Small Cap Feast

14th March 2024

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Banquet Buffet

Abingdon Health 9.25p £11.3m (ABDX.L)
The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024.

CAP-XX 0.0675p £0.5m (CPX.L)
The design and manufacture of supercapacitors and energy management systems provides the following update. Maxwell will be applying to the Court for a further extension of time to lodge an application for a claim of costs against CAP-XX before the end of the current week. To emphasise, this filing is purely procedural and does not substantively impact CAP-XX. Maxwell and CAP-XX have an agreement in principle and are in final negotiations to ensure that this issue and all litigation matters with Maxwell/Tesla are resolved as soon as possible.

ECR Minerals 0.335p £5.4m (ECR.L)
The exploration and development company focused on gold in Australia announces that it has successfully raised, subject only to Admission, £585,000 before expenses through the placing of 195,000,000 new ordinary shares at a price of 0.30p per Placing Share. The Placing Price represents a discount of approximately 30% to the closing middle market price of 0.43p per Ordinary Share on 13 March 2024. The net proceeds from the Placing will be used to advance ECR's projects in Victoria and Queensland during 2024.

Eneraqua Technologies 44p £14.6m (ETP.L)
The provider of energy and water efficiency solutions provides an update on trading for the year ended 31 January 2024. The Company also announces that Iain Richardson will be stepping down from his role as CFO with effect from 31 May 2024 and be replaced on an interim basis by his deputy, James Lamb, the current Group Financial Controller. The Company navigated challenging market conditions during FY24 and expects to report revenues of c.£54m and an adjusted PBT loss in line with consensus forecasts of £6.0m, with a stronger than anticipated cash position at the year end of £6.4m representing a net cash position of £1.2m.

FireAngel Safety Technology 5.5p £16.6m (FA.L)
The developer and supplier of home safety products announces that, following 14 years' service, including three years in her current role, Zoe Fox has resigned as Chief Finance Officer and will be replaced by Adrian Wilding, the Company's Commercial Director, who will assume the role of Chief Finance Officer, both with immediate effect. Zoe is expected to remain within the business until June 2024 to ensure a smooth transition to Adrian and release of the Company's final results for the year ended 31 December 2023.

Frontier IP 42.5p £23.9m (FIPP.L)
A specialist in commercialising intellectual property Company announces its unaudited interim results for the six month period ended 31 December 2023. Pre-tax profit of £1.4m (31 December 2022: pre-tax loss of £0.5m). Cash balances of £2.7m at 31 December 2023 (30 June 2023: £4.6m ; 31 December 2022: £5.8m). Frontier IP faces the future with confidence. There are a number of highly promising developments within the portfolio as companies gain industry traction, scale up and achieve commercial viability.

Orcadian Energy 10p £7.9m (ORCA.L)
The Company yesterday executed an agreement to amend the repayment date in its secured facility agreement with Shell International Trading and Shipping Company Limited. The original repayment date of the STASCO loan of US$1m was 23 August 2023; this had been extended to 13 September 2023 and subsequently to 13 March 2024. The repayment date of the Loan has now been extended to 13 June 2024 to allow time for the proposed sale of an 81.25% interest in Licence P2244 to complete and for discussions with Shell on future financial and marketing arrangements to conclude.

Pressure Technologies 38p £14.7m (PRES.L)
The engineering group announces that Chesterfield Special Cylinders, its wholly owned subsidiary, has been awarded two major contracts, as expected, in the defense and green energy sectors and maintains its outlook for FY24. The Group also provides an update on the sale of the Precision Machined Components division. During the next phase of the process, the Board intends to provide selected potential acquirers with additional access to PMC and will invite final offers for the division.

Smarttech247 25p £28.4m (S247.L)
The provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients announces it has secured a new contract with a global packaging company, worth approximately €1m over three years. The agreement, with a new client, utilises both Smarttech247's VisionX platform as well as NoPhish, underscoring their versatility and advanced capabilities. The VisionX MDR platform leverages sophisticated AI and machine learning algorithms to offer real-time threat detection, rapid incident response, and continuous monitoring whilst NoPhish takes proactive measures by automatically removing emails from the user's inbox which are deemed suspicious or malicious.

Sylvania Platinum 58.5p £153.8m (SLP.L)
The platinum group metals producer and developer with assets in South Africa announces that the Company has, on 13 March 2024, acquired 130,000 Ordinary Shares of $0.01 each in the Company from the market at an average price of 59.7p per Ordinary Share, placed into Treasury pending cancellation. For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules, the Company's issued share capital is 275,375,725 Ordinary Shares. Following the above purchase, a total of 12,595,211 Ordinary Shares, including 830,000 pending cancellation, are held in Treasury. Therefore, the total number of Ordinary Shares with voting rights in Sylvania is 262,780,514 Ordinary Shares.

14 March 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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