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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Capital return Celebrus Technologies CLBS£18m new
Buyback programme
The up-to-1,000,000-share buyback through Cavendish launched on 13 Feb 2026. The H1 update shows $2.0m spent in the period, alongside a $1.2m final dividend, while cash fell to $22.3m.
Kind buyback programmeAmount 3,000,000 ordinary shares (approximately $2.0 million)Of market value 8.1% -
Profit outlook Forterra FORT£334m 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 119 days
Yesterday
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Sale process Zanaga Iron Ore Co. Ltd ZIOC£21m 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£1,373m 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 -
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 41 days -
Capital return Caledonia Investments CLDN£214m 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£1,401m 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£320m 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£713m moved
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£238m moved
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 415 days -
Big fundraise Cornish Metals PLC TIN£214m moved
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£143m 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
Friday
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Takeover Atlantic Lithium Limited ALL£133m
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 and the Elevra to Huayou novation completed.
Stage ApprovedOffer 18.8pPremium +4% on 18pSpread now +13.3% to the offerBoard recommendsNext Scheme Meeting vote, then Supreme Court of Western Australia approval 14 Dec · in 33 days -
Takeover First Tin 1SN£81m
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 9 days -
Capital return Naked Wines WINE£45m 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 27 days -
Profit outlook Billington Holdings BILN£50m 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 160 days
Thursday
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Takeover Logistics Development Group LDG£92m
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 -10.1% to the offerBoard opposesNext DBAY firm offer or no-offer announcement by PUSU deadline 3 Dec · in 22 days -
Sale process Morgan Advanced Materials MGAM£752m
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 Next 15 Group NFG£330m
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 -
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 new
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 8 days -
Delisting Everyman Media Group EMAN£53m
AIM delisting proposal
On 16 June 2026 Everyman said three director-shareholders holding 45.6% back cancelling AIM trading, and on 27 July the Board said it was still engaging with stakeholders.
Director support Adam Kaye, Charles Dorfman and Michael Rosehill hold 45.6% …Other support Other shareholders holding no less than 11.0% expected to …Next Removal from FTSE AIM All-Share Index at start of trading 12 Nov · in 1 days
Earlier this month
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Capital return Lancashire Holdings Limited LRE£1,700m 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 30 days -
Takeover 80 Mile 80M£56m
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 … -
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 170 days -
Disposal Franchise Brands FRAN£314m
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£1,989m
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£13m
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£89m 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£169m
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 167 days -
Profit outlook IWG IWG£1,989m 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 111 days -
Disposal FirstGroup FGP£1,245m 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 171 days -
Capital return AdvancedAdvT Limited ADVT£213m
£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£854m
Buyback programme
Baltic Classifieds Group: buyback programme of €230 million, 24.3% of the market value – proposed (2 Nov 2026).
Stage €118.0m drawn; leverage 0.7xKind buyback programmeAmount €230 millionOf market value 24.3% -
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 30 days -
Debt & refinancing Vast Resources VAST£54m
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£920m
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
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.