Updated October 11, 2026 · through Special Situations Digest #36 (Oct 11, 2026) · 55 this week
A running index of UK special situations covered in the Special Situations Digest. Below: the 100 most recent situations spanning 15 categories — activist campaigns, going-private deals, tender offers, divestitures, restructurings, and more. Earlier coverage includes 618+ additional UK situations from prior issues. Each item links to the underlying filing or news source.
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Acquisitions 39 situations
Intertek Group PLC ITRK.L (UK) · GBp 5,890 · MCAP $12.0B · EV $14.0B
Isotope Bidco Limited announced permanent financing arrangements on October 9, 2026 for its recommended cash acquisition of Intertek Group PLC (ITRK.L).
Featured in Issue #36 · Oct 11, 2026
Logistics Development Group plc LDG.L (UK) · GBp 20.25 · MCAP $111M · EV $109M
Logistics Development Group plc (LDG.L) rejected a cash takeover approach from shareholder DBAY Advisors that was increased in draft form to 20 pence per share.
Featured in Issue #36 · Oct 11, 2026
Scancell Holdings PLC SCLP.L (UK) · GBp 9 · MCAP $149M · EV $165M
Scancell Holdings PLC (SCLP.L) plans to acquire Neuphoria Therapeutics through a merger and seek a Nasdaq listing under the ticker SCLT.
Featured in Issue #36 · Oct 11, 2026
Pharos Energy plc PHAR.L (UK) · GBp 29.80 · MCAP $163M · EV $118M
Pharos Energy plc (PHAR.L) shareholders approved Ratio Petroleum Energy's increased acquisition scheme on August 28, 2026.
Featured in Issue #36 · Oct 11, 2026
Mollyroe plc MOY.AQ (UK) · GBp 1
Mollyroe plc (AQSE: MOY) approved its acquisition of Cascade and a £1.93 million net fundraise at the 9 October 2026 General Meeting.
Featured in Issue #36 · Oct 11, 2026
Senior plc SNR.L (UK) · GBp 298 · MCAP $1.6B · EV $1.8B
Zeus UK Bidco completed its recommended cash acquisition of Senior plc (SNR.L) at 297.85 pence in cash per scheme share: the court sanctioned the scheme of arrangement on October 6, 2026 and the scheme became effective…
Featured in Issue #36 · Oct 11, 2026
Capricorn Energy plc CNE.L (UK) · GBp 429 · MCAP $390M · EV $282M
Genel Energy No.9 Limited is acquiring Capricorn Energy plc (CNE.L) for cash via a scheme of arrangement.
Featured in Issue #36 · Oct 11, 2026
Rio Tinto RIO.L (UK) · £70.22 · MCAP $159.5B · EV $179.0B
Rio Tinto (RIO.L) is in preliminary discussions to acquire Glencore in an all-share transaction via a court-sanctioned scheme of arrangement.
Featured in Issue #36 · Oct 11, 2026
Built Cybernetics plc BUC.L (UK) · GBp 2 · MCAP $9M · EV $13M
Built Cybernetics plc (BUC.L) is acquiring Ecolibrium Inc. in an all-stock reverse triangular merger.
Featured in Issue #36 · Oct 11, 2026
Anglo American AAL.L (UK) · £40.59 · MCAP $57.5B · EV $72.0B
Anglo American (AAL.L) is awaiting Chinese antitrust approval for its proposed $54 billion merger with Teck Resources.
Featured in Issue #36 · Oct 11, 2026
Informa PLC INF.L (UK) · £8.67 · MCAP $15.6B · EV $21.2B
Informa PLC (INF.L) agreed to buy Clarion Events from Blackstone for an enterprise value of GBP 2.24 billion, about 11.1 times Clarion's projected 2027 EBITDA, or about nine times including GBP 50 million of expected…
Featured in Issue #36 · Oct 11, 2026
Atlantic Lithium Ltd ALL.L (UK) · GBp 13.85 · MCAP $147M · EV $141M
Zhejiang Huayou Cobalt will acquire Atlantic Lithium (ALL.L) for cash through a scheme of arrangement.
Featured in Issue #36 · Oct 11, 2026
Pinewood Technologies Group plc PINE.L (UK) · GBp 447 · MCAP $683M · EV $659M
The court sanctioned the acquisition of Pinewood Technologies Group plc (PINE.L) by U.K.
Featured in Issue #36 · Oct 11, 2026
Brown Advisory US Smaller Companies PLC BASC.L (UK) · £16.07 · MCAP $234M · EV $220M
Brown Advisory US Smaller Companies PLC (BASC.L) agreed non-binding heads of terms for a scheme of reconstruction and members’ voluntary liquidation.
Featured in Issue #36 · Oct 11, 2026
Likewise Group plc LIKE.L (UK) · GBp 36 · MCAP $175M · EV $218M
Likewise Group plc (LIKE.L) acquired assets from Headlam Group plc and HFD Limited (in administration) for £14.9 million (~$20M) in cash.
Featured in Issue #36 · Oct 11, 2026
Associated British Foods ABF.L (UK) · £18.34 · MCAP $17.0B · EV $21.3B
Wittington Investments, the Weston holding company, agreed to buy Boots' UK and Ireland retail operations, Boots Opticians, No7 Beauty Company, and Thailand and franchised businesses for $8.9 billion.
Featured in Issue #36 · Oct 11, 2026
Permanent TSB Group Holdings PLC PTSB.L (UK) · €2.96 · MCAP $1.8B
Permanent TSB dismissed a possible takeover offer from Axis Capital Ltd as highly speculative and conditional.
Featured in Issue #36 · Oct 11, 2026
Afentra plc AET.L (UK) · GBp 72 · MCAP $260M · EV $232M
Angolan Ministry of Mineral Resources, Petroleum and Gas (MIREMPET) published the executive decree for Block 3/05.
Featured in Issue #36 · Oct 11, 2026
Focus Xplore PLC FOX.L (UK) · GBp 0.0220 · MCAP $1M · EV $654.1K
Focus Xplore signed an SPA to acquire Nova Aurum Exploration Limited and 1597320 B.C.
Featured in Issue #36 · Oct 11, 2026
Team plc TEAM.L (UK) · GBp 14.50 · MCAP $23M
Team plc exchanged contracts to acquire Hedley & Company Stockbrokers Limited for £3.0 million, subject to adjustments.
Featured in Issue #36 · Oct 11, 2026
Pearson PSON.L (UK) · £12.22 · MCAP $9.7B · EV $11.6B
Pearson (PSON) is acquiring the AI-native skills intelligence platform Workera.
Featured in Issue #36 · Oct 11, 2026
Advanced Medical Solutions Group plc AMS.L (UK) · £2.81 · MCAP $808M · EV $904M
H.B. Fuller Medical Adhesive Technologies Inc. is pursuing a recommended all-cash acquisition of Advanced Medical Solutions Group plc (AMS.L) via a scheme of arrangement.
Featured in Issue #35 · Oct 4, 2026
Harworth Group plc HWG.L (UK) · GBp 187 · MCAP $802M · EV $1.1B
Peel Pepper (UK) Limited is offering 187 pence in cash per Harworth share, valuing Harworth at approximately £631.7 million (~$836M).
Featured in Issue #35 · Oct 4, 2026
Capricorn Energy plc CNE.L (UK) · GBp 427 · MCAP $387M · EV $279M
Genel Energy No.9 Limited is acquiring Capricorn Energy (CNE.L) through a recommended cash acquisition.
Featured in Issue #35 · Oct 4, 2026
Land Securities Group PLC LAND.L (UK) · GBp 615 · MCAP $6.7B · EV $11.8B
Land Securities Group PLC (LAND.L) exchanged contracts to acquire a 100% stake in Metrocentre, Gateshead from Tynehawk Holdings (Jersey) Limited for £516 million (~$683M) in cash.
Featured in Issue #35 · Oct 4, 2026
Gamma Communications GAMA.L (UK) · GBp 1,124 · MCAP $1.3B · EV $1.4B
Waterland ruled out making a rival bid for Gamma Communications (GAMA.L), clearing the path for an agreed £1.02 billion (~$1.4B) takeover by private equity firm Epiris.
Featured in Issue #35 · Oct 4, 2026
EARNZ plc EARN.L (UK) · GBp 5 · MCAP $15M · EV $16M
EARNZ plc (EARN.L) posted a circular and notice of general meeting on 1 October 2026 to seek shareholder approval for a fundraising and acquisition.
Featured in Issue #35 · Oct 4, 2026
Time Finance plc TIME.L (UK) · GBp 58 · MCAP $70M
Time Finance shareholders approved the scheme at the Court Meeting with 90.47% of Scheme Shares voted in favour and 71.79% of Scheme Shareholders voting in favour.
Featured in Issue #35 · Oct 4, 2026
RHI Magnesita N.V. RHIM.L (UK) · £28.20 · MCAP $1.8B · EV $3.7B
RHI Magnesita N.V. is in advanced discussions regarding a possible recommended cash-and-share offer for Vesuvius.
Featured in Issue #35 · Oct 4, 2026
SEGRO plc SGRO.L (UK) · GBp 940 · MCAP $16.9B · EV $23.6B
SEGRO shareholders approved the recommended takeover by Prologis at the court meeting and general meeting held Monday, both passing by very large majorities with only a small minority of votes against.
Featured in Issue #35 · Oct 4, 2026
Spire Healthcare Group plc SPI.L (UK) · GBp 246 · MCAP $1.3B · EV $3.0B
Spire Healthcare and Tulip UK Bidco agreed terms on a recommended final cash offer on 5 September 2026.
Featured in Issue #35 · Oct 4, 2026
Tribal Group plc TRB.L (UK) · GBp 100 · MCAP $284M · EV $284M
Tribal Group plc agreed an increase in cash consideration from approximately £189.3 million (~$250M) to approximately £231.2 million (~$305M) under the Sale and Purchase Agreement with Main Capital Partners.
Featured in Issue #35 · Oct 4, 2026
Capricorn Energy plc CNE.L (UK) · GBp 450 · MCAP $409M · EV $301M
DNO ASA and DNO Bidco AS confirmed on 28 September 2026 that their all-cash offer of US$5.214 per Capricorn share is final and will not be increased.
Featured in Issue #35 · Oct 4, 2026
Intertek Group plc ITRK.L (UK) · GBp 5,860 · MCAP $11.9B · EV $13.9B
EQT-backed Isotope Bidco agreed on 18 June 2026 to acquire Intertek through a court-sanctioned scheme.
Featured in Issue #35 · Oct 4, 2026
GSK plc GSK.L (UK) · £18.51 · MCAP $98.3B · EV $117.8B
GSK completed its acquisition of Nuvalent on 15 July 2026 for approximately $10.6 billion in equity value, following the agreement announced on 9 June.
Featured in Issue #35 · Oct 4, 2026
Winvia Entertainment PLC WVIA.L (UK) · GBp 248 · MCAP $345M · EV $318M
Winvia agreed to acquire the trade and assets of UK prize draw platforms The Giveaway Guys and Win Life Competitions from owner Peter Toye for total cash consideration of £19.1 million (~$26M): £15.47 million at…
Featured in Issue #35 · Oct 4, 2026
Built Cybernetics plc BUC.L (UK) · GBp 2 · MCAP $9M · EV $13M
Built Cybernetics (BUC.L) proposed the all-share acquisition of Ecolibrium, Inc via a reverse triangular merger.
Featured in Issue #35 · Oct 4, 2026
Diversified Energy Company PLC DEC.L (UK) · £10.18 · MCAP $946M · EV $3.9B
Diversified Energy agreed to acquire Houston-based Birch Permian Holdings from affiliates of Elliott Investment Management.
Featured in Issue #35 · Oct 4, 2026
Technology Minerals Plc MNTL.L (UK) · GBp 0.07 · MCAP $11M · EV $17M
Technology Minerals Plc (LSE: MNTL) has entered into legally binding heads of terms to acquire the entire issued share capital of D3IP Limited from DII (Group) Ltd. Total consideration is subject to a floor of £1.2…
Featured in Issue #35 · Oct 4, 2026
Strategic Reviews 10 situations
Alien Metals Ltd UFO.L (UK) · GBp 0.07 · MCAP $10M · EV $6M
Alien Metals Ltd (UFO.L) is reviewing the commercial pathway for its Pilbara iron ore portfolio, including continued low-cost technical advancement, joint ventures, strategic partnerships, potential sales and other…
Featured in Issue #36 · Oct 11, 2026
Informa INF.L (UK) · £8.91 · MCAP $16.1B · EV $21.7B
Informa announced plans to separate its academic publishing business, Taylor & Francis.
Featured in Issue #36 · Oct 11, 2026
Comptoir Group COM.L (UK) · GBp 4 · MCAP $7M · EV $26M
Comptoir Group has initiated a review of its AIM quotation and potential alternatives, including a return of capital for shareholders wishing to exit.
Featured in Issue #36 · Oct 11, 2026
NAHL Group NAH.L (UK) · GBp 40.20 · MCAP $26M · EV $29M
NAHL Group (NAH.L) continues to explore strategic options to accelerate shareholder value and review its capital allocation policy.
Featured in Issue #36 · Oct 11, 2026
Petra Diamonds Ltd PDL.L (UK) · GBp 4.08 · MCAP $19M · EV $249M
Petra Diamonds Ltd (PDL.L) appointed Questco Corporate Advisory as financial advisor on October 5, 2026, to manage its strategic review.
Featured in Issue #36 · Oct 11, 2026
Petra Diamonds PDL.L (UK) · GBp 4.50 · MCAP $21M · EV $250M
His Majesty's Revenue & Customs filed a winding-up petition against Petra Diamonds (PDL.L) subsidiary Petra Diamonds UK Treasury over an unpaid £5.65 million (~$7.5M) corporation tax bill.
Featured in Issue #35 · Oct 4, 2026
Alien Metals UFO.L (UK) · GBp 0.07 · MCAP $11M · EV $10M
Alien Metals Limited (UFO.L) is exploring strategic alternatives for its Pilbara Iron Ore Portfolio, including a potential sale.
Featured in Issue #35 · Oct 4, 2026
Shepherd Neame SHEP.AQ (UK) · £4.69 · MCAP $91M
Shepherd Neame (SHEP.AQ) has begun a strategic review of its brewing operations to determine a way forward.
Featured in Issue #35 · Oct 4, 2026
Agronomics Limited ANIC.L (UK) · GBp 5.24 · MCAP $75M · EV -$110M (negative EV reflects cash in excess of market value)
Liberation Bioindustries concluded its four-month strategic review without acceptable sale or joint-venture offers and will work with its shareholders to complete its Richmond facility without an external partner.
Featured in Issue #35 · Oct 4, 2026
Vistry Group PLC VTY.L (UK) · GBp 264 · MCAP $1.1B · EV $1.9B
Vistry Group PLC (VTY.L) plans to reposition as a smaller specialist mixed-tenure housebuilder, targeting approximately 12,000 annual completions over the medium term, consolidating 25 regions into 12, and reducing its…
Featured in Issue #35 · Oct 4, 2026
Going-Private 10 situations
Bodycote plc BOY.L (UK) · £9.10 · MCAP $2.0B · EV $2.3B
Veritas Capital, through Vulcan Alpha Bidco, has agreed to acquire Bodycote (BOY.L) at a total offer value of 940p per share, comprising 932.8p acquisition cash and a separately retained 7.2p FY26 interim dividend.
Featured in Issue #36 · Oct 11, 2026
SThree plc STEM.L (UK) · GBp 300 · MCAP $483M · EV $491M
Circle8 Group Inc. submitted an enhanced all-cash proposal to acquire SThree plc (STEM.L) on 7 October 2026.
Featured in Issue #36 · Oct 11, 2026
easyJet plc EZJ.L (UK) · GBp 681 · MCAP $6.7B · EV $6.2B
Apollo Global Management is acquiring easyJet plc (EZJ.L) for £7.15 per share in a £5.7 billion ($7.5 billion) cash take-private acquisition.
Featured in Issue #36 · Oct 11, 2026
Gamma Communications PLC GAMA.L (UK) · GBp 1,092 · MCAP $1.3B · EV $1.3B
Epiris has agreed to a recommended cash take-private of Gamma Communications PLC (GAMA.L) via a scheme of arrangement.
Featured in Issue #36 · Oct 11, 2026
Pollen Street POLN.L (UK) · £9.09 · MCAP $713M
Pollen Street (POLN.L) is considering taking itself private among other options.
Featured in Issue #35 · Oct 4, 2026
Eleco plc ELCO.L (UK) · GBp 230 · MCAP $253M · EV $234M
Avocet Bidco Limited, a vehicle for Accel-KKR, is taking Eleco plc (ELCO.L) private in an all-cash acquisition via a scheme of arrangement.
Featured in Issue #35 · Oct 4, 2026
Tribal Group plc TRB.L (UK) · GBp 101 · MCAP $286M · EV $287M
Jenzabar, Inc. is considering a cash offer for Tribal Group plc (TRB.L) at 111 pence per Ordinary Share.
Featured in Issue #35 · Oct 4, 2026
Pinewood Technologies PINE.L (UK) · £4.46 · MCAP $679M · EV $636M
Pinewood shareholders approved a £545 million (~$720M) takeover by US private equity firm Ridgeview Partners.
Featured in Issue #35 · Oct 4, 2026
Senior PLC SNR.L (UK) · GBp 296 · MCAP $1.6B · EV $1.8B
Senior PLC is being acquired by Zeus UK Bidco Limited via a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Featured in Issue #35 · Oct 4, 2026
Bodycote PLC BOY.L (UK) · GBp 947 · MCAP $2.1B · EV $2.4B
Veritas Capital's recommended cash acquisition of Bodycote PLC (BOY.L) is structured as a scheme of arrangement and remains subject to applicable conditions and shareholder approval.
Featured in Issue #35 · Oct 4, 2026
Divestitures 9 situations
DCC Energy plc DCC.L (UK) · £64.45 · MCAP $7.3B · EV $9.1B
DCC Energy plc (DCC.L) agreed to sell its Nexora technology division to One Equity Partners funds for US$725 million enterprise value, subject to regulatory approvals, with disposal completion expected on or after 1…
Featured in Issue #36 · Oct 11, 2026
Jubilee Metals Group PLC JLP.L (UK) · GBp 2 · MCAP $95M · EV $83M
Jubilee Metals Group PLC (JLP.L) is progressing the proposed disposal of its Large Waste Project for approximately US$35 million.
Featured in Issue #36 · Oct 11, 2026
Hamak Strategy Limited HAMA.L (UK) · GBp 0.50 · MCAP $3M · EV $5M
Hamak Strategy Limited (HAMA.L) entered a binding agreement to divest its Nimba Project to Bea Mountain Mining Corporation (BMMC) for a total potential value of US$4.5 million.
Featured in Issue #36 · Oct 11, 2026
Fletcher King plc FLK.L (UK) · GBp 31.50 · MCAP $4M · EV -$594.0K (negative EV reflects cash in excess of market value)
Fletcher King plc conditionally agreed to sell 50% of Fletcher King Services Limited to Lexington One Limited, controlled by directors Robert Dickman, Peter Bailey and Paul Andrews, for £550,000 cash plus a £100,000…
Featured in Issue #36 · Oct 11, 2026
Aberdeen ABDN.L (UK) · GBp 234 · MCAP $5.5B
Aberdeen (ABDN.L) announced on October 8, 2026 that it had sold 52 million Standard Life shares through a secondary placing at 839 pence per share, raising approximately £436 million in gross proceeds.
Featured in Issue #36 · Oct 11, 2026
Airtel Africa plc AAF.L (UK) · £3.10 · MCAP $14.9B · EV $20.9B
Airtel Africa plc (AAF.L) is listing Airtel Mobile Commerce N.V. on the London Stock Exchange.
Featured in Issue #36 · Oct 11, 2026
Goodwin PLC GDWN.L (UK) · GBp 13,280 · MCAP $1.3B · EV $1.3B
On 9 September 2026, Goodwin announced an agreement with an affiliate of Cerberus to dispose of a substantial part of its Mechanical Engineering Division for headline cash consideration of up to approximately £1.1…
Featured in Issue #35 · Oct 4, 2026
XP Factory plc XPF.L (UK) · GBp 18 · MCAP $42M · EV $97M
XP Factory plc (XPF.L) entered into an agreement on 28 September 2026 to sell the entire issued share capital of its Boom Battle Bar business, BBB Franchise Ltd, to F.O Twenty-Four Ltd for up to £11 million (~$15M).
Featured in Issue #35 · Oct 4, 2026
Airtel Africa plc AAF.L (UK) · £3.01 · MCAP $14.5B · EV $20.5B
Airtel Money IPO offer price set at £1.96 per share, implying estimated market capitalisation at Admission of £5.3 billion (approximately US$7.0 billion).
Featured in Issue #35 · Oct 4, 2026
Capital Returns 8 situations
Oxford Metrics plc OMG.L (UK) · GBp 33 · MCAP $48M · EV $10M
Oxford Metrics (OMG.L) issued a trading and strategic update guiding FY26 (the 15 months to 31 December 2026) revenue of £47.0 million to £51.0 million and an Adjusted EBIT loss of £0.5 million to £3.9 million, below…
Featured in Issue #36 · Oct 11, 2026
Imperial Brands PLC IMB.L (UK) · £26.14 · MCAP $26.3B · EV $41.2B
Imperial Brands announced a further £1.5 billion (~$2.0B) share buyback for FY27, expected to complete no later than 29 October 2027.
Featured in Issue #36 · Oct 11, 2026
Colefax Group PLC CFX.L (UK) · £13.55 · MCAP $90M · EV $100M
Colefax Group PLC launched a tender through Peel Hunt for up to 607,047 shares, or 12% of issued capital.
Featured in Issue #36 · Oct 11, 2026
Taylor Maritime Limited TMI.L (UK) · GBp 77.50 · MCAP $70M · EV $41M
Taylor Maritime Limited (TMI.L) will return $45 million to shareholders in November 2026 through a partial compulsory redemption of ordinary shares.
Featured in Issue #36 · Oct 11, 2026
Niox Group plc NIOX.L (UK) · GBp 67.40 · MCAP $377M · EV $355M
Niox Group plc (NIOX.L) proposed a cash self-tender offer to buy back and cancel shares at a fixed price.
Featured in Issue #36 · Oct 11, 2026
International Workplace Group plc IWG.L (UK) · £1.74 · MCAP $2.2B · EV $9.6B
International Workplace Group plc (IWG.L) announced on 30 September 2026 an increase of up to US$50 million to its 2026 share buyback programme, taking the programme up to US$200 million.
Featured in Issue #35 · Oct 4, 2026
Helios Underwriting PLC HUW.L (UK) · GBp 229 · MCAP $208M
Helios Underwriting announced interim results for the six months ended 30 June 2026.
Featured in Issue #35 · Oct 4, 2026
Chrysalis Investments CHRY.L (UK) · GBp 68.90 · MCAP $439M
Chrysalis Investments (CHRY.L) sold its remaining stake in Klarna for £34 million (~$45M).
Featured in Issue #35 · Oct 4, 2026
Tender Offers 5 situations
First Tin PLC 1SN.L (UK) · GBp 11.50 · MCAP $82M · EV $70M
Metals X Limited confirmed it submitted a preliminary, non-binding indicative cash offer for the entire issued and to be issued share capital of First Tin PLC not already owned by Metals X.
Featured in Issue #36 · Oct 11, 2026
System1 Group plc SYS1.L (UK) · GBp 340 · MCAP $57M · EV $42M
Brave Bison’s increased final offer for System1 comprises 180 pence in cash, 2.394 new Brave Bison shares and one Bison CVR per System1 share.
Featured in Issue #36 · Oct 11, 2026
Kenmare Resources plc KMR.L (UK) · £2.20 · MCAP $261M · EV $434M
International Resources Holdings RSC Ltd made a non-binding proposal for a possible all-cash offer for all share capital of Kenmare Resources plc (KMR.L).
Featured in Issue #36 · Oct 11, 2026
Alternative Income REIT plc AIRE.L (UK) · GBp 68.50 · MCAP $73M · EV $117M
As of 5 October 2026, Glenstone held or had received acceptances for 65,414,767 Alternative Income REIT shares, representing 81.26% of issued capital.
Featured in Issue #36 · Oct 11, 2026
Permanent TSB Group Holdings plc PTSB.L (UK) · €2.96 · MCAP $1.8B
Axis Capital is considering a possible cash offer for Permanent TSB Group Holdings plc (PTSB.L) at €3.20 per share.
Featured in Issue #35 · Oct 4, 2026
Activist Campaigns 4 situations
Baillie Gifford UK Growth BGUK.L (UK)
Saba Capital sold its 5% stake in Baillie Gifford UK Growth (BGUK.L) on 30 September via shares and swap derivatives.
Featured in Issue #36 · Oct 11, 2026
Baillie Gifford US Growth USA.L (UK)
Saba Capital owns nearly 30% of Baillie Gifford US Growth (USA.L) and has nominated three board members for the 23 October AGM.
Featured in Issue #36 · Oct 11, 2026
Ashtead Technology Holdings PLC AT.L (UK) · £5.34 · MCAP $569M · EV $724M
Sun Mountain Partners LLC manages funds that are shareholders of Ashtead Technology Holdings PLC (AIM: AT.).
Featured in Issue #35 · Oct 4, 2026
Whitbread plc WTB.L (UK) · GBp 2,348 · MCAP $5.2B · EV $12.1B
Fwd P/E: 13.3x · Fwd EV/EBITDA: 8.8x · Fwd EV/GP: 7.1x · LTM EV/Sales: 3.1x
Whitbread plc operates hotels and restaurants in the United Kingdom, Germany, Ireland, and internationally. The company operates hotels under the Premier Inn, ZIP by Premier Inn, and hub by Premier Inn brands.
The buyer believes Whitbread could double its share price in three to five years and has requested a fact-based review of the company's German business. Whitbread has publicly defended its German expansion, which involved investing £1.1 billion (~$1.5B) into 11,500 rooms over eight years. This UK activist campaign targets strategy and capital allocation at a FTSE 100 hospitality group, with Corvex shifting from calling for a sale to demanding board representation.
Featured in Issue #34 · Sep 27, 2026
Restructuring 4 situations
Pristine Capital Plc PRIS.L (UK) · GBp 0.40 · MCAP $850.4K (last traded 2026-05)
Pristine Capital (PRIS.L) conditionally agreed a GBP 500,000 investment from RareWorld: 688,500 consolidated ordinary shares at 10p for GBP 68,850, plus GBP 431,150 of convertible loan notes.
Featured in Issue #36 · Oct 11, 2026
Nostrum Oil & Gas PLC NOG.L (UK) · GBp 0.80 · MCAP $2M
Nostrum Oil & Gas Finance B.V. announced the Extraordinary Resolution in its consent solicitation has been duly passed by written resolution.
Featured in Issue #35 · Oct 4, 2026
Harvest Minerals Ltd HMI.L (UK) · GBp 0.27 · MCAP $2M · EV $3M
Harvest Minerals Ltd (HMI.L) flagged material uncertainty over its ability to continue as a going concern in interim results published 30 September 2026.
Featured in Issue #35 · Oct 4, 2026
Crest Nicholson CRST.L (UK) · GBp 65 · MCAP $221M · EV $419M
Crest Nicholson (CRST.L) extended the interest cover covenant waiver on its debt facilities until 30 November 2026.
Featured in Issue #35 · Oct 4, 2026
Rights Offerings 3 situations
Pennon Group plc PNN.L (UK) · GBp 361 · MCAP $2.3B · EV $8.3B
Pennon Group plc (PNN.L) is raising £550 million (~$727M) through a fully underwritten rights issue of 220.3 million new ordinary shares at 250 pence per share, on the basis of 7 new shares for every 15 existing shares.
Featured in Issue #36 · Oct 11, 2026
eEnergy Group plc EAAS.L (UK) · GBp 0.36 · MCAP $2M · EV $5M
eEnergy Group conditionally raised c. £1.96 million (~$2.6M) through Retail Offer at 0.3 pence per share, issuing 652.9 million shares.
Featured in Issue #36 · Oct 11, 2026
Tapir Holdings Ltd TAPH.L (UK) · GBp 44 · MCAP $144M · EV $144M
Lord Ashcroft has agreed to underwrite the full amount of the Tapir Holdings Ltd (TAPH.L) offer.
Featured in Issue #35 · Oct 4, 2026
Liquidations 2 situations
Partners Group Private Equity Limited PEY.L (UK) · €6.86 · MCAP $509M · EV $452M
Shareholders of Partners Group Private Equity Limited voted with 99.89% of ballots cast in favor of an orderly realization of the entire portfolio.
Featured in Issue #36 · Oct 11, 2026
Litigation Capital Management LIT.L (UK) · GBp 0.56
Litigation Capital Management (LIT.L) is entering an orderly run-off after a strategic review concluded with no resulting transaction.
Featured in Issue #36 · Oct 11, 2026
Litigation Outcomes 2 situations
Tullow Oil plc TLW.L (UK) · GBp 20 · MCAP $391M · EV $2.1B
An ICC arbitral tribunal dismissed all claims by Tullow Oil plc (TLW.L) and upheld a US$393.1 million tax assessment from the Ghana Revenue Authority.
Featured in Issue #35 · Oct 4, 2026
Shell plc SHEL.L (UK) · £35.94 · MCAP $272.2B · EV $314.7B
The Kazakhstan Ministry of Justice restarted enforcement proceedings to collect a 2.3 trillion tenge (~$5.2 billion) fine from North Caspian Operating Company (NCOC), the Kashagan operator.
Featured in Issue #35 · Oct 4, 2026
Deal Terminations 1 situation
Checkit PLC CKT.L (UK) · GBp 16.50 · MCAP $24M · EV $20M
Checkit PLC (CKT.L) terminated its formal sale process on September 28, 2026.
Featured in Issue #36 · Oct 11, 2026
SPACs 1 situation
Mkango Magnetic Materials Ltd. MKA.L (UK) · GBp 38.20 · MCAP $202M · EV $193M
Mkango Magnetic Materials Ltd. (MKA.L) announced on 9 October 2026 that its subsidiary HyProMag GmbH received Strategic Project designation under the European Union Critical Raw Materials Act.
Featured in Issue #36 · Oct 11, 2026
Insolvency 1 situation
Headlam HEAD.L (UK) · GBp 10.50 · MCAP $11M · EV $143M
Headlam Group plc (HEAD.L) entered administration on September 8, 2026, after revealing in early September it intended to appoint administrators.
Featured in Issue #36 · Oct 11, 2026
Busted M&A 1 situation
Reabold Resources plc RBD.L (UK) · GBp 64 · MCAP $12M · EV $13M
Reabold Resources plc (RBD.L) saw its all-share offer for Union Jack Oil plc lapse on 2 October 2026.
Featured in Issue #35 · Oct 4, 2026
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