plc selling down · 29.2612% → 23.3698% in 6 notices EARNEarnz Pentwater Capital Management LP selling down · 19.8921% → 14.5091% in 1 notice DFSDFS Furniture FIL Limited selling down · 10.0034% → 4.7169% in 2 notices BOKUBoku, Inc BlackRock, Inc. selling down · 10% → 4.88% in 8 notices

Legal & regulatory See all 39 →

KMRKenmare Resources (CDI) Moma Implementation Agreement extension · Talks continuing; near-term conclusion sought next: Conclusion of IA renewal BIGBig Technologies Sara Murray proceedings · New libel claim served against the Company JIMJarvis Securities Client redress scheme · Not addressed; JIML now in administration PDLPetra Diamonds Ltd. HMRC winding-up petition, PDUK Treasury · Winding-up order made 14 October 2026 ENWEnwell Energy Licence suspensions and ICSID arbitration · Suspensions in force; arbitration ongoing