Small Cap Feast

21th February 2023

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What’s Cooking In The IPO Kitchen?

PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market, intends to dual list on the AQSE Growth Market, as a springboard to expand footprint of its personalised and self-care digital health platforms in the UK/EU markets. The Company has three platforms: Nara App, Mindleap.com and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6% of the total issued shares will be floated. Admission is delayed.


Breakfast Buffet

Arrow Exploration 18.75p £41.4m (AXL.L)
The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, provides an update on the drilling of Rio Cravo Este-3 (RCE-3), an appraisal well on the Tapir Block in the Llanos Basin of Colombia. The RCE-3 well reached total depth on February 16, 2023 and encountered 7 hydrocarbon bearing intervals totaling 58 net feet of oil pay (measured depth). It is expected that the RCE-3 well will begin production in early March 2023. Arrow also provides an operational update. Carrizales Norte; The wells are expected to be drilled immediately following RCE-5 and mobilization of the rig to the new CN pad. 3D Seismic Project, Tapir Block; Surveying operations are ongoing and data acquisition is scheduled to be completed in April 2023. Capella Field; which Arrow has a 10% interest in, has been shut in since February 7, 2023 due to road blocks and protests in the immediate area. Discussions are ongoing.

Bango 251.5p £192.3m (BGO.L)
The global platform for data-driven commerce, announces a new partnership with Dropbox, a leading cloud storage service that allows you to backup and sync your files across multiple devices. The Bango Platform eliminates the technical and operational complexities for merchants launching consumer offers through diverse channels and into new markets. Through this partnership, Dropbox will be able to grow its user base by offering its subscription product through a network of telecom operators that have adopted the Bango Platform to deliver third-party offers.

Blancco Technology Group 186p £140.8m (BLTG.L)
The industry standard in data erasure and mobile lifecycle solutions, announces its interim results for the six months ended 31 December 2022. Group revenue grew in each of the three territories in which Blancco operates, representing a total increase of 16% (when adjusted for currency movements) to £24m (H1 FY21: £19.7m). EBITDA increased to £7.2m, and profit before tax grew 42% to £2.6m. Following the acquisition of WipeDrive, the team is fully integrated and contributed revenue of £0.9m in the Period. The Board remain confident it’s full year expectations will be achieved whilst remaining cautious regarding macro-economic conditions.

OptiBiotix Health 12.75p £11.6m (OPTI.L)
A life sciences business developing compounds to tackle obesity, cardiovascular disease, diabetes and skincare, announces that René Kamminga a Director of the Company and CEO of OptiBiotix Ltd, a wholly owned subsidiary of OptiBiotix Health plc, will leave the business. Stephen O'Hara, CEO of OptiBiotix Health plc will resume the role as CEO of OptiBiotix Ltd and will lead a minor restructuring of the business, with further announcements to be made in due course.

Proton Motor Power Systems 13.13p £204m (PPS.L)
The designer, developer and producer of fuel cells and fuel cell electric hybrid systems with a zero-carbon footprint, provides an update on the deployment of the Company's fuel cell systems by a customer. On 6 September 2022, the Company announced that it had delivered three of its emission-free HyFrame® S36 systems to WILO SE for use in Wilo's H₂Powerplant. The HyFrame® S36 systems have been integrated into the H₂Powerplant, an innovative hydrogen plant that enables the production of green energy from renewable resources. Following the successful delivery and integration of the HyFrame® S36 systems, Proton Motor and Wilo have entered into a Memorandum of Understanding to cooperate on decentralised and decarbonised energy supply. The Company is also identifying new use cases for the systems.

Roquefort Therapeutics* 7p £9.0m (ROQ.L)
The company developing first in class drugs in the high value and high growth oncology segment prior to partnering or selling to big pharma announces it will be providing a Company update via the Investor Meet Company platform at 2pm on Wednesday 1st March 2023. Roquefort Therapeutics' portfolio consists of four fully funded, novel patent-protected pre-clinical anti-cancer medicines. Since listing in March 2021, ROQ acquired Lyramid Pty Limited and Oncogeni Ltd. Investors can register for the presentation by clicking the following link: https://www.investormeetcompany.com/roquefort-therapeutics-plc/register-investor

Springfield Properties 82.5p £97.8m (SPR.L)
A housebuilder in Scotland focused on delivering private and affordable housing, announces its interim results for the six months ended 30 November 2022. Revenue increased by 85.6% to £161.9m (H1 2022: £87.3m), primarily reflecting growth in private housing, which accounted for 73% of total sales, along with a strategic land sale and increased revenue in contract housing. Operating profit grew by 13.4% to £7.6m (H1 2022: £6.7m). Adjusted profit before tax and exceptional items increased by 3.1% to £6.6m (H1 2022: £6.4m) and statutory profit before tax decreased by 4.8% to £5.9m (H1 2022: £6.2m), which reflects the increased bank interest payments and exceptional items. The Group remains on track to deliver revenue growth for FY 2023

Sylvania Platinum 105p £280m (SLP.L)
The platinum group metals (PGM) producer and developer with assets in South Africa, announces its results for the six months ended 31 December 2022 (HY1 FY2023). Net revenue totaled US$79.9m (HY1 FY2022: $69.1m). Net profit increased 33% to $32.6m (HY1 FY2022: $24.4m) and group EBITDA grew 26% to $$45.6m (HY1 FY2022: $36.2m). Cash balance at 31 December 2022 of $123.9m (HY1 FY2022: $110.1m). Throughout the period Sylvania Dump Operations increased 19% to deliver 38,471 ounces of PGM. Following strong production in H1, FY2023 production guidance has increased, targeting 70k to 72k 4E PGM ounces. The Group remains debt free.

Versarien 5.63p £12m (VRS.L)
The advanced engineering materials group, announces its audited results for the 18 months ended 30 September 2022. The comparative figures are for the 12 month period ended 31 March 2021. Revenues from continuing operations grew to £11.11m (2021: £5.69m), a pro-rata increase of 30%. Revenue from graphene, including that recognised under the DSTL contract, was £2.15m (2021: £0.70m) a pro rata increase of 105%. Reported loss for the period of £8.4m (2021: £8.1m). During the period the Company relocated its graphene manufacturing operations to Longhope in Gloucestershire; 10 new product demonstrators were launched; and a number of partnerships were announced. The Company is streamlining the business and focusing on our primary opportunities in construction and textiles.

ZOO Digital Group 186p £166.0m (ZOO.L)
The provider of cloud-based localisation and media services, announces it is now operating as a key vendor for a major content producer to support their content localisation needs. This client is also using ZOOstudio to manage the localisation of content across its vendors. The adoption of ZOOstudio by another global content creator, which cannot be named for contractual reasons, represents a further success story for ZOO as a strategic technology partner. While longer-term contractual arrangements have not yet been finalised, a significant number of revenue-generating projects for this client are already underway.

22 February 2023
*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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