TIDMMUSH
30 August 2023
Oscillate PLC
("Oscillate" or the "Company")
Interim Results for the Six Months Ended 31 May 2023
I am pleased to present the unaudited interim results for Oscillate plc (AQSE:
MUSH) for the period ending 31 May 2023.
Director's Statement
During the period the Company made a loss of £508,310 compared with a loss of
£348,033 for the same period last year. The loss is mainly due to revaluations
of investments. The Board has been working diligently to reduce the
administrative costs of the Company and these were £71,482 compared to £104,040
for the comparable period. As at 31 May 2023, the Company's cash position was
£1,168,956 (2022: £1,908,336).
During the period end, the Company signed a conditional Heads of Term Agreement
to acquire Hi55 Ventures Limited, a UK FinTech platform. Although the Board was
excited about the prospect of delivering a reverse takeover transaction,
following our internal diligence process, the Board identified fundamental
reasons why we believed it was not in the best interests of the Company to
proceed with the transaction. As a result, the proposed transaction was
discontinued on 23 March 2023. No material costs were incurred in the evaluation
of the terminated transaction.
Post period events
Since the end of the reported period, the Company announced that, in line with
its strategic options, it had disposed of 21,312,460 ordinary shares in Igraine
Plc for gross cash consideration of £66,068.
On 14 August 2023, LaunchMyCareer Holdings Plc ("LMCH"), informed its
shareholders of its decision to present a winding-up petition to the court.
Furthermore, LMCH's wholly owned subsidiary, LaunchMyCareeer Limited ("LMC") has
also commenced a voluntary winding-up process. In July 2022, Oscillate announced
that it had purchased 2,500,000 warrants to subscribe for shares in LMCH, with
an exercise price of 1p per share.
On 29 August 2023 the Company's AGM was held. As well as the ordinary business
of the meeting, it included resolutions which would allow shareholders to
consider a members' voluntary liquidation which would return cash and other
assets to shareholders. Shareholders voted against these resolutions, reflecting
their preference for the Company to continue to pursue the implementation of its
investment strategy.
The interim results to 31 May 2023 have not been reviewed by the Company's
auditors.
Fungai Ndoro
Director, Oscillate plc
The Directors of the Company accept responsibility for the content of this
announcement.
Enquiries:
Company
Oscillate PLC
John Treacy
ir@oscillateplc.com
https://oscillateplc.com
Corporate Advisor
Peterhouse Capital Limited
Guy Miller & Heena Karani
Telephone: 020 7220 9796
Statement of Comprehensive Income for the 6 months ended 31 May 2023
6 months to Year ended 30 6 months to
31 May 2023 November 2022 31 May 2022
Unaudited Audited Unaudited
£ £ £
Administrative expenses (71,482) (380,386) (104,040)
Gains / (Losses) on investments at (442,400) 942,463 (243,993)
fair value through profit and loss
Profit on sale of investment - 8,437 -
Operating Profit / (Loss) (513,882) 570,514 (348,033)
Interest income 5,572 1,852 -
(508,310) 572,366 (348,033)
Taxation - (235,616) -
Profit / (Loss) for the period (508,310) 336,750 (348,033)
Basic earnings per share (0.5) 0.15 (0.3)
Diluted earnings per share (0.5) 0.15 (0.3)
Statement of Financial Position for the 6 months ended 31 May 2023
6 months to Year ended 30 6 months to 31 May 2022
31 May 2023 November 2022 Unaudited
Unaudited Audited
£ £ £
Assets
Non-current
assets
Investments 14,700 264,700 319,700
264,700 319,700
Current
assets
Investments 2,032,051 2,221,952 380,896
Trade and 6,867 9,780 228,377
other
receivables
Cash and cash 1,168,956 1,230,961 1,908,336
equivalents
3,207,874 3,462,693 2,517,609
Total assets 3,222,574 3,727,393 2,837,309
Current
liabilities
Trade and (35,575) (32,084) (62,399)
other
payables
(35,575) (32,084) (62,399)
Deferred tax (235,616) (235,616) -
liability
Net current 2,936,683 3,194,993 2,455,210
assets
Net assets 2,951,383 3,459,693 2,774,910
Capital and
reserves
Share capital 1,228,309 1,228,309 1,228,309
Share premium 4,705,050 4,705,050 4,705,050
Other 29,753 29,753 29,753
reserves
Retained (3,011,729) (2,503,419) (3,188,202)
earnings
Total equity 2,951,383 3,459,693 2,774,910
Statement of Changes in Equity for the 6 months ended 31 May 2023
Share Share Other Profit Total
capital premium reserves and loss
reserve
£ £ £ £ £
As at 1 1,228,309 4,705,050 29,753 (2,840,169) 3,122,943
December 2021
Loss for the - - - (348,033) (348,033)
period
Total - - - (348,033) (348,033)
comprehensive
income
Balance at 31 1,228,309 4,705,050 29,753 (3,188,202) 2,774,910
May 2022
As at 1 1,228,309 4,705,050 29,753 (2,840,169) 3,122,943
December 2021
Profit for - - - 336,750 336,750
the year
Total - - - 336,750 336,750
comprehensive
income
Balance at 30 1,228,309 4,705,050 29,753 (2,503,419) 3,459,693
November 2022
Profit for - - - (508,310) (508,310)
the period
Total - - - (508,310) (508,310)
comprehensive
income
Balance at 31 1,228,309 4,705,050 29,753 (3,011,729) 2,951,383
May 2023
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/oscillate-plc/r/interim-results-for-the-six-months-ended-31-may-2023,c3826701
END
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