Small Cap Feast

23th 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

Anglo Asian Mining 93p £106.2m (AAZ.L)
The gold, copper and silver producer primarily focused in Azerbaijan, announces its production guidance for 2023 (FY 2023): between 50,000 and 54,000 gold equivalent ounces comprising 4,100 to 4,300 tonnes of copper and 30,000 to 32,000 ounces of gold. 2023 is a pivotal year as Anglo Asian begins its transition to achieve significant copper production with the opening of its new Gilar and Zafar mines and the delivery of the increased capacity of its flotation plant. Copper production is forecast to increase by 63 to 71%. and gold production to decrease by 26 to 30%. This is in accordance with the Company's growing focus on copper, capitalising on the global decarbonisation agenda.

CAP-XX 3.05p £15.6m (CPX.L)
The manufacturer of ultra-thin prismatic, cylindrical, and Lithium-Ion supercapacitors, announces that it has secured supercapacitor-expert CAPCOMP GmbH as a manufacturer's representative and distributor for its full line of high-performance Supercaps in the DACH region (Germany, Austria and Switzerland). CAPCOMP specialises in supercapacitors for automotive and industrial markets including for power electronics and energy storage, supporting the design of supercapacitor-based system solutions.

Driver Group 31p £16.2m (DRV.L)
The global professional services consultancy to construction and engineering industries, announces its results for the financial year ended 30 September 2022. Revenue decreased by 4% to £46.9m (2021: £48.8m) and underlying loss before tax was £1.0m (2021: profit £2.0m). Post period end, Q1 revenue increased by 5% to £11.8m and operating profit of £0.25m. Net cash was £4.7m as at 31 January 2023. Utilisation increased to 70% (2022: 67.5%). Overhead reduction implemented, with further savings in progress. The Board expects to return to profitability for FY23.

Gulf Investment Fund US$1.87 $76.7m (GIF.L)
The fund investing in the Gulf Cooperation Council region announced its interim results for the six months ended 31 December 2022. Net asset value per share was US$1.9885, down 1.83% vs benchmark fall of 7.09%. Final dividend of 3.51c to be paid on 17 March 2023. Compared to the benchmark, GIF is overweight in Qatar and underweight on Saudi Arabia, UAE, Kuwait and Oman. The fund's cash weighting was 6.1% on 31 December 2022. Going into 2023, management believes that the Gulf region will be supported by socio-economic reforms, infrastructure projects, and favourable oil supply-demand dynamics.

Helium One Global 5.3p £43.5m (HE1.L)
The primary helium explorer in Tanzania, announces that, further to the announcement made by Noble Helium (ASX:NHE) (Nobel), the Company has entered into a co-operation agreement with Noble for sourcing and securing a suitable drilling rig, associated services and arranging logistics as required for the Company's proposed drilling campaign. This agreement is not expected to impact the proposed drilling timeline as outlined in the Company's AGM last week. Meanwhile, the board have resolved to issue 8m options in aggregate for ordinary shares: 5m to Lorna Blaisse the new Executive Director and 3mto Kai Gruschwitz, the new Technical Director. The options will vest in three equal tranches over the next 3 years and are exercisable at 6.25p per share.

Igas Energy 20.73p £26.3m (IGAS.L)
The independent oil and gas exploration and production company issues a trading update in advance of the full-year 2022 results to be released on 30 March 2023. Net production averaged 1,898 boepd for the year, due to equipment failure in the first half of 2022. Underlying operating costs for the year were c.$41/boe (at an average 2022 exchange rate of £1:$1.24). Cash balances as at 31 December 2022 were £3.1m, with net debt of £6.1m. For 2023, management anticipates net production of c.2,000 boepd and operating costs of c.$41/boe (assuming an exchange rate of £1:$1.25).

Made Tech Group 35p £52.3m (MTEC.L)
The provider of digital, data and technology services to the UK public sector, announces its unaudited results for the six months ended 30 November 2022 (H1 FY23). Revenue was 20.6%, an increase of 76% year-on-year. Gross profit was £6.8m, up 48% year-on-year. Adjusted EBITDA declined by 58% to £0.5m. Given the new contract bookings of £29m so far in Q3 over 5 years, including the three substantial new contract wins announced earlier this month, the Group remains on track to achieve FY23 results in line with market expectations.

R&Q Insurance Holdings 81.8p £303.8m (RQIH.L)
The non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, provides a trading update for the year ended 31 December 2022: Program Fee Income $80m, a 78% increase. Meanwhile, R&Q has agreed to sell its 40% stake in the New York-based Managing General Agent TPM Holdings USA, LLC, (Tradesman) for $47m to Roosevelt Road Capital Partners, the controlling 60% shareholder of Tradesman. Approximately $41m the consideration will be paid in cash upfront and the remaining $6m will be paid in the form of a 2-year promissory note. R&Q will use the proceeds for general corporate purposes and to pay down debt.

System1 Group 180p £22.8m (SYS1.L)
The marketing and brand consultancy issues a trading update on the quarter ended 31 December 2022 (Q3). Data revenue grew 18% on the comparable period to £3.4m, a quarterly record, representing 55% of Q3 revenue. Year-to-date Data revenue increased by 31% on the comparable period to £9.6m. As expected, the reduction in consultancy revenue narrowed from 46% in H1 to 21% in Q3 on the comparable period. Consequently, total Q3 revenue declined 4% on the comparable period last year to £6.2m from £6.5m (H1: -15%, YTD -12%).

Tracsis 950p £283.6m (TRCS.L)
The provider of software, hardware, data analytics/GIS and services for the rail, traffic data and wider transport industries, provides a trading update for the six months ended 31 January 2023 (H1 2023). Trading has been in line with the Board's expectations. Revenue is expected to have exceeded £39m, up 33% (H1 2022: £29.2m), with growth in both divisions: Rail Technology & Services Division and Data, Analytics, Consultancy and Events Division. EBITDA is expected to have increased by more than 20% (H1 2022: £6.2m). Cash balances remain strong at c.£17m (FY 2022 £17.2m).

23 February 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged

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