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
Yesterday
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Takeover Metro Bank Holdings PLC MTRO£1,320m new
Possible offer
On 12 Nov 2026 Metro Bank announced a strategic review including a Formal Sale Process under the Takeover Code, a week after reaffirming guidance on 4 Nov. The Board invites expressions of interest in the whole company.
Stage Sale processProcess Strategic Review including Formal Sale Process, announced …Adviser Morgan Stanley is lead financial adviser; Linklaters is …Next Expressions of interest; timetable announcement as appropriate -
Disposal Chemring Group CHG£1,393m new
Sale of US Sensors business
On 12 Nov 2026 Chemring said it will sell its US Sensors business, CSES, after a strategic review. CSES is the sole-source supplier of biological warfare agent detectors to the US Department of Defense.
Business sold Chemring Sensors and Electronic Systems (CSES), sole-source …Stage Board decided to initiate a sale process (12 Nov 2026)Next Sale details and non-underlying charges at full year results 8 Dec · in 25 days -
Disposal Cora Gold Limited CORA£78m new
Demerger of Senegal assets
On 12 Nov 2026 Cora announced conditional agreements to demerge its Senegal assets, mainly the Madina Foulbé permit, into private Madina Minerals. Shareholders receive 1 Madina share per 10 Cora shares unless they opt out.
Consideration US$1.4m interest-free loan, repayable by 31 Dec 2027 with …Shareholder terms 1 Madina share per 10 Cora shares; opt-out possible; shares …Next Senegal Ministry of Mines approval and DI Facility set-up; timetable to follow -
Capital return Keller Group KLR£2,100m new
Share buyback programme
Keller is running a £100m share buyback, with about £80m repurchased by 31 October 2026. Net debt is expected to be broadly neutral at year-end, leaving optionality for bolt-on acquisitions and additional shareholder returns.
Programme size £100m share buybackProgress approximately £80m repurchased as at 31 October 2026Next complete £100m buyback; possible bolt-on acquisitions or extra returns -
Big fundraise Amaroq Ltd. AMRQ£485m new
Suliaq equity fundraise
Suliaq Maritime ApS was incorporated in June 2026 as a wholly owned subsidiary to own and operate vessels and maritime assets.
Vehicle Suliaq Maritime ApS, incorporated June 2026, wholly owned …Asset Icebreaker Thorbjorn, moored in Svendborg, Denmark, being …Next Further updates on the equity fundraise and financing -
Debt & refinancing Ampeak Energy Limited AMP£11m moved
Group funding requirement
Cash was £3.6m at 30 June 2026 and the company was seeking funding. On 12 Nov 2026 it asked bondholders to defer £12.7m of capital repayments by two years and says costs and higher interest will be met from existing cash and AW1 …
Capital deferral £2.0m to 31 Dec 2028; £3.0m to 31 Dec 2029; approx. £7.7m …Interest rate 13% from 1 Jan 2027, instead of 11% in 2027, 12% in 2028 …Next Debenture holder vote result 31 Dec · in 48 days -
Profit outlook PCI-PAL PCIP£55m moved
Profit upgrade
Guidance was raised twice in the 12 months from 28 Jul 2026. On 12 Nov 2026 the company reiterated FY26 guidance (revenue at least £24.6m, adj. EBITDA at least £1.1m) first given on 16 Sep 2026.
Direction ahead of expectations / raisedReaction on the day +9%In 12 months 2 statements in the same directionNext FY26 results and current trading detail -
Profit outlook Caledonia Mining Corporation CMCL£298m moved
Profit warning
Third profit warning in 12 months, flagged 9 Oct 2026. The 12 Nov 2026 Q3 results confirm lower output from compressed air shortages and plant gold lock-up, with revised 2026 guidance for production, costs and capex.
Direction below expectations / warningReaction on the day −3%In 12 months 3 statements in the same directionNext Q4 production recovery and full-year results 22 Mar · in 129 days -
Profit outlook Videndum VID£77m new
Profit warning
On 23 July 2026 FY26 adjusted EBITDA guidance was cut to £15-18m, confirmed on 5 August 2026. On 12 November 2026 the Board said trading from July to October was weaker than expected.
Stage Profit warningDirection below expectations / warningReaction on the day −13%In 12 months 1 statement in the same directionNext Full-year results for FY26 30 Mar · in 137 days
Wednesday
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Capital return Celebrus Technologies CLBS£21m new
Buyback programme
Celebrus Technologies: buyback programme of 3,000,000 ordinary shares (approximately $2.0 million), 8.1% of the market value – under way (11 Nov 2026).
Stage Under wayKind buyback programmeAmount 3,000,000 ordinary shares (approximately $2.0 million)Of market value 8.1% -
Profit outlook Forterra FORT£315m moved
2026 guidance and Middle East costs
On 19 May 2026 Forterra widened its range of 2026 outcomes after weak Q1 demand and Middle East cost inflation. On 28 July 2026 H1 EBITDA was £27.0m and expectations were held at consensus.
H2 assumption Demand similar to H1Gas cover c.80% of FY27 requirements securedNext full-year results with 2027 outlook 10 Mar · in 117 days
Tuesday
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Sale process Zanaga Iron Ore Co. Ltd ZIOC£20m new
Strategic review and RAM investment
RAM's proposed strategic equity investment in the Zanaga Project was first announced on 10 Feb 2026. On 10 Nov 2026 the Board said it is unlikely to conclude by 30 Nov 2026, and RAM's exclusivity expired on 31 Jul 2026.
Counterparty Red Arc Minerals LLC (RAM), proposed strategic equity …Timetable Unlikely to conclude by 30 Nov 2026, the end of the …Next Appoint financial adviser to run strategic review -
Disposal Travis Perkins TPK£1,367m new
Sale of Toolstation Benelux
On 10 Nov 2026 Travis Perkins agreed to sell its loss-making Toolstation Benelux business to Fidelium Partners for €1, with a final capital injection of about £35m.
Price €1 cash considerationBuyer Fidelium PartnersNext Completion after Dutch works council consultation -
Disposal Fulcrum Metals FMET£10m new
Tully disposal deferred consideration
Fulcrum sold the Tully Gold Project to Loyalist. On 8 Jul 2026 the Tully resource passed the 200,000 oz threshold, triggering 15m Loyalist shares or cash.
Shares due 15,000,000 Loyalist shares or cash in lieu; 13,400,000 …Holding after issue 92,372,740 Loyalist shares, approximately 19.9% (from …Next Issue 1.6m deferred Loyalist shares as capacity allows; further milestones -
Capital return Northern Bear NTBR£18m new
Tender offer
Northern Bear proposed a return of capital by tender offer on 10 Nov 2026, alongside its H1 FY27 results. It offers up to £9.1m for up to 6,900,000 shares at 132.5p, subject to shareholder approval.
Stage ProposedKind tender offerAmount up to £9.1mOf market value 56.4%Next Tender offer results and General Meeting for approval 22 Dec · in 39 days -
Capital return Caledonia Investments CLDN£217m new
Buyback programme
Caledonia proposed a special dividend and continued buybacks, and on 10 November 2026 with the half-year results declared a 20p special dividend, costing c.£100m.
Kind buyback programmeAmount £38m allocated during periodOf market value 18.5%Next Payment of special dividend alongside the interim dividend -
Capital return Oxford Instruments OXIG£1,445m new
Share buyback programme
Buyback of £100m under way. £83.1m was complete by 30 September 2026. The remaining £16.9m is expected in early 2027, and the company intends to then extend it by £25m to Summer 2027.
Stage £83.1m of £100m completeCompleted £83.1m of £100m by 30 September 2026Remaining £16.9m, expected early 2027Next Complete remaining £16.9m, then extend by £25m -
Debt & refinancing Wynnstay Properties WSP£24m new
Refinancing of Handelsbanken facilities
Wynnstay's Handelsbanken loans of £10.597m are all current liabilities, as the facilities mature in December 2026. New facilities were announced in the June Annual Report.
Borrowings £10.597m at 29 Sept 2026: £9.997m fixed at 3.61% from Dec …Maturity Existing facilities mature December 2026Next Formal completion of new facilities, to be announced -
Debt & refinancing Ferrexpo FXPO£302m new
Production suspension in Ukraine
On 10 Nov 2026 Ferrexpo stopped production temporarily because attacks on Ukrainian transmission lines and substations left its power supply unstable and insufficient.
Cause Further attacks on Ukrainian electricity infrastructure, …Asset damage No damage to Ferrexpo's assetsNext Update on resumption of production -
Profit outlook Funding Circle Holdings FCH£762m
Profit upgrade
Guidance has been raised repeatedly since 8 September 2026. On 10 November 2026 FY26 revenue guidance was lifted to at least £275m (from more than £255m), with profit margins of c.16%, after strong September and October trading …
Direction ahead of expectations / raisedReaction on the day +12%In 12 months 5 statements in the same directionNext FY26 results -
Profit outlook Dialight DIA£237m
Profit upgrade
Guidance has been raised repeatedly since 22 July 2026, most recently on 1 September 2026 when FY2027 adjusted PBT was called significantly ahead of previous expectations.
Direction ahead of expectations / raisedReaction on the day +6%In 12 months 5 statements in the same directionNext Full-year results for year to 31 March 2027
Monday
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Disposal RUA Life Sciences RUA£14m new
ABISS product transfer MOU
RUA Structural Heart was spun out during the year to 30 Sep 2026 with £3m of external convertible loan funding and £4.8m of intercompany balances capitalised.
External funding £3 million convertible loanIntercompany £4.8 million of balances capitalisedNext animal studies on novel valve design 31 Dec · in 413 days -
Big fundraise Cornish Metals PLC TIN£207m
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.
Stage AnnouncedRaise Placing · approximately £135 million (before expenses)Of market value 179.3%Discount 41.2% to the last close -
Big fundraise Mkango Resources MKA£138m new
Proposed equity fundraise
On 9 Nov 2026 Mkango announced a proposed fundraise using AIM's Capital Access Window. Shares are paused on AIM and halted on TSX-V until the results are announced.
Announced 9 November 2026; Capital Access Window on AIM from 7.30am …Size Not statedNext Announce results of the fundraise and end the Capital Access Window -
Debt & refinancing Seeing Machines Ltd. SEE£131m new
Magna convertible loan refinancing
Seeing Machines is working on a longer-term extension and refinancing options for its existing convertible loan notes held with Magna International Inc. This was stated in the Q1 FY2027 KPI update on 9 Nov 2026.
Lender Magna International Inc.Instrument Existing Convertible Loan NotesNext Agree extension or refinancing of Magna convertible loan notes
Earlier this month
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Takeover First Tin 1SN£79m
Possible offer
Metals X, already a shareholder, made an unsolicited non-binding cash proposal at 15p a share on 9 Oct 2026. On 6 Nov 2026 it submitted a revised non-binding proposal at 16.5p and began confirmatory due diligence.
Stage ApproachOffer Revised non-binding proposal of 16.5p per share in cash, up …Bidder Metals X Limited (MLX), already a shareholderBoard mindedNext Metals X firm offer or no-intention statement by PUSU deadline 20 Nov · in 7 days -
Capital return Naked Wines WINE£46m new
Tender offer
Naked Wines launched a tender offer on 6 Nov 2026 to buy back shares at 80p, between £2.0m and £5.7m (up to 7.1m shares, c.10.72% of shares). The final size is set on 8 Dec after peak trading, with settlement expected on 16 Dec.
Stage ProposedKind tender offerAmount £2.0m to £5.7mOf market value 4.4%Next General Meeting vote and final tender quantum confirmed 8 Dec · in 25 days -
Profit outlook Billington Holdings BILN£52m new
2026 earnings recovery
On 6 Nov 2026 the Board guided FY26 underlying PBT to £4.0m-£5.5m, below market expectations and about flat on 2025's £4.1m.
Direction below expectations / warningReaction on the day −19%In 12 months 1 statement in the same directionNext Final FY26 outturn and recognition of contract profits after year end 20 Apr · in 158 days -
Takeover Logistics Development Group LDG£96m
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. On 5 Nov 2026 DBAY revised the proposal to 20p cash plus 5p PIK notes.
Stage ApproachOffer 20p in cashPremium +5% on 19pSpread now -14.0% to the offerBoard opposesNext DBAY firm offer or no-offer announcement by PUSU deadline 3 Dec · in 20 days -
Sale process Morgan Advanced Materials MGAM£765m
Thermal Products strategic review
Strategic review of Thermal Products, including a potential disposal, began in March 2026. On 5 Nov 2026 the company said several potential buyers had shown interest and it was starting formal engagement.
Scope Full range of options under consideration, including a …Progress Good progress assessing the division's growth prospects; …Next Further updates in due course -
Disposal Gran Tierra Energy Inc. (CDI) GTE£249m
Perico and Espejo acquisition
On 5 Aug 2026 Gran Tierra agreed to sell its Colombia and Ecuador assets to Maurel & Prom for about $1.33bn total consideration. Noteholders consented on 22 Sep 2026 and stockholders approved on 9 Oct 2026.
Board view Board unanimously recommends stockholders approve the Share …Next milestone Closing targeted before end of 2026Next Remaining consents and Colombia and Ecuador regulatory approvals; closing -
Big fundraise Zinc Media Group ZIN£11m
Placing of 23% of the market value
On 28 Oct 2026 Zinc proposed a Placing of at least £2m at 30p, a 31% discount, plus a retail offer of up to £0.25m. The money funds working capital as Middle East clients pay slowly and large productions overlap.
Stage CompletedRaise Placing · £2.1mOf market value 22.7%Discount 31% to the last closeNext Bookbuild result, then circular and General Meeting vote 19 Nov · in 6 days -
Capital return Lancashire Holdings Limited LRE£1,572m new
Special dividend
Special dividend proposed with the Q3 trading statement on 4 Nov 2026. The board declared 75 cents per share (about 56p), approximately $182m, citing strong operational performance and a robust capital position.
Stage ProposedKind special dividendAmount 75 cents per share ($182 million)Of market value 7.9%Next Record date 13 Nov, payment 11 Dec 2026 11 Dec · in 28 days -
Disposal Zenith Energy LTD.Com Shs ZEN£34m
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 168 days -
Disposal Franchise Brands FRAN£315m
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£2,068m
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£16m
Placing of 66% of the market value
Oxford Biodynamics is raising £9.15m by placing, 66.1% of its market value; the shares moved −5% on the day.
Stage CompletedRaise Placing · £9.15mOf market value 66.1%Reaction on the day −5% -
Delisting Allergy Therapeutics AGY£94m 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£166m
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 165 days
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.