Small Caps Swing as Takeovers, Delistings and Cash Needs Drive Week 44

• Butn surged 57.14% after extending its MYOB agreement and weighing seven early-stage offers.
• Orion Equities fell 48.57% as it sought shareholder approval to leave the ASX.
• Aland rose 33.33% after launching a property fund, despite having less than two quarters of cash at its reported spending rate.
• Challenger rejected TAL’s $11.80 proposal but kept takeover talks open.