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.
Today
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Takeover Logistics Development Group LDG£90m moved
Possible offer
DBAY, LDG's investment manager, proposed 19p cash on 26 Jun 2026 and 20p on 1 Oct 2026. The independent directors rejected 20p on 8 Oct 2026.
Stage ApproachOffer 20p in cashPremium +5% on 19pSpread now -5.9% to the offerBoard opposesNext firm offer or walk away (Rule 2.6) 5 Nov · today -
Takeover Mkango Resources MKA£133m new
Nasdaq listing via CPTK SPAC merger
Mkango's subsidiary Mkango Rare Earths Limited (MKAR) plans a business combination with SPAC Crown PropTech Acquisitions (CPTK), first announced on 3 Jul 2025.
Vehicle Mkango Rare Earths Limited (MKAR), wholly-owned subsidiary, …Assets Songwe Hill rare earths project in Malawi and proposed …Next CPTK shareholder vote on the business combination 25 Nov · in 20 days -
Sale process Morgan Advanced Materials MGAM£721m moved
Thermal Products strategic review
Strategic review of Thermal Products, including a potential disposal, began in March 2026. At H1 (6 Aug 2026) options were being prepared.
Scope Full range of options under consideration, including a …Progress Good progress assessing the division's growth prospects; …Next Further update in due course, as appropriate -
Disposal Next 15 Group NFG£336m moved
Blueshirt and BCA disposal
Portfolio cut from 22 to nine businesses since the November 2025 review under a Track 1/Track 2 framework. Part sale of Elvis to Wonderhood Studios completed on 8 Oct 2026 (price undisclosed).
Price £70.4m · 19.2% of market valueNext Further Track 2 disposals; buyback details announced shortly -
Capital return OSB Group OSB£1,596m new
Tender offer
OSB Group: tender offer of £300m and £400m, 18% of the market value – proposed (5 Nov 2026).
Stage £69.5m bought by 4 AugustKind tender offerAmount £300m and £400mOf market value 18%Next Complete buyback no later than 6 March 2027 6 Mar · in 121 days -
Capital return Morgan Sindall Group MGNS£1,889m new
Surplus capital share buyback
On 5 Nov 2026 the Board announced a return of surplus capital of up to £75m through a share buyback, starting that day and expected to complete toward the end of 2027.
Size Up to £75m share buybackTiming Commences 5 Nov 2026; completion expected toward the end of …Next full buyback terms in separate announcement 5 Nov · today
Yesterday
Tuesday
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Takeover 80 Mile 80M£59m moved
Possible offer
Greenland Energy and 80 Mile agreed indicative all-share terms on 8 Sep 2026. On 3 Nov 2026 the PUSU deadline was extended to 10 Nov. Warrants were dropped and the exchange ratio revised to 0.0079485, valuing 80 Mile at £92.01m.
Stage ApproachOffer All-share; revised exchange ratio 0.0079485 new Greenland …Value £92.01m for existing issued capital; about 1.596p per share …Next Rule 2.7 firm offer or walk-away by extended PUSU deadline 10 Nov · in 5 days -
Disposal Zenith Energy LTD.Com Shs ZEN£31m moved
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.
Price £10.2m · 30.4% of market valueNext Complete first disposals of about 89 MWp 30 Apr · in 176 days -
Disposal Franchise Brands FRAN£301m moved
Review of non-core business disposals
In March 2026 the Board began reviewing sales of non-core businesses. The H1 results (29 Jul 2026) said the Group is simplifying to three core B2B franchised businesses.
Focus Three core B2B franchised businesses: Pirtek, Filta and …Use of money Any disposal proceeds to accelerate debt repayment, …Next first disposal announcement; proceeds to debt repayment -
Capital return IWG IWG£1,778m moved
Share buyback and convertible repayment
The 2026 buyback began in December 2025 and was raised to $150m on 30 June. The Q3 statement (3 Nov 2026) shows it raised again to up to $200m, with $39m bought in Q3 and $139m in the 9 months.
Total returned $109m to 30 June 2026, comprising dividends and share …Interim dividend 0.48c per share; record date 11 Sept, paid 9 Oct 2026Next Complete up to $200m 2026 buyback -
Big fundraise Oxford Biodynamics OBD£14m moved
Placing of 66% of the market value
Oxford Biodynamics is raising £9.15m by placing, 66.4% of its market value; the shares moved −5% on the day.
Stage CompletedRaise Placing · £9.15mOf market value 66.4%Reaction on the day −5% -
Delisting Allergy Therapeutics AGY£253m new
AIM delisting and re-registration
On 3 November 2026 the Board announced it will propose cancelling AIM admission and re-registering as a private company, citing a market cap that undervalues the company, limited free float and liquidity, and AIM costs.
Approval needed Special Resolutions at the AGM; not less than 75% of votes …Board view Unanimously concluded Cancellation and Re-registration is …Next Shareholder vote on special resolutions at the AGM -
Profit outlook Likewise Group LIKE£148m moved
Profit upgrade
Guidance has been raised twice in 12 months. On 3 Nov 2026 Likewise said October revenue rose 36.7% and year-to-date growth is 22.8%.
Direction ahead of expectations / raisedReaction on the day +10%In 12 months 2 statements in the same directionNext FY26 final results 27 Apr · in 173 days -
Profit outlook IWG IWG£1,778m new
Results ahead of expectations
On 3 Nov 2026 the Q3 statement tightened the 2026 Adjusted EBITDA range of $585m-$625m and said it expects to trade above the $599m consensus. The company says H2 cost optimisation can proceed without compromising growth.
Stage Ahead of expectationsDirection ahead of expectations / raisedReaction on the day +9%In 12 months 1 statement in the same directionNext 2026 Full Year results 2 Mar · in 117 days
Monday
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Disposal FirstGroup FGP£1,112m new
West Yorkshire bus franchising
On 2 Nov 2026 FirstGroup announced it had agreed the £109m sale of five West Yorkshire depots and 330 buses to WYCA, with the depot sales completed.
Price £109.0m · 9.4% of market valueNext First franchise tranche goes live; fleet sales begin 1 May · in 177 days -
Capital return AdvancedAdvT Limited ADVT£233m
£10m buyback and possible tender offer
A 12-month £10m buyback launched on 4 Mar 2026, with a tender offer also under consideration. It completed in September 2026 at an average £1.63 per share, with £9.3m done by 31 Aug 2026.
First buyback £10m completed September 2026 at average £1.63 per share; …Second buyback Further £10m approved and launched September 2026Next Completion of second £10m buyback -
Capital return Baltic Classifieds Group BCG£788m
Buyback programme
Baltic Classifieds Group: buyback programme of €230 million, 24.2% of the market value – proposed (2 Nov 2026).
Stage €118.0m drawn; leverage 0.7xKind buyback programmeAmount €230 millionOf market value 24.2% -
Capital return Ultimate Products ULTP£42m new
Share buy-back and Rule 9 waiver
The Company published its AGM notice on 2 Nov 2026, seeking to renew the authority to buy back up to 8,633,013 shares (~10%) and the Rule 9 waiver for the Gossage/Showman/Franks concert party (42.7%).
Authority Buy back up to 8,633,013 shares, ~10% of 86,330,132 shares …Concert party Holds 36,821,400 shares, 42.7%; Panel has agreed to grant …Next Independent shareholder poll on Rule 9 waiver at AGM 11 Dec · in 36 days -
Debt & refinancing Vast Resources VAST£62m
Alpha and Mercuria loan default
The Alpha and Mercuria loans had been in technical default since Oct 2025. A US$10m term sheet followed on 27 Jul 2026 and the US$10m Glencore loan was signed on 17 Aug 2026.
Facility US$10m Glencore term loan signed 17 Aug 2026; US$4m …Repayment Instalments, first on 31 March 2027; final on second … -
Debt & refinancing Kosmos Energy KOS£1,191m
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.
Hedging 8m bbl hedged for 2027, floor ~$68, ceiling ~$84EG proceeds ~$127m final cash, used to repay RBL borrowingsNext address the 2028 bond maturities -
Debt & refinancing Victoria VCP£45m
Refinancing of 2028 senior secured notes
The 2028 notes were left unresolved after the Dec 2025 refinancing. A support agreement of 8 July 2026 aims to cut senior secured and preferred liabilities by about £300m and extend maturities.
Terms Notes written down to zero for new 2nd-priority notes and …Consent deadline Consent Solicitation launched 2 Nov 2026; consents due by …Next Consent solicitation, court hearing 1 Dec, completion 10 Dec · in 35 days -
Debt & refinancing Chrysalis Investments Limited CHRY£291m new
wefox debt facilities and lenders
Wefox carries senior and mezzanine debt that ranks ahead of Chrysalis's convertible loans and preferred equity.
Fair value £23.9m at 30 Sept 2026, down from £36.0m; cost £111.8m; …Ranking Company holds convertible loans and preferred equity, …Next Board engagement with wefox lenders and shareholders -
Profit outlook Ibstock IBST£319m new
Profit warning
Ibstock guided in May to full-year results in line, then in August to the lower end of expectations.
Stage Profit warningDirection below expectations / warningReaction on the day −10%In 12 months 1 statement in the same directionNext Nostell commissioning complete by year end; FY results 4 Mar · in 119 days
Friday
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Takeover Kore Potash KP2£186m
Possible offer
A bidder has made a possible offer for Kore Potash.
Stage Approach -
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 on 27 February 2026, and a new party approached on 8 June 2026.
Bidders Original party continuing due diligence; new party …Price Not stated; no firm offerNext Mining Convention clarity, then bidders' due diligence -
Big fundraise Verici DX VRCI£15m
Placing of 155% of the market value
Verici DX is raising £8.0 million by placing, 155.4% of its market value, at a 11.1% discount; the shares moved +7% on the day.
Stage CompletedRaise Placing · £8.0 millionOf market value 155.4%Discount 11.1% to the last close -
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 US$7.54m at 30 June 2026 and c.US$6.4m at 30 September 2026.
Cash c.US$6.4m at 30 September 2026, from US$7.54m at 30 June …Forecast Insufficient liquidity to end of going concern period, …Next Raise funds in Q1 2027 for working capital 31 Mar · in 146 days
Earlier this month
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Capital return Georgia Capital CGEO£1,303m
GEL 700m capital return programme
The GEL 700m capital return programme is complete and a GEL 1bn capital allocation programme to 2029 was launched in August 2026, with at least half earmarked for shareholder returns.
New programme GEL 1bn capital allocation to end-2029; at least half for …Initial step US$50m share buyback and cancellation after the current …Next Complete extended US$100m buyback over six to nine months -
Big fundraise Sareum Holdings SAR£21m
Discounted equity fundraise
Sareum raised about £3.2m at 14p via a subscription on 26 October 2026, with free 20p warrants. The WRAP retail offer at the same price raised £150,000, and AIM trading was restored on 26 October 2026.
Raise Placing · £3.34 millionOf market value 12.6%Discount 49% to the last close -
Big fundraise Quantum Base Holdings plc QUBE£12m new
Placing of 27% of the market value
Quantum Base Holdings plc is raising £4.3m by placing, 26.8% of its market value; the shares moved −18% on the day.
Stage CompletedRaise Placing · £4.3mOf market value 26.8%Reaction on the day −18% -
Big fundraise Pulsar Group PULS£20m new
Placing of 25% of the market value
On 28 October 2026 Pulsar announced it is assessing demand for a fundraise of up to £5.0m, needing shareholder approval at a general meeting. Shares entered a Capital Access Window, a voluntary trading pause, from 7:30 a.m.
Stage AnnouncedRaise Placing · up to £5.0mOf market value 25%Reaction on the day +0%Next Announce fundraise terms and outcome; general meeting approval -
Debt & refinancing S4 Capital SFOR£262m new
Term Loan B deleveraging
S4Capital has been buying back its Term Loan B to cut debt. In the 28 Oct 2026 update it said a further €50.9m was repurchased after 30 Sep 2026 (€10.5m still to settle), taking the TLB to €198.8m from €375m.
TLB outstanding €198.8 million, down from €375 millionLatest repurchase €50.9 million after 30 Sep 2026; €10.5 million awaiting …Next Year end net debt within £50-80 million target -
Debt & refinancing Aston Martin Lagonda Global Holdings AML£388m new
Balance sheet and cash burn
A new £550m debt financing from HPS closed on 22 July 2026, replacing the RCF. At 30 Sept 2026 liquidity was £322m and net debt £1,572m (31 Dec 2025: £1,380m). YTD free cash outflow was £225m against £415m a year earlier.
New financing £550m: £450m SSTL plus £100m delayed draw term loan, closed …Pricing 6.75% over SONIA, maturing July 2031Next FY 2026 free cash outflow and net debt at results 24 Feb · in 111 days -
Profit outlook Hunting HTG£546m
Middle East conflict exposure
Hunting cut 2026 EBITDA guidance on 21 Aug 2026 to $138-141m from $145-155m after the KOC tender delay.
Direction below expectations / warningReaction on the day −10%In 12 months 2 statements in the same directionNext Next trading update 19 Jan · in 75 days -
Takeover Atlantic Lithium Limited ALL£131m
Offer for the company
Huayou's all-cash Scheme at US$0.25486 per share (26.6% premium) was agreed in a binding SID on 7 May 2026 with unanimous board backing. FIRB approval was received in the quarter.
Stage ApprovedOffer 18.8pPremium +4% on 18pSpread now +12.2% to the offerBoard recommendsNext First Court Hearing to convene Scheme Meeting 5 Nov · today -
Takeover Vesuvius VSVS£1,159m
Possible offer
RHI Magnesita made an unsolicited proposal (551p) on 29 September 2026, backed by Cevian, and later said it was in advanced talks on a possible recommended offer at 549p.
Stage ApproachOffer 470p in cash and sharesPremium +26% on 374.4pIrrevocables 23%Board engagingNext firm offer or walk away (Rule 2.6) 24 Nov · in 19 days -
Capital return Shoe Zone SHOE£30m
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 £3.5 millionOf market value 11.6% -
Capital return Shearwater Group SWG£16m new
Capital reduction and shareholder returns
The company began a capital reduction process in June 2026 to create distributable reserves. Shareholders gave overwhelming support to the first stage at a General Meeting on 13 October 2026.
Process started June 2026Purpose Enables a dividend and/or share buyback at a future point; …Next Board decision on dividend and/or buyback -
Activist Workspace Group WKP£665m
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
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.