Small Cap Feast

26th May 2023

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Breakfast Buffet

Actual Experience 0.85p £1.8m (ACT.L)
The analytics-as-a-service company, announces that Iain McCready has been appointed as Chief Executive Officer (CEO) and will join the board of the Company as an Executive Director with effect from 1 June 2023. Mr McCready has extensive experience in the technology sector, with particular focus on driving revenue growth in early-stage innovative companies. Prior to joining, he was Chief Operating Officer of Quorum Cyber, and prior to that was CEO of Cortexica Vision Systems.

Brand Architekts Group 33.5p £9.4m (BAR.L)
A challenger British Beauty brand business, announces the appointment of Geoff Ellis to the Board as Chief Financial Officer with effect from 3 July on a part-time basis. Geoff has had a resounding career as an experienced Chief Financial Officer & Chief Operational Officer with senior executive roles at Walt Disney Incorporated. Charlotte Lee, and Group Financial Controller. Geoff is a chartered accountant and previously was CFO at Proteome PLC .

Chamberlin 3.1p £3.9m (CMH.L)
The specialist castings and engineering group, announces that it has conditionally raised approximately £330k at a placing price of 3p per share. The Placing Price represents a discount of 7.69% to the closing mid-market price of 3.25p per share. Trevor Brown, Executive Director, has also conditionally subscribed for 1,000,000 shares at the placing price raising an additional £30k. Net proceeds will provide working capital to take advantage of potential new opportunities which have recently arisen as a result of a competitor of Russell Ductile Castings Limited going into administration, support the continued delivery of the Group's growth strategy and strengthen the Group's balance sheet.

Echo Energy 0.033p £1.8m (ECHO.L)
The Latin American focused energy company, announces that, further to the Heads of Terms announced on 9 May 2023, the Company has now signed binding transaction documents for the Sale and Purchase Agreement signed with Selva Maria Oil S.A. and Interoil Exploration and Production ASA, for the proposed disposal of 65% out of the Company's current 70% working interest in Santa Cruz Sur for a cash consideration of up to £1.725m, consisting of: a cash consideration of £0.825m in an initial cash payment of £75k, contingent cash payments of £0.5m and payment in kind of £0.4m via issue of new shares in Interoil Exploration and Production ASA. The Company would retain a 5% non-operated working interest, with significantly lower exposure to ongoing costs and legacy in-country liabilities.

Hurricane Energy 7.6p £151.5m (HUR.L)
The UK based oil and gas company which has a 100% interest in and operates the Lancaster field, announces its full-year results for the period ended 31 December 2022. Revenues of $310.8m from six liftings of Lancaster crude (2021: $240.5m from seven liftings), Cash production costs increased to $37.4/bbl (2021: $28.2/bbl) and generated $175.9m of free cash flow, equivalent to $56.9/bbl (2021: $135.7m, $36.2bbl). Profit after tax increased to $108.7m (2021: $18.2m), an increase of 497% and holds cash of $121.4m (2021: $51.5m). Following an unsolicited offer for the Company, the Board decided to launch a Formal Sale Process (FSP), which, at the end of a thorough and exhaustive process, delivered an offer from Prax Exploration & Production PLC (Prax). The Court hearing to sanction the Scheme resulting from that offer is scheduled for 7 June 2023.

Pelatro 5.25p £2.4m (PTRO.L)
The precision marketing software specialist, announces results for the year ended 31 December 2022. Decrease in revenue by 26% to $5.4m (2021: $7.3m). Recurring revenue for the Company marginally down to $4.3m (2021: $4.8m) and adjusted EBITDA of $0.6m (2021: $2.8m) down 78%. The Company also faced impairment charges of $9.3m, primarily relating to intangible assets as a result of reduction in revenue. The Company added three new customers, bringing total to 26, increased presence in Africa and the Middle East and continued to retain customers at end of initial contracts. Post period, the Company has good visibility of new business pipeline of c.$23m, including some $5m of non telco business.

Polarean 22.5p £47.9m (POLX.L)
The medical imaging company announces its audited final results for the year ended 31 December 2022. FDA approval was received for the Company’s drug device combination product, XENOVIEW (xenon Xe 129 hyperpolarised). Simultaneously with the approval of the XENOVIEW NDA, two 510(k) devices were also cleared by the FDA. The Company holds Net cash of US$16.4m as of 31 December 2022.

Prospex Energy 8.5p £24.2m (PXEN.L)
The investment company focused on gas production and electricity on high impact, late stage onshore European opportunities, announced its audited final results for the year ended 31 December 2022. Total Assets of £16.06m up 240% from £6.69m in 2021, reflecting the after-tax effect of the revaluation of the Company's working interest in the Podere Gallina licence in Italy increasing to 37% from 17% which completed in April 2022. The combined value of these equity investments, current and non-current loans is £21.5m up from £8.7m in 2021, a 221% increase. The Company has also completed a placing of £2.4m in February and holds cash equivalents of £1.48m. Gross monthly revenue from electricity generation at the El Romeral power plant in Spain peaked at over EUR500k in March 2022. The Company expects to deliver organic growth in its two main assets in Spain and Italy.

Tekcapital 13.5p £24.1m (TEK.L)
The UK intellectual property investment group focused on creating valuable companies from investing in university technologies that can improve people's lives, announces its audited results for the year ended 31 December 2022. Net Assets US$57.8m decreased 15% YoY (2021: US$68.1m), hence portfolio valuation also decreased to US$54.9m (2021: US$62.5m). Total loss after tax: US$12.7m, resulting primarily from net unrealised fair value reduction of US$11.0m (2021: profit of US$26.4m).

Tern 3.5p £13.6m (TERN.L)
The investment company specialising in supporting high growth, early-stage, disruptive Internet of Things technology businesses, announces that its portfolio company, InVMA Limited, which trades as Konektio has agreed a £2.5m equity fundraise, to be completed in two tranches. The first tranche of £1.2m has completed and the second tranche of £1.3m is due for completion in Q4 2023. Tern has invested £100k in the Konektio First Tranche and thus Tern's shareholding in Konektio has reduced to 28% from 39.9% prior. Tern has committed to invest a minimum of £0.28m in the Konektio Second Tranche, with an option, at its sole discretion, to increase its investment amount up to £0.4m.

26 May 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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