Small Cap Awards 2026: Transaction Of The Year

Inaugurated in 2013, the Small Cap Awards is an annual event celebrating and rewarding the finest in the sub-£350m market cap quoted company sector.

The Awards celebrates those professionals and companies that work within the AIM and Aquis communities and is attended by listed companies, institutions, fund managers, brokers and advisors.

The 2026 Awards will be held on Thursday 11th June 2026 at Merchant Taylors Hall in London.

The nominees for Transaction of the Year are as follows:

Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc is a UK-based exploration, development and production company with a strategy focused on combining resilient production with high-impact exploration assets capable of delivering transformational growth. The Company’s asset portfolio spans the UK, Ireland and Equatorial Guinea.

The defining milestone for Europa in 2025 has been the farmout of its EG-08 licence offshore Equatorial Guinea to Fuhai Energy. This transaction represents a transformational moment for the business and delivers on the Europa strategy set out in early 2023. Under the terms of the agreement, Europa secured a 2.38-for-1 carry on its retained interest through the drilling of the 900BCF Pmean Barracuda exploration well, anticipated to commence towards the end of 2026. This level of carry is world-class for a farmout of this nature, both substantially reducing Europa’s financial exposure and preserving meaningful upside whilst at the same time retaining operatorship of the asset and as such dictating the pace of the drilling.

The EG-08 licence is a low-risk gas exploration asset characterised by a calibrated AVO seismic response with significant prospective resource potential, located in a proven hydrocarbon basin. The farmout to Fuhai not only validates the technical work undertaken by Europa but also brings in a well-funded and capable partner to accelerate progress towards drilling. Crucially, success at the drill bit would be transformational for Europa, with the potential to materially re-rate the Company and redefine its growth trajectory.

Europa’s success is founded upon a disciplined and focused approach to portfolio management. The Company has prioritised assets with the greatest potential to deliver value, while maintaining strict capital discipline. The EG-08 transaction exemplifies this approach: identifying a high-impact opportunity, advancing it through technical de-risking, and securing a partner on highly attractive terms.

The strength and experience of Europa’s management team has been central to delivering this outcome. With deep expertise in exploration, commercial negotiations and farmout execution, the team has successfully navigated a complex transaction to achieve terms that are exceptional in the current market environment.

In parallel with its exploration activities, Europa continues to benefit from its onshore UK production, which provides a steady revenue base and supports ongoing operations. This balance between production, appraisal and exploration enables the Company to pursue transformational opportunities while maintaining financial resilience.

The broader market environment has also reinforced the value of Europa’s strategy. With increasing emphasis on energy security and the role of gas in the energy transition, high-quality exploration assets such as EG-08 have attracted renewed interest from industry participants.

Looking ahead, Europa is focused on progressing EG-08 towards drilling the 900BCF Barracuda prospect, which represents a key value catalyst. The Company also continues to evaluate additional opportunities that align with its value driven strategy.

Through the successful execution of the EG-08 farmout, Europa Oil & Gas (Holdings) plc has demonstrated its ability to create value through strategic deal-making. The transaction not only highlights the quality of its asset base but also positions the Company for exciting growth in the near term.

ActiveOps Plc

ActiveOps is a global leader in automation and Decision Intelligence software that helps highly regulated organisations run smarter and more efficient operations. Its technology delivers high levels of ROI, through providing operations leaders with the insight to make better decisions faster, improving productivity and freeing people to focus on higher value work.

Founded in Reading, UK, the Group operates across five continents and supports over 130,000 users in more than 40 countries. Customers include many of the world’s leading banks, insurers, healthcare providers and business services organisations.

At the heart of ActiveOps’ offering is Decision Intelligence which combines human and artificial intelligence to improve how operations are planned and managed. Its products draw on two decades of experience and are powered by the proprietary AOM (Active Operations Management) methodology, which turns complex data from disparate systems into clear, actionable insight.

The year to 31 March 2026 saw strong commercial momentum, with Group revenue rising by 48% to £45m (28% on an organic basis) and Annual Recurring Revenue reaching approximately £41.5m. Growth was driven by new account wins alongside high levels of customer retention and expansion. Net Revenue Retention increased to a record 119%, and the Group remained highly cash-generative and debt-free.

Innovation continues to lead the way. The launch of the latest iteration of the Group’s ControliQ platform introduced new AIdriven capabilities, and development of further AI features is progressing strongly. The earnings enhancing acquisition of Enlighten Group in June 2025 brought new capabilities and strengthened ActiveOps’ presence in North America and the Asia Pacific region.

The market for the Group’s solutions is large and global, due to the scale of operations in its target markets of banking, insurance, financial services and healthcare administration. The need to reduce cost bases and increase output per employee, combined with the urgent desire to adopt agentic AI are powerful long-term trends driving demand for ActiveOps’ products, supporting the Group’s ambitions. 

At a Capital Markets Day in November 2025, the Group launched medium-term growth ambitions of £100m ARR and a 25% EBITDA margin. These will be achieved thorough the continued deepening with its enterprise customers, expanding through partners, the acceleration of R&D activities to deliver unique capabilities that support further customer expansion, and continued disciplined execution and increasing operational leverage.

Cakebox Holdings Plc

Cake Box Holdings plc is the UK’s largest specialist retailer of fresh cream celebration cakes, operating a proven, asset light franchise model that has supported consistent expansion nationwide. Since its founding in 2008, the business has grown into a trusted, recognisable brand built on quality, convenience and value, offering hand crafted fresh cream cakes tailored to every occasion.

In March 2025, the Group completed the acquisition of Ambala Foods Limited, a leading manufacturer and retailer of Asian sweets (Mithai) established in 1965. Ambala brings a rich heritage, strong brand loyalty and a customer base that fits naturally with Cake Box’s values. Its integration has strengthened Cake Box’s position in the celebration and gifting market, while reinforcing the Group’s commitment to quality, authenticity and innovation.

Cake Box serves customers through a nationwide estate of more than 300 stores. Store expansion remains a core pillar of growth and, in FY26, the Group opened 37 new sites, 25 Cake Box and 12 Ambala, reflecting sustained franchisee demand and the attractiveness of the Group’s franchise model. The enlarged estate, supported by enhanced digital capability, provides a strong platform for continued growth.

Cake Box’s long term growth is founded on a strategic, franchise led business model that has proven both scalable and resilient. Strong relationships across the franchise network remain a cornerstone of the Group’s success. The Group’s four distribution and manufacturing hubs ensure consistent product quality and efficient supply across the estate, supporting both new store openings and increased demand from existing locations.

Digital capability has become an increasingly important driver of growth. Enhancements to the CRM platform and improvements to the online ordering experience, including the Click & Collect service, have supported higher online engagement. Partnerships with leading delivery aggregators, including Uber Eats, Deliveroo and Just Eat, have further broadened reach and convenience, contributing to customer acquisition and retention.

Customer loyalty remains a key strength. Investment in online and in store service, product innovation and nationwide marketing has reinforced the brand’s reputation for providing a quality, personalised and seamless service. The Group’s multi channel approach strengthens the Group’s ability to grow through both its expanding store estate and its digital platform.

FY26 marked the first full year of Ambala Foods within the Group. The successful integration, which has included operational alignment, refreshed branding, improved packaging and enhanced in store presentation, has strengthened the customer experience and created new opportunities for cross category growth.

With clear strategic priorities and continued innovation across its high street stores and digital platform, Cake Box is well positioned as a growing business built on a strong franchise model, a distinctive product range, and a proven operational approach.

For more information on Cake Box, visit: https://cakeboxinvestors.com/