Situations – UK small caps

Takeover target See all 55 →

MCGMobico Group Offer for the company · offer · 13.9% below the offer next: AdL firm offer or walk-away decision by Rule... · 18 Nov STEMSThree Possible offer · approach KMRKenmare Resources (CDI) Possible offer · approach PNPLPineapple Power Corporation Reverse takeover search · Screening RTO candidates; suspension talks with FCA

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 81 →

TMIPTaylor Maritime Investments Limited The Company has agreed terms for the sale of the final owned vessel in the fleet due... Managed realisation vessel sales · Final owned vessel sale agreed next: Complete final owned vessel sale; decide... · 31 Dec DEBSBoohoo Group Disposals and warehouse exits · Disposals completed; Burnley retained, GXO appointed next: Migrate fulfilment from Sheffield to Burnley... RBNRobinson Surplus property disposals · £1.5m received; one sale delayed to Q2 2027 CLACelsius Resources Limited Sale of Opuwo Project · Four conditions met; regulatory approvals outstanding SYNTSynthomer Broadened divestment programme · Acrylate sale done; other projects progressing ATMAndrada Mining Limited Brandberg West earn-in partnership · NaCC approved; evaluation work under way ZENZenith Energy LTD.Com Shs Partial sale of solar portfolio · Negotiations ongoing; no agreement announced WKPWorkspace Group Low-conviction building disposals · £138m done; extra £100m+ unlikely by March 2027 NXRNorcros Sale of South African operations · Sale process progressing to plan TAVITavistock Investments Sale of Tavistock Private Client · Sale agreement entered into MILAMila Resources Sale of Kathleen Valley interest · Disposal process under way, no buyer named AKNArkadian Strategic Metals Plc Sale of Horse Hill interest · Agreed; awaiting NSTA approval

Large acquisition / reverse takeover See all 32 →

OPTOptima Health The Group continues to focus on cash generation and deleveraging following the... PAM Healthcare acquisition · Integration progressing; deleveraging under way next: Interim results for six months to 30 September 2026 GUNGunsynd Eagle Gold Project farm-in · Circular published; approval pending; requisition received next: Board response to the requisition;... BBSNBrave Bison Group Contested final offer for System1 · Final offer open; acceptances 8.10%, 35.95% countable PPPPennpetro Energy Reverse takeover of ICENERGY · Non-binding Heads of Agreement signed 16 Oct 2026 GKPGulf Keystone Petroleum Ltd Com Shs Merger with ShaMaran · Merger agreed; awaiting approvals FNTLFintel Acquisition of Mortgage Brain · Completed; integration starting HUDHuddled Group Acquisition of AEWW Ltd · Binding heads of terms signed, subject to due diligence MET1Metals one Acquisition of Lions Bay Resources · Binding term sheet signed; conditions outstanding MWEMTI Wireless Edge Ltd. Interspec US distributor acquisition · Agreed; integration under way BHLBradda Head Lithium Limited Tanzania uranium licences acquisition · Conditional agreement signed, post period end EARNEarnz Acquisition of GEM Newco · Completion delayed by administrative issue BAYBay Capital Acquisition of Plenty Biologics · Non-binding heads of terms; shares suspended 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 · Delayed; admission now expected Q4 2026 GLVGlenveagh Properties (CDI) Delisting from London Stock Exchange · Delisting announced 19 Oct 2026; FCA cancellation requested

Capital return See all 50 →

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 10 →

JIMJarvis Securities Group wind-down and AIM cancellation · Cash shell; cancellation decision on hold next: Consider credible Relevant Transactions... SORTSorted Group Holdings Reverse takeover search · Evaluating opportunities; no candidate identified WCATWildcat Petroleum Pivot to African gold processing · Board strengthened; no project secured ICONIconic Labs Going concern and funding dependence · Cash shell seeking target; no deal progressed

Balance-sheet stress / refinancing See all 54 →

NOGNostrum Oil & Gas The SUN proposals received the required creditor approval, including support from... 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 next: Non-binding refinancing terms by end October 2026 · 31 Oct 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 LITLitigation Capital Management Limited Going concern and run-off debt · Funded party terminates collective action funding DKLDekel Agri-Vision Debt restructuring and strategic options · Corporate finance talks ongoing; no transaction concluded NWTNewmark Security PLC Net debt and financing · Net debt £4.8m at year-end; Safetell exit completed CTAICatenai Klarian convertible loan recovery · Administration application filed; repayment overdue BEMBeowulf Mining Funding and creditor position · Strategic Investment failed; seeking alternative funding PNPLPineapple Power Corporation Going concern and funding · Material uncertainty; funded by £318k loan notes XPPXP Power Ltd. Comet litigation · Bond released; company still defending case BZTBezant Resources Yorkville loan facility · Facility agreed 22 Oct 2026 and drawn in full

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 · Retail offer closed; raise awaiting shareholder approval BMVBluebird Merchant Ventures Capital reorganisation and funding framework · Contractor pool exhausted; treasury pool planned IESInvinity Energy Systems Equity fundraise at 10p · Terms set; placing bookbuild launched DKLDekel Agri-Vision Equity fundraise for cashew capacity · Proposed; Capital Access Window opened, terms not yet announced SRVLServal Resources Plc £7m fundraise for Namibia drilling · Retail offer closed; awaiting shareholder approval

New CEO / reset See all 31 →

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 LSTLight Science Technologies Holdings CEO succession · Interim CEO in place from 21 Oct 2026

Turnaround plan with targets See all 84 →

DEBSBoohoo Group The turnaround continues at pace. Marketplace turnaround · H1 results confirm growth, guidance held next: FY27 results against Adjusted EBITDA... · 15 Jun TONTiton Holdings Turnaround and 2028 targets · FY26 revenue as guided; margin recovery expected in FY27 next: FY26 full year results · 14 Jan ACRMAcuity RM Group Cost-led turnaround to profit · Defence programme adds services revenue next: Third prime contractor deal; Risk OS launch Q4 2026 CRPRCropper (James) Paper & Packaging turnaround · H1 FY27 well ahead of Board expectations GBGGB Group Americas Identity turnaround · Attrition persists; impairment and recovery plan due 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 ARBBArbuthnot Banking Group Wealth Management optimisation · Turned to net profit in Q3 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 TAVITavistock Investments Strategic refocus on low-cost advice · Refocus announced, financed by disposals

Transformational contract / build-out See all 41 →

HERCHercules Plc Power and energy sector expansion · Division growing; revenue up 11% in FY26 next: Power & Energy contribution to FY27 growth and profit SNWSSmiths News News UK national distribution network expansion · Fifth contract won; footprint build continues MLVNMalvern International London Met University partnership · First intake delivered, strong; launched autumn 2026 HSPHargreaves Services UK Deposit Return Scheme logistics contract · 15-year contract signed; starts October 2027 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 150 →

HLCLHelical This 142,000 sq ft best-in-class City office development remains on course for... Southwark student accommodation scheme · Pre-development: S106 and approvals next: Finalise S106 agreement and operational approvals CLACelsius Resources Limited MCB copper-gold project development · Auction lost; appeal to Court of Appeals planned next: Court of Appeals petition against... RBWRainbow Rare Earths Limited Phalaborwa DFS and financing · PFS commenced September 2026 next: Complete Uberaba PFS with Mosaic COBRCobra Resources Boland ISR development · First RC assays in; programme extended to 64 holes next: Further assays; extra holes at Blue Rose... ATMAndrada Mining Limited Lithium Ridge exploration with SQM · Drilling complete; remaining assays due this quarter MTLMetals Exploration La India construction · Site closed after fatal accident on 19 Oct 2026 QHEQuantum Helium Limited Sagebrush-1 extended flow test · Final preparations; start planned November 2026 TINCornish Metals PLC South Crofty development and financing · Fundraise launched; bookbuild running, shareholder vote pending ZENZenith Energy LTD.Com Shs Italian solar development pipeline · Pipeline about 233 MWp; Pavia cluster 30 MWp CPH2Clean Power Hydrogen MFE220 1MW testing and on-site operation · Provisional findings; remedial redesign started; external verification pending AURAAura Energy Limited Häggån uranium legislation and permitting · Permit pending; Swedish government change STCMSteppe Cement Ltd Clinker line 6 capacity expansion · Under construction, on time and budget, funded 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 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

Segment turn See all 24 →

HDDHardide Medium-term revenue doubling target · FY26 revenue doubled; FY27 growth targeted next: Audited FY26 results and FY27 outlook · 10 Dec BRKBrooks Macdonald Group Reignite Growth strategy · Fourth straight quarter of net inflows OXIGOxford Instruments Imaging & Analysis recovery · Recovery continuing; H1 orders up over 11% ARBBArbuthnot Banking Group Loan book contraction · Recovery continuing; coach market subdued DKLDekel Agri-Vision Cashew processing expansion · Expansion to be funded by proposed equity raise WIXWickes Group Design & Installation recovery · Q3 Retail LFL recovered to 5.6% GANAGana Media Group plc Estadio Gana Mexico launch ramp-up · Q3 scaling; conversion and GGR rising

Upgrade / downgrade cycle See all 90 →

EVOKEvoke we urge the UK Government to carefully consider any further increases ahead of its... UK gambling duty increases · Duty hit continuing; Budget risk ahead next: UK Autumn Budget RATRathbones Group Growth strategy and 30% margin target · Revised 28.7% Q4 margin target reiterated next: Q4 trading update and margin delivery · 14 Jan KMRKenmare Resources (CDI) Value over volume, inventory drawdown · Shipments guidance cut to about 1.05m tonnes next: SMO 2 commissioning · 31 Dec RBNRobinson 2026 profit guidance · Guidance cut again to £1.2m-£1.6m ATGAuction Technology Group FY26 guidance delivery · FY26 slightly ahead; FY27 in line KRMKRM22 Slower 2026 sales conversion · Post-period wins lift ARR to £8.5m LIOLiontrust Asset Management Net outflows and return to inflows · Outflows narrowing; retail outflows persist GENGenuit Group Subdued market and profit guidance · FY26 profit guided down to c.£84m 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 TRITrifast Saudi Arabia expansion · Revenue still hit by Middle East disruption GMSGulf Marine Services Gulf conflict impact on utilisation · Losses being recovered; distributions deferred CAMCamellia Full-year trading outlook · Guidance cut to £3-5m trading loss 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 20 →

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 41 →

CLACelsius Resources Limited The dispute has been referred to arbitration, and the arbitrator has set 12 July 2027... Sodor 60% MCB interest transfer · Arbitration set for decision by July 2027 next: Arbitral decision and award of any damages · 12 Jul RATRathbones Group FCA Consumer Duty remediation · Remediation on track; Vision s166 added KMRKenmare Resources (CDI) Moma Implementation Agreement extension · Media reports unconfirmed by Government 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 AXLArrow Exploration Corp. (Cdi) Tapir block extension · Discussions with regulators continuing SRBSerabi Gold Coringa operating licence and GUIA · Approvals pending; GUIA expires 29 Jan 2027 ENWEnwell Energy Licence suspensions and ICSID arbitration · Suspensions in force; arbitration ongoing

Not yet sorted See all 8 →

ARCMArc Minerals Limited The dual-track strategy at Kabompo West has now moved to an advanced stage. Kabompo West strategic partnership · Advanced discussions with shortlisted majors next: Update on partnership talks and project review DUKEDuke Royalty Limited Capital partner exits · Substantial progress; two loss-making divisions exited MBOMobilityOne Ltd. Joint venture with Super Apps · First instalment overdue; talks with Bradbury Capital BHLBradda Head Lithium Limited Basin East lease renewal · Renewal process initiated, lease expires 2026 AKNArkadian Strategic Metals Plc Finnsbo earn-in legal dispute · Proceedings issued and served MLVNMalvern International Pathways recruitment shortfall and reset · 2026/27 numbers guided down; FY27 profit hope withdrawn RBWRainbow Rare Earths Limited US listing evaluation · Under evaluation ATGAuction Technology Group Return of excess capital · Board considering options