Author: Fiona Craig

Brave Bison (LSE:BBSN) has launched a formal cash offer to acquire the System1 Group (LSE:SYS1) shares it does not already own, offering 360 pence per share.

The offer follows earlier approaches to System1 and represents Brave Bison’s fourth and increased proposal for the company.

Brave Bison currently owns 3,534,010 System1 shares, representing 27.85% of its issued share capital. The offer therefore relates to approximately 72% of System1’s shares that Brave Bison does not already hold.

Brave Bison Reports 39.19% Ownership and Indicated Support

As of 24 September 2026, Brave Bison had also received letters of intent relating to a further 11.34% of System1’s issued share capital.

Combined with Brave Bison’s existing 27.85% holding, the shares owned by the company and those covered by letters of intent represent 39.19% of System1’s issued share capital.

However, Brave Bison said it had not received any valid acceptances of the formal offer as of that date. Letters of intent do not constitute formal acceptances of the takeover offer.

The company has asked System1 shareholders who wish to accept the proposal to do so by 26 October 2026.

Offer Follows Earlier Approaches

The 360p-per-share proposal follows a series of approaches by Brave Bison to acquire System1.

Brave Bison is seeking to add System1’s marketing and advertising effectiveness operations to its existing digital media and marketing activities.

Completion of the acquisition remains dependent on the takeover process and the level of shareholder acceptances received.

About Brave Bison and System1 Group

Brave Bison Group PLC is a UK-based digital media and marketing company whose activities include the creation, distribution and monetisation of digital content. The group has also expanded through acquisitions in marketing and related services.

System1 Group PLC is a London-listed marketing and advertising effectiveness consultancy providing services based on consumer behaviour and creative performance analysis.

Genel Energy (LSE:GENL) has agreed revised terms for its proposed acquisition of Capricorn Energy (LSE:CNE), increasing the total consideration to US$5.74 per Capricorn share.

The revised all-cash proposal comprises an increased cash offer together with a planned special dividend and values Capricorn at approximately US$436 million.

The consideration is denominated in US dollars, which the companies said reflects the underlying currency of Capricorn’s business.

Capricorn Board Switches Recommendation From DNO Offer

The revised Genel proposal is approximately 10% higher than the competing offer from DNO.

Following the increase, Capricorn’s board withdrew its recommendation for the DNO proposal and said it now intends to recommend the revised Genel transaction to shareholders.

Capricorn’s directors, who have been advised by Canaccord Genuity, consider the revised Genel terms to be fair and reasonable.

Capricorn also intends to adjourn the shareholder meetings that had been convened in connection with the proposed DNO transaction.

Genel Secures Irrevocable Undertakings

Genel has received irrevocable undertakings covering more than 39% of Capricorn’s issued shares in support of its proposed transaction.

The commitments include restrictions on supporting alternative offers unless specified conditions relating to a higher competing proposal are satisfied.

The original Genel proposal had also received shareholder support before the terms were revised.

Egyptian Regulatory Approval Process Continues

Egyptian competition approval for the Genel transaction has already been obtained, with one further Egyptian regulatory condition remaining outstanding.

Genel and Capricorn continue to expect the acquisition, which is being pursued through a court-sanctioned scheme of arrangement, to complete during the fourth quarter of 2026, subject to the remaining conditions.

Genel Energy No.9 Limited, an indirectly owned vehicle of Genel Energy, is the entity pursuing the acquisition.

About Capricorn Energy and Genel Energy

Capricorn Energy plc is an oil and gas exploration and production company with operations and assets primarily denominated in US dollars. Its portfolio includes interests in Egypt.

Genel Energy plc is an upstream oil and gas company. Through Genel Energy No.9 Limited, the group is seeking to acquire Capricorn under the proposed scheme of arrangement.

Ferrexpo (LSE:FXPO) reported a 57% year-on-year decline in revenue to $196 million for the first half of 2026, as production was affected by damage to Ukraine’s power infrastructure and the continued suspension of VAT refunds.

Commercial production fell 54% from the corresponding period a year earlier to 1.6 million tonnes, with the group reducing operations to a single pelletising line.

Underlying EBITDA was slightly negative for the period. Ferrexpo also reported higher energy and logistics costs, while its VAT receivable from the Ukrainian authorities stood at $82.7 million.

Ferrexpo Completes $100 Million Equity Raise

Ferrexpo sold its Iron Destiny transhipping vessel for $7.7 million during the period. The company described the vessel as ageing.

In early September, the group also completed a $100 million equity raise. Ferrexpo said the additional funding enabled it to finalise its going-concern assessment and supported the relisting of its shares in London.

The company said the proceeds provide additional liquidity for its ongoing operations.

Operations Remain Affected by War and Infrastructure Constraints

Ferrexpo said its operations continue to face challenges associated with the war in Ukraine, including energy and logistics constraints, as well as the suspension of VAT refunds.

Management also reported continued safety performance during the period.

Ferrexpo produces iron ore pellets and high-grade concentrate for international steel customers, including products intended for direct reduction applications.

About Ferrexpo

Ferrexpo plc is a London-listed iron ore producer with mining and processing operations in Ukraine.

The company produces and exports iron ore pellets and high-grade concentrate for the global steel industry, including higher-grade products used in steelmaking and direct reduction processes.

Helix Exploration PLC (LSE:HEX) has extended its spot helium sales arrangement with an industrial gases customer, covering all available volumes from its Rudyard project in Montana through March 2027 once production resumes.

The agreement follows initial tube trailer sales completed during the start-up phase at Rudyard and extends the period over which helium produced at the project will be supplied to the customer.

The identity of the customer and the commercial terms of the arrangement, including pricing, have not been disclosed.

Helix Reports Pricing Above Pre-IPO Assumptions

Helix said the prices agreed under the extended arrangement are significantly above the assumptions used in its pre-IPO financial model.

The company is pursuing a strategy of establishing multiple routes to market for its helium production. The sales arrangement includes continuous tube trailer rotation to transport available volumes from Rudyard.

Helix is also carrying out an expansion programme at the project, including plans for additional production and processing capacity.

About Helix Exploration

Helix Exploration PLC is a US-focused helium company with operations spanning helium production and liquefaction.

Its Rudyard project is located in Montana and began output in February 2026. The company also owns the Keyes Helium Complex in Oklahoma, which includes helium liquefaction facilities.

Helix’s operations include helium resources, an owned drilling rig and liquefaction capacity. Its development plans include additional wells and processing capacity at Rudyard, alongside potential third-party processing and liquefaction activities.

Safestay (LSE:SSTY) reported revenue from continuing operations of £8.4 million for the first half of 2026, down 10.6% from the corresponding period a year earlier.

Adjusted EBITDA declined to £0.6 million, while the hostel operator recorded a post-tax loss of £1.9 million.

The company reported lower occupancy and reduced group bookings during the period, against what it described as a challenging consumer and tourism environment.

Cash holdings increased 70% to £4.6 million, supported by proceeds from the sale of Safestay’s Glasgow property. The group also reduced debt following the disposal.

Average Bed Rate Rises as Occupancy Declines

Safestay increased its Average Bed Rate by 8.3% during the period as part of its pricing strategy. However, revenue per available bed declined as occupancy decreased.

The company also cited cost pressures relating to VAT, business rates and wages.

As part of changes to its portfolio, Safestay closed its loss-making Berlin Kurfürstendamm location and agreed the sale of its London Kensington Holland Park hostel.

The group is also implementing guest-experience initiatives and making smaller additions to capacity at parts of its existing portfolio.

Safestay Pursues Asset-Light Strategy

Safestay said it is continuing to move towards an asset-light operating model across Europe, with franchise and leasehold arrangements forming part of its expansion strategy.

The company is considering additional property disposals and sale-and-leaseback transactions as part of this approach.

Safestay has also entered a marketing partnership with Indian hostel network Zostel. According to the company, the partnership creates a combined network of more than 8,000 beds across the UK, continental Europe and India.

About Safestay

Safestay plc is a hostel operator with a portfolio of 20 hostels and one hotel across the UK and continental Europe.

Its accommodation includes private and shared rooms, while its portfolio spans markets including Spain, Portugal, Italy, Greece, Poland, Austria, Belgium, Czechia, Slovakia and the UK.

The company is pursuing an asset-light expansion strategy incorporating franchises, leaseholds and partnerships.

Thalia Therapeutics (LSE:THAT) has completed the initial chemistry synthesis of THAT-002, its bispecific siRNA gene-silencing programme targeting PCSK9 and lipoprotein(a).

The programme is being developed with WuXi AppTec and forms part of Thalia’s RNA therapeutics pipeline for cardiovascular disease.

Thalia said the synthesis work was completed on time and within budget.

In Vitro Studies to Begin

Completion of the synthesis stage allows Thalia to begin in vitro studies of THAT-002. The company also plans to start in vivo work later in the fourth quarter.

Data generated from these studies are expected to inform subsequent preclinical development and potential IND-enabling studies.

THAT-002 is being developed to simultaneously target PCSK9 and lipoprotein(a), or Lp(a), using a single bispecific siRNA therapy. Thalia is investigating the approach as a potential treatment targeting factors associated with cardiovascular disease risk.

Further development of the programme remains dependent on the results of preclinical studies and subsequent development stages.

About Thalia Therapeutics

Thalia Therapeutics plc is a biotechnology company developing RNA-based therapeutics and delivery technologies for oncology and cardiovascular disease.

Its pipeline includes miRisten (THAT-001) for Acute Myeloid Leukaemia, THAT-002 for atherosclerotic cardiovascular disease and the Nuvec delivery platform (THAT-003).

The company’s development approach focuses on RNA technologies designed to silence or modify therapeutic gene targets.

Upland Resources Limited (LSE:UPL) has published its interim financial results for the six months ended 30 June 2026.

The interim report has been made available on the company’s website and provides an update covering the group’s financial and operational position during the first half of the year.

The publication forms part of Upland’s disclosure requirements under UK Market Abuse Regulation.

Upland Continues Oil and Gas Activities

Upland is pursuing oil and gas exploration and development opportunities, with activities focused on Southeast Asia and the United States.

The company said its strategy involves identifying energy assets with resource potential and participating in upstream projects through investments and partnerships.

No securities are being offered in connection with the publication of the interim financial results.

About Upland Resources

Upland Resources Limited is an oil and gas company with shares traded on the LSE and OTCQB markets.

The company pursues exploration and development opportunities across Southeast Asia and the United States, with its activities including investments, partnerships and participation in upstream oil and gas projects.

Schroders Capital Global Innovation Trust plc (LSE:INOV) has completed its tender offer after shareholders tendered more shares than were available for repurchase.

The company said a total of 457,274,764 ordinary shares were tendered under the offer, with 124,276,792 shares ultimately repurchased.

Following completion of the tender offer, Schroders Capital Global Innovation Trust has 511,085,133 ordinary shares in issue.

Excess Tenders Scaled Back

The trust said shareholders’ basic entitlements under the tender offer were satisfied in full.

As the number of shares submitted exceeded the amount available for repurchase, tenders above shareholders’ basic entitlements were scaled back.

Completion of the transaction has also changed the company’s total voting rights. Shareholders can use the revised number of shares in issue when determining whether they are required to notify changes in their holdings under applicable UK disclosure and transparency requirements.

About Schroders Capital Global Innovation Trust

Schroders Capital Global Innovation Trust plc is a London-listed investment trust managed by Schroder Investment Management.

The trust invests in companies operating across a range of innovation-focused sectors globally, with an investment objective centred on generating long-term capital growth for shareholders through a diversified portfolio.

Gemfields (LSE:GEM) said it expects to report a significantly wider net loss for the six months ended 30 June 2026, primarily reflecting a non-cash impairment relating to its Montepuez Ruby Mining operation.

The impairment follows lower-than-expected recoveries of premium rubies at Montepuez during the period.

At the same time, revenues from Montepuez and Kagem Mining increased compared with the corresponding period a year earlier, supported in part by deferred ruby auction sales.

Gemfields also said headline earnings per share for the period were positive. The company is due to provide further financial details when it publishes its interim results.

Gemfields Reports Improved Recent Ruby Recoveries

Management said remedial measures have been implemented at Montepuez, including changes relating to mine planning, grade performance and operational reliability.

According to the company, processing plant PP2 has achieved its design throughput, while recent ruby recoveries have improved. Gemfields said its focus for the remainder of 2026 will be on establishing whether these improvements can be sustained while maintaining financial discipline.

The company is scheduled to release its interim results and discuss them during a webcast on 30 September 2026.

About Gemfields Group

Gemfields Group Limited is a Guernsey-incorporated gemstone producer with shares traded on London’s AIM and the Johannesburg Stock Exchange.

The company owns 75% of Kagem Mining in Zambia, which produces emeralds, and 75% of Montepuez Ruby Mining in Mozambique. Gemfields also holds other gemstone licences in Africa.

The group uses its own gemstone grading system and auction platform for the sale of emeralds and rubies to downstream markets.

SDCL Energy Efficiency Income Trust plc (LSE:SEIT) has called a general meeting for 15 October to seek shareholder approval for the appointment of Boaz Weinstein and Richard Pavry as non-executive directors.

Weinstein and Pavry have been nominated by the investment trust’s two largest shareholders, Saba Capital Management and General Atlantic, respectively.

If approved, both would serve as non-independent non-executive directors and would not receive fees for their roles.

Governance Measures Planned for Proposed Directors

SEIT said governance arrangements are planned to address potential conflicts of interest arising from the appointments and to protect confidential information relating to asset disposals.

The proposed appointments follow the trust’s decision in July to adopt a wind-down investment objective. Under the revised approach, SEIT is seeking to realise its portfolio through an orderly sale of assets and return capital to shareholders.

The board said representation from the trust’s two largest shareholders would provide alignment during the wind-down process.

SEIT’s board has unanimously recommended that shareholders vote in favour of both appointments. Saba Capital Management and General Atlantic have also committed to vote their respective holdings in favour of both resolutions.

About SDCL Energy Efficiency Income Trust

SDCL Energy Efficiency Income Trust plc is a London-listed investment company with a portfolio of energy efficiency and decentralised energy assets.

Following the change to its investment objective, the trust is focused on the orderly realisation of its portfolio and the return of capital to shareholders.