Updated August 23, 2026 · through Special Situations Digest #29 (Aug 23, 2026) · 23 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 318+ additional UK situations from prior issues. Each item links to the underlying filing or news source.
The full weekly digest covers 500 to 700 situations across 25+ markets every Sunday (608 in Digest #29), with Excel/PDF/JSON exports, Copy-for-LLM and a searchable database of 9,500+ situations. Subscribe for full access.
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Acquisitions 36 situations
Ming Yang Smart Energy Group Limited MYSE.L (UK) · £11.70 · MCAP $3.5B · EV $6.3B
Company plans to acquire 100% equity of Uniwatt Technology Co., Ltd. via issuance of shares and cash payment.
Featured in Issue #29 · Aug 23, 2026
CyanConnode Holdings PLC CYAN.L (UK) · GBp 9.85 · MCAP $47M · EV $72M
On 31 July 2026 CyanConnode and Esyasoft agreed terms of a recommended all-cash offer for CyanConnode, to be implemented by a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Featured in Issue #29 · Aug 23, 2026
RTW Biotech Opportunities Ltd RTWG.L (UK)
BioMarin Pharmaceutical Inc. entered a definitive agreement to acquire Alesta Therapeutics, a private portfolio company of RTW Biotech Opportunities Ltd (RTWG.L), for up to $490 million.
Featured in Issue #29 · Aug 23, 2026
Pharos Energy PLC PHAR.L (UK) · GBp 30.10 · MCAP $169M · EV $128M
Add that this specific announcement is about the shareholder meetings being ADJOURNED to 28 August 2026 (Court Meeting 11:00am / General Meeting 11:15am) to give shareholders more time to consider the increased offer…
Featured in Issue #29 · Aug 23, 2026
CyanConnode Holdings CYAN.L (UK) · GBp 10.00 · MCAP $47M · EV $71M
Esyasoft Technologies UK is acquiring CyanConnode Holdings plc (CYAN.L) via a court-sanctioned scheme of arrangement.
Featured in Issue #28 · Aug 16, 2026
Pharos Energy plc PHAR.L (UK) · GBp 30.00 · MCAP $169M · EV $128M
Ratio Petroleum Energy LP is acquiring Pharos Energy plc (PHAR.L) via a scheme of arrangement.
Featured in Issue #28 · Aug 16, 2026
Mitie Group plc MTO.L (UK) · GBp 208.00 · MCAP $3.6B · EV $4.2B
OCS Group International Limited is acquiring Mitie Group plc (MITIE) via a scheme of arrangement for cash.
Featured in Issue #28 · Aug 16, 2026
SEGRO plc SGRO.L (UK) · GBp 961.00 · MCAP $17.6B · EV $24.4B
On 4 August 2026 the boards of Prologis and SEGRO announced a recommended share offer with a partial cash alternative for SEGRO.
Featured in Issue #28 · Aug 16, 2026
Evoke plc EVOK.L (UK) · MCAP $382M
Bally's Intralot is acquiring Evoke plc (EVOK.L) in a £243 million (~$329M) all-stock transaction.
Featured in Issue #28 · Aug 16, 2026
Deltic Energy PLC DELT.L (UK) · GBp 8.00 · MCAP $10M · EV $12M
Deltic Energy is subject to a cash acquisition via a scheme of arrangement.
Featured in Issue #28 · Aug 16, 2026
RTW Biotech Opportunities RTW.L (UK) · £2.58 · MCAP $832M
Avere Therapeutics is completing a reverse merger with Nasdaq-listed NextCure, providing a public-market exit path for RTW Biotech Opportunities Ltd's (RTW.L) holding.
Featured in Issue #28 · Aug 16, 2026
Cordel Group plc CRDL.L (UK) · GBp 12.35 · MCAP $36M · EV $35M
Court sanctioned the scheme of arrangement on 11 August 2026.
Featured in Issue #28 · Aug 16, 2026
Apertura Energy Plc VZLA.L (UK) · £1.23 · MCAP $29M · EV $29M
Apertura Energy Plc (VZLA.L) entered into heads of terms to acquire Conterp Group Plc for £25 million (~$34M), a valuation representing 5.5 times FY2026 adjusted EBITDA.
Featured in Issue #28 · Aug 16, 2026
Pacific Assets Trust plc PAC.L (UK) · GBp 427.00 · MCAP $660M · EV $654M
Pacific Assets Trust plc agreed terms with Schroder Asian Total Return Investment Company plc for a combination of assets via a scheme of reconstruction and members' voluntary winding up under section 110 of the…
Featured in Issue #28 · Aug 16, 2026
Picton Property Income Limited PCTN.L (UK) · GBp 73.00 · MCAP $505M · EV $731M
Recommended all-share offer by LondonMetric and SREIT to acquire entire issued share capital of Picton via court-sanctioned scheme of arrangement under Guernsey law.
Featured in Issue #28 · Aug 16, 2026
Intuitive Investments Group Plc IIG.L (UK) · £2.40 · MCAP $777M
Intuitive Investments Group Plc intends to invest in early and later-stage investments. The firm invests in life sciences businesses.
UK court sanctioned the scheme of arrangement for Acceler8 Ventures' takeover of Intuitive Investments Group on August 6, 2026. The all-share merger values Intuitive Investments at approximately £600 million (~$810M), based on terms agreed on June 30, 2026. Intuitive Investments is a UK-listed investment company focused on technology and life sciences businesses.
Featured in Issue #27 · Aug 9, 2026
Pharos Energy PHAR.L (UK) · GBp 33.50 · MCAP $187M · EV $147M
Fwd P/E: 13.5x · Fwd EV/EBITDA: 1.6x · Fwd EV/Sales: 0.9x · LTM EV/Sales: 1.4x · LTM EV/GP: 8.7x
Pharos Energy plc, an independent energy company, explores, develops, and produces oil and gas properties in Vietnam and Egypt.
Ratio increased its all-cash offer to 28.8183p per share plus a 4.0p special dividend, totalling 32.8183p. A 15% topping mechanism runs until 11 August; if a higher bid emerges and Ratio fails to match, undertakings on 21.63% of shares remain binding. The revised offer values Pharos at approximately £146.4m ($196.9m), narrowly exceeding Serica Energy's 32.6683 pence per-share offer.
Featured in Issue #27 · Aug 9, 2026
Ingenta plc ING.L (UK) · GBp 67.50 · MCAP $14M · EV $7M
Fwd P/E: 7.8x · Fwd EV/EBITDA: 3.9x · Fwd EV/Sales: 0.5x · LTM EV/Sales: 0.5x · LTM EV/GP: 1.0x
Ingenta plc, together with its subsidiaries, provides content management, advertising, and commercial enterprise solutions and services to publishers, information providers, academic libraries, and institutions in the United Kingdom, the United States, the Netherlands, France, and internationally.
Ingenta holds a unilateral option to acquire the remaining 75.1% of FirstAida for £1.2M (~$1.6M) in shares, contingent on FirstAida achieving £375K (~$506.0K) in annualised recurring revenue. Maximum total consideration, including deferred earn-out shares, is £2.3M (~$3.1M) based on Ingenta's pre-announcement share price. FirstAida founder Dr Dan Brown joins Ingenta's Board as a Non-Executive Director effective immediately.
Featured in Issue #27 · Aug 9, 2026
Rotork plc ROR.L (UK) · £4.87 · MCAP $5.3B · EV $5.3B
Fwd P/E: 26.7x · Fwd EV/EBITDA: 18.1x · Fwd EV/Sales: 4.9x · LTM EV/Sales: 5.1x · LTM EV/GP: 10.0x
Rotork plc manufactures industrial flow control and instrumentation solutions for the oil and gas, water and wastewater, power, chemical process, and industrial markets. The company provides electric industrial, electric intelligent, electro-hydraulic, heavy and light duty fluid, and precision modulating actuators.
ABB Ltd, through its indirect wholly-owned subsidiary Bidco, agreed to acquire Rotork plc via a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. The acquisition is a recommended cash offer for both Rotork Ordinary Shares and Rotork Preference Shares. The Scheme is expected to become Effective in the first half of 2027, with the Long Stop Date set at 16 July 2027.
Featured in Issue #27 · Aug 9, 2026
Irish Continental Group, plc ICGC.L (UK) · £6.65 · MCAP $1.3B · EV $1.6B
Fwd EV/EBITDA: 9.4x · Fwd EV/Sales: 2.0x · LTM EV/Sales: 2.1x · LTM EV/GP: 2.2x
Irish Continental Group plc operates as a maritime transport company in Ireland, the United Kingdom, and Continental Europe. The Ferries segment provides ferry services carrying passengers and roll on roll off freight on short sea routes; and chartering services.
Bluefin Bidco secured new irrevocable undertakings covering 1,017,409 shares from management incentive participants. Total irrevocable commitments now cover up to 9,414,423 shares, representing up to 6.3% of ICG's issued share capital. The offer is structured as a recommended cash offer via a High Court-sanctioned scheme of arrangement with separate scheme meetings and a Rule 16 resolution. Scheme Meetings and EGM scheduled for 28 August 2026; voting record time is 6:00 p.m. on 24 August 2026.
Featured in Issue #27 · Aug 9, 2026
JTC plc JTC.L (UK) · £13.35 · MCAP $3.1B
Fwd P/E: 22.1x
JTC PLC provides fund, corporate, and private capital services to institutional and private clients in the United Kingdom, Channel Islands, the United States, Caribbean, rest of Europe, and internationally.
JTC PLC (JTC.L) has satisfied all remaining financial services regulatory conditions, clearing the final substantive hurdles for its cash acquisition. The Sanction Hearing is scheduled for 19 August 2026, with the scheme expected to become effective on 20 August 2026. Trading on the LSE Main Market is expected to be suspended at 7:30 a.m. on 20 August 2026. The transaction is now fully de-risked on regulatory conditions, leaving a final 14-day window before the court-sanctioned close.
Featured in Issue #27 · Aug 9, 2026
SEGRO plc SGRO.L (UK) · £9.60 · MCAP $17.5B · EV $24.3B
Fwd P/E: 24.4x · Fwd EV/EBITDA: 26.4x · Fwd EV/Sales: 22.1x · LTM EV/Sales: 24.2x · LTM EV/GP: 30.6x
SEGRO Plc is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses and industrial property.
SEGRO shareholders to receive 0.0920 New Prologis shares per SEGRO share under a scheme of arrangement. A partial cash alternative of up to £3.51B (~$4.7B) is available. SEGRO shareholders will retain the 2026 interim dividend of up to 10.14p and any 2026 final dividend of up to 22.56p without reduction of consideration. Prologis is taking over Segro (SGRO.L) in a deal valued at up to £14.3 billion ($19.19 billion).
Featured in Issue #27 · Aug 9, 2026
Image Scan Holdings plc IGE.L (UK) · GBp 2.60 · MCAP $5M · EV $3M
Fwd EV/Sales: 0.8x · LTM EV/Sales: 1.0x · LTM EV/GP: 1.8x
Image Scan Holdings Plc, through its subsidiary 3DX-Ray Limited, engages in the manufacture and sale of portable X-ray systems in the United Kingdom, Europe, the Middle East, Africa, Asia, Indian Subcontinent, and the Americas.
Total consideration expected in the range of approximately £0.9 million (~$1.2M) to £1.0 million (~$1.3M), comprising completion payment linked to net cash, £172k (~$232.1K) initial consideration, and contingent earn-out. ClanTect has proprietary human presence detection technology for identifying concealed persons in vehicles and containers, deployed in border, prison, and critical infrastructure security. ClanTect reported FY2025 (to 31 Oct 2025) revenue of £185k (~$249.6K), a pre-tax loss of £14k (~$18.9K), and net assets of £645k (~$870.3K).
Featured in Issue #27 · Aug 9, 2026
UPL Limited UPLL.L (UK) · £14.00 · MCAP $5.1B · EV $7.5B
Fwd EV/EBITDA: 6.5x · Fwd EV/Sales: 1.2x · LTM EV/Sales: 1.4x · LTM EV/GP: 2.7x
UPL Limited, together with its subsidiaries, manufactures and sells pesticides, insecticides, and micronutrients in India, Brazil, the United States, the United Kingdom, and internationally.
Board approved Composite Scheme of Arrangement, involving UPL Limited, UPL Sustainable Agri Solutions Limited, UPL Global Sustainable Agri Solutions Limited, UPL Crop Protection Holdings Limited, and their respective shareholders. CCI approval received on June 3, 2026. Swap Transaction completed on July 31, 2026. ESOP Swap Transaction completed on July 31, 2026.
Featured in Issue #27 · Aug 9, 2026
Public Policy Holding Company Inc PPHC.L (UK) · £8.43 · MCAP $341M · EV $372M
Fwd P/E: 9.1x · Fwd EV/EBITDA: 7.5x · Fwd EV/Sales: 1.7x · LTM EV/Sales: 1.9x · LTM EV/GP: 15.6x
Public Policy Holding Company, Inc. engages in the provision of consulting services in the United States. The company operates through three segments: Government Relations Consulting, Corporate Communications & Public Affairs Consulting Services, and Compliance and Insights Services.
Public Policy Holding Company Inc (PPHC.L) is acquiring a Florida Government Relations Firm for a maximum aggregate consideration of $75 million. The acquisition is immediately earnings accretive. This transaction expands the company's US government relations footprint and represents a material investment relative to PPHC.L's $341M market cap.
Featured in Issue #27 · Aug 9, 2026
HSBC Holdings plc HSBC (UK) · $106.42 · MCAP $363.8B
Fwd P/E: 11.7x
HSBC Holdings plc engages in the provision of banking and financial products and services worldwide. The Hong Kong segment is involved in the retail banking and wealth and commercial banking of HSBC Hong Kong and Hang Seng Bank.
HSBC Holdings plc (HSBC) agreed to sell its AUD36 billion (US$25 billion) Australian home and personal loan portfolio to Virgo BidCo Pty Ltd, a Blackstone entity, for cash. The sale is expected to result in a pre-tax loss of less than US$0.1 billion, while HSBC will incur US$0.3 billion in restructuring costs and write-offs to wind down its remaining Australian retail business over 18 months. Closing is expected in the first half of 2027, subject to Australian regulatory, competition, and banking approvals. Pepper Money Limited will serve as the portfolio servicer post-completion. The disposal unwinds a US$25 billion balance-sheet exposure and introduces P&L items to monitor through 2028, including US$0.3 billion FX reserve recycling and the potential disposal of residual Lion Trust interests.
Featured in Issue #26 · Aug 2, 2026
Intertek Group Plc ITRK.L (UK) · £58.40 · MCAP $12.1B · EV $14.1B
Fwd P/E: 22.0x · Fwd EV/EBITDA: 12.5x · Fwd EV/Sales: 2.9x · LTM EV/Sales: 3.0x · LTM EV/GP: 5.3x
Intertek Group plc provides quality assurance solutions to various industries in the United Kingdom, the United States, China, Australia, and internationally. The company offers quality assurance, testing, inspection, and certification services, including laboratory safety, quality and performance testing.
Isotope Bidco Limited expanded its financing syndicate for the recommended cash acquisition of Intertek Group Plc (ITRK.L) to 19 banks on 31 July 2026. This update follows the addition of 14 new mandated lead arrangers, necessitating an amendment and restatement of the Interim Facilities Agreement and Original Commitment Letter. The deal is being implemented via a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, with the scheme document sent to shareholders on 15 July 2026. The expanded syndicate signals strong lender demand and de-risks debt funding for the take-private, leaving the shareholder vote and Court sanction as the next catalysts.
Featured in Issue #26 · Aug 2, 2026
CyanConnode Holdings plc CYAN.L (UK) · GBp 9.54 · MCAP $45M · EV $69M
Fwd P/E: 15.4x · Fwd EV/EBITDA: 12.2x · Fwd EV/Sales: 1.3x · LTM EV/Sales: 3.2x · LTM EV/GP: 11.6x
CyanConnode Holdings plc designs, develops, and sells narrowband radio frequency (RF) mesh and cellular networks that enable Omni Internet of Things (IoT) communications in India, the United Arab Emirates, and internationally.
Esyasoft Technologies UK Limited is acquiring CyanConnode Holdings plc (CYAN.L) for £36.5 million (~$49M) in cash. The offer price of 10.165 pence per share represents a 40% premium to the 7.25 pence closing price on 2 February 2026 and implies an enterprise value of approximately £58.5 million (~$79M). The deal will be implemented via a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, with irrevocable undertakings received for approximately 11.01% of the issued share capital from directors and 15.02% from other shareholders. This firm offer under Rule 2.7 of the Takeover Code crystallizes a process in the public domain since February 2026, with the scheme requiring 75% shareholder approval at the Court Meeting. The deal values fully diluted equity at approximately £36.5 million (~$49M), representing a premium of up to 63% over pre-offer trading levels.
Featured in Issue #26 · Aug 2, 2026
UPL Limited UPLL.L (UK) · £14.00 · MCAP $5.3B · EV $7.8B
Fwd EV/EBITDA: 6.9x · Fwd EV/Sales: 1.3x · LTM EV/Sales: 1.4x · LTM EV/GP: 2.9x
UPL Limited, together with its subsidiaries, manufactures and sells pesticides, insecticides, and micronutrients in India, Brazil, the United States, the United Kingdom, and internationally.
UPL Limited (UPLL.L) cleared a key Indian regulatory hurdle for a composite scheme of arrangement involving UPL SAS, UPL 2, and UPL Cayman 1. The company received "no adverse observations" from BSE and a "No Objection" letter from NSE on July 29, 2026. The board originally approved the scheme on February 20, 2026, and filed exchange applications on February 27, 2026. The transaction remains subject to other applicable regulatory approvals. These exchange no-objection letters are a required procedural step that moves the restructuring closer to NCLT filing and eventual shareholder and creditor votes.
Featured in Issue #26 · Aug 2, 2026
Central Asia Metals PLC CAML.L (UK) · £1.47 · MCAP $339M · EV $261M
Fwd P/E: 4.8x · Fwd EV/EBITDA: 1.7x · Fwd EV/Sales: 0.9x · LTM EV/Sales: 1.1x · LTM EV/GP: 2.5x
Central Asia Metals plc, together with its subsidiaries, operates as a base metals producer. The company produces copper, zinc, silver, and lead minerals.
Central Asia Metals PLC (CAML.L) is moving toward its acquisition of Cygnus Metals via a scheme of arrangement. Cygnus obtained an ASX waiver permitting the cancellation or transfer of options in connection with the proposed scheme; under the scheme, CAML will acquire all issued Cygnus shares. The waiver is conditional on Cygnus shareholder and court approval and related disclosure and ASIC requirements; option holders would receive 0.06 CAML options per Cygnus option. The waiver removes a procedural obstacle, but the scheme remains subject to the stated approvals.
Featured in Issue #26 · Aug 2, 2026
Picton Property Income Limited PCTN.L (UK) · GBp 74.20 · MCAP $511M · EV $736M
Fwd P/E: 16.3x · Fwd EV/EBITDA: 17.5x · Fwd EV/Sales: 13.9x · LTM EV/Sales: 10.7x · LTM EV/GP: 15.2x
UK-focused real estate investment trust that owns and actively manages a diversified portfolio of UK commercial property across the industrial, office and retail/leisure sectors.
LondonMetric Property and SREIT have launched a recommended all-share joint offer for Picton Property Income Limited (PCTN.L) valued at £404m (~$545M). Picton shareholders will receive 0.190 LondonMetric shares and 0.894 SREIT shares for each share held. The offer price of 78.7p per share represents a 7% premium to the latest close and an 8.2% discount to EPRA net tangible assets per share. Upon completion, Picton investors are expected to own approximately 4% of the enlarged LondonMetric and 48.4% of the enlarged SREIT. The transaction follows a strategic review and splits assets between two listed REITs, creating valuation tension due to the discount to NTA. Picton shareholders will receive 0.19 LondonMetric shares and 0.894 Schroder REIT shares for each share held. The exchange ratio establishes a spread to monitor through closing.
Featured in Issue #26 · Aug 2, 2026
Intertek ITRK.L (UK) · £58.40 · MCAP $12.1B · EV $14.1B
Fwd P/E: 22.0x · Fwd EV/EBITDA: 12.5x · Fwd EV/Sales: 2.9x · LTM EV/Sales: 3.0x · LTM EV/GP: 5.3x
Intertek Group plc provides quality assurance solutions to various industries in the United Kingdom, the United States, China, Australia, and internationally. The company offers quality assurance, testing, inspection, and certification services, including laboratory safety, quality and performance testing.
EQT/Isotope Bidco has agreed terms for a recommended final cash acquisition of Intertek (ITRK.L) at £61.077 per share, inclusive of the 107.7p FY25 final dividend already paid. Intertek’s board supports the scheme; shareholder meetings are scheduled for 6 August 2026, and completion is anticipated in Q4 2026 or Q1 2027, subject to conditions. The announcement also reports H1 2026 revenue growth of 6.1% at constant currency. The definitive agreement is already in place, so the near-term catalyst is the shareholder vote and subsequent closing conditions.
Featured in Issue #26 · Aug 2, 2026
Hongkong Land Holdings Limited HKLD.L (UK) · £7.41 · MCAP $17.4B · EV $20.5B
Fwd EV/EBITDA: 29.2x · Fwd EV/Sales: 13.6x · LTM EV/Sales: 15.4x · LTM EV/GP: 41.6x
Hongkong Land Holdings Limited, together with its subsidiaries, engages in the investment, development, and management of properties in Hong Kong, Macau, Mainland China, Southeast Asia, and internationally.
Hongkong Land Holdings Limited (HKLD.L) is acquiring Wheelock Place for S$1.1 billion (~$858M) in cash to serve as the inaugural deployment of its SCPREF fund. The asset is being purchased from an entity owned by Wharf Real Estate Investment Company Limited. The transaction is expected to close by end August 2026 and will increase SCPREF's AUM from S$8.2 billion (~$6.4B) to S$9.4 billion (~$7.3B). Hongkong Land will invest additional equity to maintain its majority stake in the fund. The acquisition validates the fund-management growth strategy and is expected to be immediately accretive to underlying earnings.
Featured in Issue #26 · Aug 2, 2026
Brave Bison Group PLC BBSN.L (UK) · GBp 88.50 · MCAP $134M · EV $131M
Fwd P/E: 11.4x · Fwd EV/EBITDA: 9.4x · Fwd EV/Sales: 2.0x · LTM EV/Sales: 1.8x · LTM EV/GP: 2.8x
Brave Bison Group plc provides digital advertising and technology services in the United Kingdom, Europe, and internationally. The company offers social media advertising, influencer marketing, search engine optimization, paid media services, and AI tools.
Brave Bison Group PLC (BBSN.L) launched a revised takeover offer for System1 Group PLC to acquire the shares it does not already own for 327 pence per share. The cash-and-share consideration is 135 pence in cash and 2.04 new Brave Bison shares per System1 share, a 65% premium to the undisturbed 198 pence price on 27 February 2026. Brave Bison holds approximately 28% of System1 and has consulted shareholders representing approximately 14%; together these figures represent approximately 42%, but the announcement does not say the consultations are acceptances. The offer requires valid acceptances taking Brave Bison above 50% of voting rights. Eligible holders may elect an alternative all-share offer of 3.36 new Brave Bison shares per System1 share. The offer remains subject to the formal Offer Document and other conditions.
Featured in Issue #26 · Aug 2, 2026
Hammerson plc HMSO.L (UK) · £3.82 · MCAP $2.7B · EV $4.5B
Fwd P/E: 16.8x · Fwd EV/EBITDA: 20.6x · Fwd EV/Sales: 12.4x · LTM EV/Sales: 10.9x · LTM EV/GP: 15.8x
Hammerson Plc is the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations across the UK, France and Ireland. We own, manage and invest in landmark city destinations integrating retail.
Hammerson plc (HMSO.L) acquired a 50% interest in Manchester Arndale from Palma Arndale BidCo Limited for £218 million (~$294M) on July 29, 2026. The purchase price represents a topped-up net initial yield of 7.8%. To part-fund the deal, Hammerson is raising approximately £190 million (~$256M) through a non-pre-emptive placing, retail offer, and director subscription of up to 10% of existing issued share capital. The transaction is expected to provide pro forma EPRA earnings accretion of more than 2% with minimal c.1% NTA dilution, increasing FY26 EPRA earnings guidance to c.£132 million. The accelerated bookbuild pricing and demand provide a near-term signal on the company's cost of equity and market appetite for UK retail property exposure.
Featured in Issue #26 · Aug 2, 2026
Tracsis plc TRCS.L (UK) · £3.42 · MCAP $138M · EV $108M
Fwd P/E: 12.4x · Fwd EV/EBITDA: 6.0x · Fwd EV/Sales: 1.0x · LTM EV/Sales: 0.9x · LTM EV/GP: 1.6x
Tracsis plc, together with its subsidiaries, engages in the provision of software, hardware, data analytics and geographic information systems, and services in the United Kingdom, Ireland, rest of Europe, Europe, North America, and internationally.
Tracsis plc (TRCS.L) agreed to acquire Mistral Data Limited from FirstGroup plc for an enterprise value of £48 million (~$65M) to accelerate its SaaS transition. The cash transaction targets a UK rail software provider with approximately £13m (~$18M) in revenue and £4m (~$5.4M) in adjusted EBITDA, with 85% of revenue recurring under long-term contracts. Tracsis will fund the purchase using existing cash and an extended £40 million (~$54M) revolving credit facility. Completion is expected by 31 October 2026, pending UK Competition and Markets Authority clearance. The asset is expected to be materially earnings-enhancing and margin-accretive upon closing.
Featured in Issue #26 · Aug 2, 2026
Capital Returns 16 situations
Springfield Properties plc SPR.L (UK) · £1.07 · MCAP $174M · EV $235M
Springfield Properties posted a circular seeking Independent Shareholder approval for a buyback of up to 5,957,372 Ordinary Shares, with flexibility to extend to the full 11,904,240 share authority granted at the 2025…
Featured in Issue #29 · Aug 23, 2026
abrdn European Logistics Income plc ASLI.L (UK) · GBp 19.26 · MCAP $108M · EV $150M
Board resolved to return approximately €31.7 million (~$37M) (c.£27.2 million) to shareholders under the B Share scheme.
Featured in Issue #29 · Aug 23, 2026
B HODL Plc HODL.AQ (UK)
B HODL Plc commenced the second tranche of its share buyback program on 21 August 2026 to increase Bitcoin exposure per share.
Featured in Issue #29 · Aug 23, 2026
Aberdeen New India Investment Trust PLC ANII.L (UK) · £7.26 · MCAP $428M
Aberdeen New India Investment Trust PLC (ANII.L) is currently out of the money for a conditional self-tender based on performance relative to the MSCI India Index.
Featured in Issue #29 · Aug 23, 2026
CVC Income & Growth Limited CVCE.L (UK) · €1.07 · MCAP $264M
CVC Income & Growth Limited announced results of its September 2026 semi-annual tender process.
Featured in Issue #28 · Aug 16, 2026
Residential Secure Income plc RESI.L (UK) · GBp 27.00 · MCAP $68M · EV $304M
Board resolved to return approximately £35.2 million (~$48M) via issue and redemption of B Shares, equivalent to 19 pence per Ordinary Share.
Featured in Issue #28 · Aug 16, 2026
Hargreave Hale AIM VCT PLC HHV.L (UK) · GBp 31.00 · MCAP $155M
Special dividend of 0.75 pence per Ordinary Share declared.
Featured in Issue #28 · Aug 16, 2026
Johnson Matthey Plc JMAT.L (UK) · GBp 2,196 · MCAP $4.7B · EV $5.9B
Johnson Matthey Plc: Special dividend of 476.5 pence per existing ordinary share approved with 99.97% support.
Featured in Issue #28 · Aug 16, 2026
Shoe Zone plc SHOE.L (UK) · GBp 74.00 · MCAP $46M · EV $82M
Shoe Zone intends to buy back ordinary shares up to a maximum aggregate consideration of approximately £3.47 million (~$4.7M).
Featured in Issue #28 · Aug 16, 2026
Redcentric plc RCN.L (UK) · GBp 110.00 · MCAP $237M · EV $294M
Redcentric (RCN) approved a share buyback programme of ordinary shares to deliver shareholder value.
Featured in Issue #28 · Aug 16, 2026
Aberdeen Asia Focus AAS.L (UK) · GBp 448.00 · MCAP $839M
Aberdeen Asia Focus PLC (AAS.L) will renew its performance-linked conditional tender mechanism after outperforming its benchmark by 29.4% over the previous five-year period ending 31 July 2026.
Featured in Issue #28 · Aug 16, 2026
HSBC Holdings PLC HSBA.L (UK) · GBp 1,528 · MCAP $354.8B
HSBC Holdings plc (HSBA) priced three U.S. dollar senior bond tranches to fund a tender offer of up to $5.0B.
Featured in Issue #28 · Aug 16, 2026
CT Healthcare Trust plc CTHT.L (UK) · £1.38 · MCAP $1.1B
CT Healthcare Trust PLC is a closed ended equity mutual fund launched by Bellevue Asset Management AG. The fund is managed by Bellevue Advisors Limited.
Tender offer for up to 15% of issued share capital (6,998,907 shares) at a price equal to NAV per share as at 1 September 2026 less capped expenses. Record date is 6:00 p.m. on 7 August 2026; tender opens 7 August 2026. J.P. Morgan Cazenove is acting as principal, with a matching facility for incoming investors.
Featured in Issue #27 · Aug 9, 2026
Devolver Digital, Inc. DEVO.L (UK) · GBp 7 · MCAP $44M
Fwd P/E: 4.9x
Devolver Digital, Inc. develops and publishes digital video games for PC, console, and mobile platforms in Europe, North America, the Asia Pacific, Latin America, the United Kingdom, the Middle East, and North Africa.
Devolver Digital proposes to cancel its AIM listing and conduct a self-tender for up to $5.0 million at 16 pence per share. The tender offer is for up to 23,320,896 shares, representing approximately 4.71% of issued share capital. A second tender offer of up to an additional $5 million is approved for within 12 months post-cancellation, priced on an independent valuation.
Featured in Issue #27 · Aug 9, 2026
YouGov plc YOU.L (UK) · £2.78 · MCAP $439M · EV $678M
Fwd P/E: 10.2x · Fwd EV/EBITDA: 6.1x · Fwd EV/Sales: 1.3x · LTM EV/Sales: 1.3x · LTM EV/GP: 1.6x
YouGov plc provides online market research services in the United Kingdom, the Americas, the Middle East, Mainland Europe, India, and the Asia Pacific.
YouGov intends to commence a discretionary share buyback program after exiting the closed period following its fiscal 2026 results announcement in October. The buyback will replace the company’s fiscal 2026 annual dividend. The Board stated it believes there is a dislocation between the group’s intrinsic value and market value. YouGov extended its term loan and revolving credit facility with a new final maturity date of April 2028, replacing a full repayment originally due by September 2027.
Featured in Issue #27 · Aug 9, 2026
Schroder UK Mid Cap Fund plc SCP.L (UK) · £7.80 · MCAP $346M
Schroder UK Mid Cap Fund plc is a closed-ended equity mutual fund launched and managed by Schroder Unit Trusts Ltd. The fund is co-managed by Schroder Investment Management Limited.
Tender Price set at 747.7017 pence per share, calculated as realised Tender Pool value net of costs divided by 11,445,798 tendered shares. Tender Price is stated ex the 6.5p interim dividend declared 29 June 2026, payable 7 August 2026 to shareholders on register 10 July 2026. Investec Bank plc will acquire the tendered shares as principal on or around 10 August 2026, with the Company immediately repurchasing them into treasury. Tender consideration payments expected to be despatched to shareholders on 19 August 2026.
Featured in Issue #27 · Aug 9, 2026
Activist Campaigns 11 situations
abrdn European Logistics Income plc ASLI.L (UK) · GBp 19.26 · MCAP $108M · EV $150M
DL Invest Group S.A. is pressuring abrdn European Logistics Income plc (ASLI.L) to accelerate its managed wind-down and return capital to shareholders.
Featured in Issue #29 · Aug 23, 2026
The Works WRKS.L (UK) · GBp 87.80 · MCAP $75M · EV $182M
The investor is demanding its own nominee on the board and has pushed the company for greater transparency.
Featured in Issue #29 · Aug 23, 2026
Fiinu Plc BANK.L (UK) · GBp 4 · MCAP $22M
Granicus Holdings OÜ, wholly owned by Karol Oleksa and the Oleksa family, holds 42,800,000 Ordinary Shares, approximately 10.7% of issued Ordinary Shares as at 14 August 2026.
Featured in Issue #29 · Aug 23, 2026
The Works WRKS.L (UK) · GBp 85.00 · MCAP $72M · EV $178M
Kelso Group is pushing for the appointment of former PE executive Graeme Coulthard to the board of TheWorks.co.uk plc (WRKS.L).
Featured in Issue #28 · Aug 16, 2026
Marston's PLC MARS.L (UK) · GBp 53.00 · MCAP $452M · EV $2.2B
Bradley L. Radoff and affiliates are demanding immediate share buybacks from Marston's PLC (MARS.L) to address a persistent discount to NAV of over 50%.
Featured in Issue #28 · Aug 16, 2026
Union Jack Oil plc UJO (UK) · $0.03 · MCAP $7M · EV $5M
The requisition was made by Craig Howie and John Americanos.
Featured in Issue #28 · Aug 16, 2026
Unite Group UTG.L (UK) · £5.33 · MCAP $3.7B · EV $6.4B
Fwd P/E: 12.7x · Fwd EV/EBITDA: 15.9x · Fwd EV/Sales: 14.1x · LTM EV/Sales: 11.6x · LTM EV/GP: 16.5x
Unite Group PLC is the UK's largest owner, manager and developer of purpose-built student accommodation (PBSA) serving the country's world-leading higher education sector.
Saba Capital took a stake in Unite Group (UTG.L) to become the company's fourth largest shareholder. As of July 31, Saba held 5.04% of voting rights through financial instruments and 0.084% through shares, totaling nearly 26.4 million voting rights. The disclosure follows Saba's activist campaign at Workspace Group, where the firm pushed for board changes. This entry occurs as Unite Group weighs the sale of lower-yielding assets. The stake disclosure suggests Saba may seek operational or strategic changes, with the ongoing asset-sale review providing a potential focal point.
Featured in Issue #27 · Aug 9, 2026
Gore Street Energy Storage Fund plc GSF.L (UK) · GBp 47.50 · MCAP $324M
Gore Street Energy Storage Fund Plc is an infrastructure investment fund.
Saba Capital Management, L.P. submitted a requisition notice on July 30, 2026. The Board will include the requisitioned resolutions at the AGM scheduled for September 16, 2026. The resolutions propose the Company not continue as an investment company and, if passed, require directors to propose winding up, liquidation, reorganization, or unitization within three months. The Board believes its March 17, 2026 strategy with KPIs remains in the best interests of shareholders.
Featured in Issue #27 · Aug 9, 2026
Fiinu plc BANK.L (UK) · GBp 3.65 · MCAP $20M
Fwd EV/Sales: 7.8x
Fiinu Plc, a fintech company, engages in the development of software.
Granicus Holdings OÜ is seeking to remove director Marko Petteri Sjoblom from Fiinu plc (BANK.L). The buyer delivered a requisition notice under section 303 of the Companies Act 2006 proposing an ordinary resolution for the removal and an advisory resolution for independent directors to review executive leadership and governance. Fiinu is currently reviewing the legal validity of the requisition. A formal board-seat challenge under UK company law forces a shareholder vote on director removal, creating a near-term governance catalyst.
Featured in Issue #26 · Aug 2, 2026
Gresham House Energy Storage GRID.L (UK)
Fwd EV/EBITDA: 9.4x · Fwd EV/Sales: 6.2x · LTM EV/Sales: 16.7x · LTM EV/GP: 16.7x
Gresham House Energy Storage is the largest owner of battery storage assets in the UK, operating as a £533m listed investment fund.
MIGO Opportunities Trust and Primestone Capital are aligned in demanding that Gresham House Energy Storage (GRID.L) launch a formal sales process. Primestone Capital previously issued an open letter calling for the process to begin later this year, a move now publicly backed by MIGO fund managers in their Q2 report. Primestone holds a 7% interest and Asset Value Investors funds, including MIGO, own approximately 3% of the company. Two activist shareholders holding a combined ~10% are now publicly aligned, raising pressure for a formal process as the board is aware of their views.
Featured in Issue #26 · Aug 2, 2026
Union Jack Oil plc UJO.L (UK) · GBp 3.65 · MCAP $7M · EV $5M
Fwd P/E: NM · Fwd EV/EBITDA: 38.9x · Fwd EV/Sales: 1.0x · LTM EV/Sales: 1.4x · LTM EV/GP: 2.7x
Union Jack Oil plc operates as an onshore oil and gas company in the United Kingdom and the United States. The company focuses on production, drilling, development, and investment in hydrocarbon production projects.
A shareholder bloc holding 14.09% of voting rights is attempting to replace the board of Union Jack Oil plc (UJO.L) via a requisitioned general meeting. The board unanimously recommends voting against all resolutions, describing the move as opportunistic and value-destructive. The requisition followed an all-share offer for the company from Reabold Resources plc by six days. Both the requisitioned general meeting and the reconvened annual general meeting are scheduled for 24 August 2026. The vote is the decisive event to determine if the board is replaced during the active takeover offer, which the board argues would deny shareholders a control premium.
Featured in Issue #26 · Aug 2, 2026
Going-Private 9 situations
Pinewood Technologies Group PINE.L (UK) · £4.46 · MCAP $700M · EV $655M
Ridgeview Partners is taking Pinewood Technologies Group (PINE.L) private in an all-cash deal valued at £545M (~$744M).
Featured in Issue #29 · Aug 23, 2026
JTC plc JTC.L (UK) · £13.39 · MCAP $3.1B
Papilio Bidco Limited is taking JTC plc (JTC.L) private via a cash scheme of arrangement following court sanction on 19 August 2026.
Featured in Issue #29 · Aug 23, 2026
Intertek Group plc ITRK.L (UK) · £58.45 · MCAP $12.2B · EV $14.3B
Intertek Group plc (ITRK.L) has agreed to be taken private in a cash transaction valuing the company at $14.6 billion.
Featured in Issue #29 · Aug 23, 2026
Time Finance plc TIME.L (UK) · GBp 57.50 · MCAP $72M
Bentley Park (UK) Limited, parent of Ultimate Finance Group, agreed to acquire Time Finance plc for 59.1 pence per share in cash.
Featured in Issue #29 · Aug 23, 2026
easyJet Plc EZJ.L (UK) · £6.71 · MCAP $6.8B · EV $6.2B
The easyJet board unanimously recommended the deal, ending a months-long bidding contest.
Featured in Issue #29 · Aug 23, 2026
Irish Continental Group ICGC.L (UK) · £6.85 · MCAP $1.4B · EV $1.7B
Major shareholders oppose the EUR1.2 billion management buyout of Irish Continental Group (LSE: ICGC) as undervaluing the company.
Featured in Issue #28 · Aug 16, 2026
easyJet plc EZJ.L (UK) · GBp 671.00 · MCAP $6.8B · EV $6.2B
Apollo Global Management agreed on August 6, 2026 to take easyJet plc (EZJ.L) private in a recommended offer valued at approximately £5.7 billion.
Featured in Issue #28 · Aug 16, 2026
easyJet EZJ.L (UK) · £6.71 · MCAP $6.8B · EV $6.2B
Fwd P/E: 21.8x · Fwd EV/EBITDA: 3.9x · Fwd EV/Sales: 0.4x · LTM EV/Sales: 0.4x · LTM EV/GP: 1.3x
easyJet plc operates as a low-cost airline carrier in Europe. The company engages in the development of building projects; financing and insurance business; and tour operator activities, as well as provides holiday packages.
Apollo Global submitted a firm cash offer for easyJet at £7.15 per share, valuing the airline at approximately £5.7 billion (~$7.7B). Castlelake withdrew its competing bid under Rule 2.8 of the Takeover Code, having previously secured board support at £6.90 per share. easyJet founder Sir Stelios Haji-Ioannou and his family, holding 15.31%, intend to exchange their shares for unlisted shares in Apollo's new parent company rather than take cash. The transaction will be implemented via a court-approved scheme of arrangement, with a shareholder vote date to be set in a scheme document expected by early September.
Featured in Issue #27 · Aug 9, 2026
Mitie Group plc MTO.L (UK) · £2.06 · MCAP $3.5B · EV $4.2B
Fwd P/E: 14.4x · Fwd EV/EBITDA: 7.7x · Fwd EV/Sales: 0.5x · LTM EV/Sales: 0.5x · LTM EV/GP: 4.7x
Mitie Group plc, together with its subsidiaries, provides facilities management and professional services in the United Kingdom and internationally.
OCS Group made a recommended cash offer of 218.5p per Mitie share plus a final dividend of up to 3.1p, giving total consideration of up to 221.6p per share. The 218.5p cash component represents a 44.7% premium to Monday's closing price of 151p; including the dividend, the premium is 46.8%. The deal values Mitie at approximately £3.1bn (~$4.2B) and is structured as a Scottish court-sanctioned scheme of arrangement, expected to complete in Q1 2027. OCS secured irrevocable acceptances from Mitie board members covering 1.2% of shares. Oasis Management committed a further 9.9% via swaps.
Featured in Issue #27 · Aug 9, 2026
Divestitures 6 situations
BATM Advanced Communications Limited BVC (UK) · 11.85p · MCAP $55.0M
BATM Advanced Communications (BVC) scheduled a shareholder meeting for 24 September 2026 to approve the divestiture of seven corporate entities and the sale of 96,794,500 shares held by Sunstring Ltd. The divested…
Featured in Issue #29 · Aug 23, 2026
Nostrum Oil & Gas PLC NOG.L (UK) · GBp 4 · MCAP $9M
Nostrum Oil & Gas PLC (NOG.L) entered into an agreement to sell its interests in Zhaikmunai LLP and POSITIV Invest LLP to Altaris Holding Ltd. for U.S.$304,600,000 in cash.
Featured in Issue #29 · Aug 23, 2026
Jubilee Metals Group PLC JLP.L (UK) · GBp 3.00 · MCAP $118M · EV $106M
Jubilee Metals Group PLC (JLP) is concluding its acquisition of the Large Waste Project as the seller elected to receive the final US$5 million settlement consideration in 150,489,090 new ordinary shares.
Featured in Issue #28 · Aug 16, 2026
BP plc BP.L (UK) · GBp 708.00 · MCAP $109.4B · EV $163.9B
BP agreed to sell a 20% stake in the block containing the Trinidad portion of the Cocuina-Manakin natural gas field to Trinidad's state-owned National Gas Company.
Featured in Issue #28 · Aug 16, 2026
Whitbread plc WTB.L (UK) · £25.17 · MCAP $5.7B · EV $12.7B
Fwd P/E: 14.4x · Fwd EV/EBITDA: 9.1x · Fwd EV/Sales: 3.2x · LTM EV/Sales: 3.2x · LTM EV/GP: 7.3x
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.
Whitbread is closing all 105 Beefeater and 89 Brewers Fayre sites. The closures are part of a restructuring to convert Whitbread into a pure-play hotel business focused on Premier Inn. Loyalty schemes (Beefeater Reward Club, Bonus Club, Tasty Rewards) close August 31; unredeemed points expire September 1. Whitbread plans to sell around £1.5 billion (~$2.0B) worth of freehold property to support hotel expansion.
Featured in Issue #27 · Aug 9, 2026
FIH group plc FIH.L (UK) · £1.45 · MCAP $24M · EV $35M
Fwd P/E: 6.2x · Fwd EV/EBITDA: 6.4x · Fwd EV/Sales: 0.4x · LTM EV/Sales: 0.6x · LTM EV/GP: 1.6x
FIH group plc, through its subsidiaries, provides retailing, property, automotive, insurance, tourism shipping, and fishing agency services in the Falkland Islands and the United Kingdom.
FIH group plc (FIH.L) is selling Momart International Limited to Compagnie Générale du Roumois SAS for £7.6 million (~$10M) in cash. The disposal is conditional on shareholder approval at a general meeting on 28 August 2026, with completion targeted for 30 September 2026. Momart reported an underlying loss before tax of £1.4 million (~$1.9M) for the year ending 31 March 2026 and held net assets of £2.1 million (~$2.8M). Net proceeds are expected to be used primarily for a return to shareholders and retention within the remaining Falkland Islands business. The sale constitutes a fundamental change of business under AIM Rule 15, creating a near-term catalyst around the upcoming vote and completion.
Featured in Issue #27 · Aug 9, 2026
Strategic Reviews 5 situations
Sabien Technology Group plc SNT.L (UK) · GBp 3.75 · MCAP $2M · EV $2M
Sabien Technology Group plc (SNT.L) cancelled its proposed Strategic Investment and Financing Framework announced on 21 May 2026.
Featured in Issue #29 · Aug 23, 2026
YouGov plc YOU.L (UK) · £2.78 · MCAP $439M · EV $678M
Fwd P/E: 10.2x · Fwd EV/EBITDA: 6.1x · Fwd EV/Sales: 1.3x · LTM EV/Sales: 1.3x · LTM EV/GP: 1.6x
YouGov plc provides online market research services in the United Kingdom, the Americas, the Middle East, Mainland Europe, India, and the Asia Pacific.
YouGov extended its term loan and RCF maturity to April 2028, with a €20M (~$23M) instalment due October 2027 replacing the full September 2027 repayment. The banking facility extension provides flexibility as the Company conducts the strategic review of the Shopper business. The Board intends to commence a discretionary share buyback programme after FY26 results in October, in lieu of the FY26 annual dividend. Wayne Levings appointed as CEO Elect from 1 November 2026, assuming the CEO role by 1 February 2027. Stephan Shakespeare steps down as CEO and remains as Non-Executive Director.
Featured in Issue #27 · Aug 9, 2026
Alien Metals Limited UFO.L (UK) · GBp 0.08 · MCAP $13M · EV $7M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 3.9x · LTM EV/Sales: NM
Alien Metals Limited, together with its subsidiaries, engages in the acquisition and development of mineral resource properties. The company explores for iron ore, silver, lithium, nickel, copper, and platinum group metal deposits.
Alien Metals announced a review of strategic alternatives for its Pilbara iron ore portfolio, including potential joint ventures, partnerships, and divestment opportunities. The review follows a recent independent assessment confirming iron mineralisation at the Vivash and Brockman projects. The company completed the acquisition of 100% of the Georgina Basin IOCG Project on 16 July 2026, valued by SRK Consulting at a preferred A$2.7 million (~$1.9M) (~£1.4 million). Alien holds listed investments in GreenTech Metals (valued at ~A$2.3 million) and West Coast Silver (valued at ~A$3.0 million), which the board considers the least preferred funding option.
Featured in Issue #27 · Aug 9, 2026
Headlam Group plc HEAD.L (UK) · GBp 6.98 · MCAP $8M
Fwd EV/EBITDA: 41.3x · Fwd EV/Sales: 0.2x · LTM EV/Sales: 0.2x · LTM EV/GP: 0.7x
Headlam Group plc, together with its subsidiaries, engages in the sale, marketing, supply, and distribution of floorcovering and other ancillary products in the United Kingdom and Continental Europe. The company offers its products to independent and multiple retailers.
Headlam Group plc (HEAD.L) is narrowing its strategic review options by abandoning a planned sale and leaseback of its Coleshill HQ. The company has received refinancing offers that would provide additional liquidity, though it notes there is no certainty these options will be implemented. Trading remains challenging, despite July 2026 revenue to date being approximately 3.5% ahead of June 2026. The outcome of refinancing talks is the primary binary for the equity as liquidity issues continue to impair effective trading.
Featured in Issue #26 · Aug 2, 2026
Drax Group DRX.L (UK) · £7.38 · MCAP $3.3B · EV $4.7B
Fwd P/E: 10.6x · Fwd EV/EBITDA: 5.8x · Fwd EV/Sales: 0.7x · LTM EV/Sales: 0.7x · LTM EV/GP: 2.8x
Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. The company operates through four segments: Pellet Production, Biomass Generation, Flexible Generation, and Energy Solutions.
Drax Group (DRX.L) is conducting a strategic review of its Canadian pellet operations following the closure of the Williams Lake pellet plant. Pellet output decreased to 1.9 million metric tons from 2.1 million metric tons, and adjusted EBITDA for the Pellet Production segment fell 14% to £64 million (~$86M) in H1 2026. The review is driven by lower margins and limited fibre availability in Canada. The outcome of the review will determine if the company exits or restructures this challenged segment.
Featured in Issue #26 · Aug 2, 2026
Deal Terminations 4 situations
GRIT Investment Trust plc GRIT.L (UK)
Global Resources Investment Trust Plc (GRIT.L) terminated its proposed reverse takeover of Planet Scan AG, removing the acquisition catalyst.
Featured in Issue #28 · Aug 16, 2026
Serica Energy plc SQZ.L (UK) · GBp 248.00 · MCAP $1.3B · EV $1.3B
Serica Energy (SQZ.L) terminated its competing bid for Pharos Energy plc on 13 August 2026, removing itself as a bidder.
Featured in Issue #28 · Aug 16, 2026
Capricorn Energy PLC CNE.L (UK) · GBp 344.00 · MCAP $320M · EV $233M
Samos Energy Limited has terminated its potential bid for Capricorn Energy PLC (CNE.L), removing the possible-offer overhang.
Featured in Issue #28 · Aug 16, 2026
Capricorn Energy plc CNE.L (UK) · GBp 344.00 · MCAP $320M · EV $233M
Alamadiyaf al-Masiyyah For Trading Company Limited (AMFT) said it does not intend to make an offer for Capricorn Energy plc (CNE.L).
Featured in Issue #28 · Aug 16, 2026
Busted M&A 3 situations
Rockpool Acquisitions Plc ROC.L (UK)
Rockpool Acquisitions Plc (ROC.L) faces medium-term financial viability risks after funding talks for European Lingerie Group AB collapsed on 18 August 2026.
Featured in Issue #29 · Aug 23, 2026
Harworth Group plc HWG.L (UK) · £1.81 · MCAP $794M · EV $993M
Fwd P/E: 10.6x · Fwd EV/EBITDA: 9.8x · Fwd EV/Sales: 4.6x · LTM EV/Sales: 5.7x · LTM EV/GP: 58.6x
Harworth Group plc operates as a regeneration, strategic land, and development businesses.
Harworth Group plc (HWG) rejected an unsolicited takeover offer from Peel to prevent the company from being undervalued. The offer was for 172.5p per share, valuing the company at £583m (~$787M).
Featured in Issue #27 · Aug 9, 2026
easyJet plc EZJ.L (UK) · £6.71 · MCAP $6.8B · EV $6.2B
Fwd P/E: 21.8x · Fwd EV/EBITDA: 3.9x · Fwd EV/Sales: 0.4x · LTM EV/Sales: 0.4x · LTM EV/GP: 1.3x
easyJet plc operates as a low-cost airline carrier in Europe. The company engages in the development of building projects; financing and insurance business; and tour operator activities, as well as provides holiday packages.
Castlelake is now bound by Rule 2.8 restrictions, barring a fresh approach for six months unless a competing bidder emerges or easyJet's board consents. The statement carves out Apollo as a named third party whose firm offer announcement would release Castlelake from the standstill.
Featured in Issue #27 · Aug 9, 2026
Insolvency 2 situations
Trellus Health PLC TRLS.L (UK)
Trellus Health PLC (TRLS.L) has filed a notice of intention to appoint administrators after determining it has insufficient funds to continue trading as a going concern.
Featured in Issue #29 · Aug 23, 2026
Pulsar Group Plc PULS.L (UK) · GBp 28 · MCAP $51M · EV $62M
HMRC has filed a winding-up petition against AIM-listed Pulsar Group Plc. A separate winding-up petition names ResponseSource, acquired by Pulsar in 2018.
Featured in Issue #29 · Aug 23, 2026
Rights Offerings 2 situations
Shaires Holdings Ltd SHR.L (UK) · £24.50
The Retail Offer is expected to close at 4.30 pm on 18 August 2026, with results expected on or around 19 August 2026.
Featured in Issue #28 · Aug 16, 2026
Tritax Big Box REIT plc BBOX.L (UK) · £1.66 · MCAP $6.1B · EV $9.5B
Fwd P/E: 18.0x · Fwd EV/EBITDA: 21.1x · Fwd EV/Sales: 18.6x · LTM EV/Sales: 19.8x · LTM EV/GP: 21.3x
Tritax Big Box REIT plc is the largest listed investor in high-quality logistics warehouse assets and controls the largest logistics-focused land platform in the UK.
Tritax Big Box REIT plc is issuing New Ordinary Shares to raise gross proceeds of approximately £350 million (~$472M). A circular and notice of General Meeting were published on 6 August 2026. The General Meeting to approve the issuance is scheduled for 10:00 a.m. on 24 August 2026. Voting record time is 6:30 p.m. on 20 August 2026, with proxy forms due by 10:00 a.m. that same day.
Featured in Issue #27 · Aug 9, 2026
SPACs 2 situations
Ashington Innovation plc ASHI.L (UK) · GBp 0.75
Ashington Innovation PLC (ASHI.L) entered into non-binding, conditional, exclusive Heads of Terms to acquire World Metal Group Pte.
Featured in Issue #28 · Aug 16, 2026
newcleo Ltd. NWCL (UK)
European nuclear-technology company developing small modular lead-cooled fast reactors designed to run on mixed-oxide fuel, including recycled nuclear material, with operations across France, Italy, the UK and other European countries.
newcleo submitted a Regulatory Engagement Plan to the U.S. NRC for its planned MOX fuel manufacturing facility in the United States. The REP sets out the proposed framework for pre-application engagement with the NRC, identifying regulatory and technical topics ahead of a formal license application. newcleo previously entered into a definitive business combination agreement with NewHold Investment Corp. III (SPAC), with the combined company expected to list on Nasdaq under ticker 'NWCL' in H2 2026. The French nuclear safety authority ASNR earlier issued a positive opinion on the Safety Approach for newcleo's planned MOX fuel facility in France.
Featured in Issue #27 · Aug 9, 2026
Liquidations 1 situation
Digital 9 Infrastructure plc DGI9.L (UK) · GBp 4.50 · MCAP $33M
Digital 9 Infrastructure plc (DGI9.L) returned £30 million (~$41M) to shareholders via a compulsory pro-rata redemption as part of its managed wind-down.
Featured in Issue #29 · Aug 23, 2026
Tender Offers 1 situation
Genel Energy plc GENL.L (UK)
Genel Energy PLC (GENEL) disclosed the opening positions of parties acting in concert with the company in its role as offeree.
Featured in Issue #28 · Aug 16, 2026
Delistings 1 situation
Fandango Holdings PLC FHP.L (UK)
Fandango Holdings Plc (FHP.L) intends to cancel its London Stock Exchange Main Market listing and transfer to AIM in early November 2026.
Featured in Issue #28 · Aug 16, 2026
Restructuring 1 situation
Aston Martin Lagonda Global Holdings plc AML.L (UK) · GBp 35.20 · MCAP $482M
Aston Martin Lagonda Global Holdings plc engages in the design, development, manufacture, and marketing of sports cars and sports utility vehicles(SUVs) in the United Kingdom, the United States, the Middle East, Africa, rest of Europe, and the Asia Pacific.
A group of existing creditors owed £1.3 billion (~$1.8B) sent a 'letter before action' to Aston Martin's board, threatening legal action. The creditors seek to unwind the £550 million (~$742M) HPS debt financing package secured in July and block the disposal of certain IP assets. Aston Martin has refused to share details of the HPS deal with the existing creditors, leaving them 'in the dark' about the agreement.
Featured in Issue #27 · Aug 9, 2026
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