Next big hitter30 Jul 2023 14:07
May be,
dyor
22 May 2023
Oscillate plc
("Oscillate" or the "Company")
Corporate and Portfolio Update
Return from Suspension
Continuation Resolution
Further to the announcement of 23 March 2023, the Board of Oscillate has
considered a number of options for the future of the Company. It has been the
absolute and overarching strategic priority of the Board to preserve
Oscillate's cash balances whilst it evaluated investment and RTO opportunities,
such as the Hi55 Ventures acquisition, which the Company abandoned in March
2023. The Company advises that the current share suspension will be lifted at
the opening of market trading, at 8.00 a.m. today.
Against this background, the Board intends to provide Shareholders with the
option to decide on the immediate future of the Company at the Company's next
AGM. The AGM Circular will include an ordinary resolution, proposing that the
Company should:
"Continue to seek a suitable reverse takeover ("RTO") target over the next 12
months (the "Continuity Resolution")."
Should this Continuation Resolution not be passed by Shareholders, it is
proposed that the Company undertake as soon as practically possible thereafter,
a pro-rata return to Shareholders of all of the Company's cash and investment
holdings (the "Distribution").
THE DISTRUBUTION
Should Shareholders not vote in favour of the Continuation Resolution, it is
proposed that the Board will immediately commence the Distribution process.
This process will be undertaken in the most expeditious, tax-efficient and
cost-effective way as possible, mindful of the absolute requirement to maximise
overall returns to Shareholders. Whilst the Board will obviously consult the
Company's professional advisers in determining the most appropriate manner of
distribution, it is currently envisaged that such a process may entail the
winding up of the Company and the simultaneous return of the entirety of
Oscillate's net assets to Shareholders, on a future record date to be proposed
in an additional and separate circular to Shareholders.
Since the Company raised £3.5m in April 2021, it has made a number of
investments. As at today's date, the Company's unaudited investments, inter
alia consist of:
* Cash of approximately £1,17m.
* 46,843,622 ordinary shares (16.15%) in Psych Capital Plc, AQSE Growth
Market quoted. The bid price per Psych ordinary share as at close of
business on 19 May 2023, was 4.75 pence per share.
* 21,312,460 ordinary shares in Igraine Plc, AQSE Growth Market quoted. The
bid price per Igraine ordinary share as at close of business on 19 May
2023, was 0.25 pence per share.
Pending publication of the AGM Circular, the Board will continue to seek
potential reverse takeover targets and where possible dispose of any investment