Coverage ending on 1Spatial (SPA), Kitwave (KITW) and Inspecs (SPEC)

It’s been a busy few weeks for takeover activity, with three AIM Investor open positions now the subject of agreed cash offers. While the outcomes differ, the common feature is that each situation is now moving through a defined, court-led process, meaning the investment journey for all three has reached a natural end.

Below is a brief summary of each deal and why coverage will now come to a close.

1Spatial (SPA)

Status: Agreed cash offer at 73p per share. Coverage ending

1Spatial has agreed a recommended all-cash offer from VertiGIS, to be implemented via a court-sanctioned scheme of arrangement. Shareholders will receive 73p in cash per share, valuing the business at around £87m and representing a significant premium to the share price prior to the initial approach in December. The offer has unanimous board support and has already secured backing from a large proportion of the shareholder base.

This is one we’re genuinely disappointed to see leave the portfolio. 1Spatial was a business we liked a lot, with a clear niche, improving recurring revenues and a product set that was starting to gain real traction. The takeover brings a clean and attractive cash outcome, but it also cuts short what we felt still had plenty of long-term potential as a listed company. With the terms now agreed and the outcome effectively set, coverage will end here as the process plays out.

AIM Investor P/L: +23.7%

Kitwave Group (KITW)

Status: Agreed cash offer at 295p per share. Coverage ending.

Kitwave has agreed a recommended all-cash acquisition by Kite UK Bidco, backed by funds managed or advised by OEP Capital Advisers. The offer values the business at around £251m, with shareholders set to receive 295p in cash per share, a meaningful premium to the pre-announcement price. The board has unanimously recommended the deal, and early shareholder support has already been secured.

Like 1Spatial, Kitwave is a stock we’ve liked a lot and would have been happy to keep following. It was a high-quality operator with a strong track record, sensible expansion and a business model that continued to compound steadily. In many ways, the takeover is a compliment to the progress made, even if it’s slightly frustrating to see the story end earlier than expected. With the offer agreed and the remaining steps now largely procedural, coverage of Kitwave will come to a close at this point.

AIM Investor P/L:

Tranche 1 = +11.3%

Tranche 2 = -8.1%

Inspecs Group (SPEC)

Status: Agreed cash offer at 84p per share. Coverage ending.

Inspecs has agreed a recommended cash acquisition by Bidco 1125 Limited, a newly formed vehicle established by a consortium led by Luke Johnson and Ian Livingstone. The offer is set at 84p per share, with the transaction to be implemented via a scheme of arrangement. The Scheme Document has now been published, and completion is expected in the first quarter of 2026, subject to the usual approvals.

This has clearly been a disappointing outcome, with the takeover crystallising a large loss relative to where the shares were originally highlighted. Trading conditions proved tougher than anticipated, confidence eroded, and the equity story never regained momentum. While frustrating, the takeover at least provides certainty and brings the situation to a clear end. With the outcome now defined, coverage of Inspecs will also cease.

AIM Investor P/L: -72.2%