Small Cap Feast

24th 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, 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

Alpha Real Trust 127.5p £73.6m (ARTL.L)
The Company focussing on investment, development financing and other opportunities in real estate and other asset backed securities publishes its trading update for the nine month period ended 31 December 2022. NAV per ordinary share 220.1p (30 September 2022: 219.6p), adjusted earnings for the nine months of 5.3p per ordinary share (six months ended 30 September 2022: 3.3p per ordinary share). The Company is currently focussed on its loan portfolio and opportunistically extending its wider investment strategy to target investments offering inflation protection via index linked income adjustments and investments that have potential for capital gains.

Belluscura 44p £54.1m (BELL.L)
A leading medical device developer focused on lightweight and portable oxygen enrichment technology, announces that the X-PLOR portable oxygen concentrator is now marketed in the US through GoodRx, Inc and is the first medical device in its field marketed by GoodRx, Inc. GoodRx offers consumers free access to transparent and lower prices for branded and generic medications, affordable and convenient medical provider consultations via telehealth. The Company has helped consumers save over $45bn and has been one of the most downloaded medical apps over the past decade.

Circle Property 215p £62.8m (CRC.L)
A specialist property investment company, acquiring regional office properties where it can add value by undertaking lease renewals, rent reviews, lettings and refurbishments announces that it has conditionally exchanged contracts to sell Concorde Business Park, Maidenhead, the Group's largest remaining asset, to Skelton Developments (Nottingham) Limited for a cash consideration of c.£12.3m. Completion of the Disposal is expected to take place on 29 March 2023. The net proceeds will be held as Group cash and are expected to be returned to Shareholders. Assuming the passing of the Resolutions, completion of the disposal and returns of capital in March and April 2023, it is expected that cancellation of trading on AIM will occur in May 2023.

Cora Gold 4.1p £11.9m (CORA.L)
The West African focused gold company, announces that, further to the announcement of 06 February 2023, it has conditionally raised US$19.843m comprising both equity and convertible loan notes. The funds raised will be primarily used to commence development of the Company's flagship Sanankoro Gold Project in southern Mali. Application for Admission will be made after the General Meeting on 28 February 2023.

CVS Group £19.01 £1,356.9m (CVSG.L)
The UK's leading providers of integrated veterinary services, announces its unaudited interim results for the six months ended 31 December 2022 (H1 2023). Group revenue was £296.3m in the period, an increase of 8.2% (H1 2022: £273.7m). Like-for-like sales, grew 7.5% (H1 2022: 9.6%). Adjusted EBITDA was £57.8m, an increase of 11.2% (H1 2022: £52.0m). The Company continues to invest in their people, technology and our clinical facilities in order to support further organic growth. The Board remains confident that the full year results will be in line with expectations.

ECR Minerals 0.68p £7.9m (ECR.L)
The exploration and development company focused on gold in Australia, announces results for three more drill holes from the Blue Moon Prospect, Bailieston, Victoria, including their best gold intercept for this 2022 drilling campaign in hole BBMDD010. Intercepts from hole BBMDD010 at 84.9m depth composite together at a grade of 6.35m @ 4.56 g/t Au, best results from hole BBMDD010 include 0.5m @ 17.77 g/t Au from 84.9m, 0.4m @ 15.02 g/t Au from 85.4m and 0.3m @ 10.62 g/t Au from 85.8m. The Company looks forward to reporting next steps for Blue Moon on receipt of assays for holes BBMDD012 and BBMDD013 in the next few weeks.

Field System Designs Holdings 42.5p £2.4m (AQSE: FSD)
A specialist installation and engineering group providing mechanical and electrical design and installation services in the water, power, and waste industries, announces its interim results for the six months to 30 November 2022. Revenue of £6.7m; (2021: £2.6m) with a group profit after tax of £57k; (2021(£1.27m). There are signs of new AMP7 projects finally being released; the order book has been filling since the new year to pre-COVID levels and with secured orders of over £9m.

Galantas Gold 22.5p £23.4m (GAL.L)
The Company creating shareholder value by operating and expanding gold production and resources in Northern Ireland issues an update on the Omagh Project. The Company is targeting an updated NI 43-101-compliant mineral resource estimate by the end of Q2 2023 to incorporate an additional 7,800 metres of drilling indicating higher gold grades and thicker widths in dilation zones. Given the potentially high grade and thicker widths, the Company is proceeding with a sustainable mine plan targeted by the end of Q2 2023 that will allow the Company to develop at these lower levels in order to optimise production.

Oracle Power 0.173p £5.8m (ORCP.L)
A developer of green hydrogen production through its subsidiary, Oracle Energy Limited announces that Oracle Energy has joined the Dii Desert Energy as an Associate Partner. Dii, an organisation whose mission is to harness emission-free energy from the desert areas of the Middle East and North Africa. The partnership brings together science and academic bodies. Oracle Energy's strategy is to further build on its existing relationships with blue chip companies to accelerate the commercialisation of Oracle Energy's flagship Green Hydrogen Project in Pakistan, which when constructed, is expected to produce 55k tonnes of green hydrogen per annum.

Webis Holdings 2.05p £8.1m (WEB.L)
The global gaming group, announces its unaudited interim report and accounts for the period ended 30 November 2022. Turnover reported was US$ 6.23m (2021: US$ 6.80m), with gross profit of US$1.99m (2021: US$2.18m). The Company reported a loss on the period of US$ 0.33m (2021: loss of US$ 0.07m). The Board is pleased with the performance of the B2C operations, which has continued to show consistent year-on-year growth. The board remain confident that trading will improve in line with expectations.

24 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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