Oscillate Plc - General, Corporate and Website Update
PR Newswire
LONDON, United Kingdom, January 03
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Oscillate Plc
AQSE: MUSH
("Oscillate" or the "Company")
GENERAL, CORPORATE AND WEBSITE UPDATE
The Company is pleased to provide a corporate update. With Steve Xerri's appointment as Executive Director approximately 7 weeks ago, the Board has stopped Directors payments of salaries and is instead accruing fees, which will be taken as shares or options in the Company. This is intended to align the Boards interests to Shareholders of the Company. All the Directors have further committed to the Company having purchased ordinary shares in the open market. These purchases are reflected in announcements of 6, 13 and 19 December 2023.
The Company has reviewed and implemented a new website https://oscillateplc.com. The Company has implemented higher levels of resilience by choosing a different hosting agent. The website no longer requires external suppliers, therefore reducing costs, and the website can now be updated internally. This is part of the Executive Director's remit, whilst not distracting from other commercial areas of service to the Company.
All non-essential service providers and provisions have also been cut with a view to saving Company funds for transactional purposes.
As noted in our last financial statement, the Company sits in a strong financial position, with some minor investments which can be liquidated. We also have a very significant position in Psych Capital Plc, which we expect will develop operationally in 2024.
Finally, the Company has taken a proactive approach to the treasury management of the Company's finances so that the Company is sustainable as a business. A large portion of the Company's cash has been put on an attractive 35-day notice, interest bearing banking facility, which the Board feels will not compromise any opportunities or deals that the Company expects to see. The high street rates of interest have allowed the Company to cover corporate overheads and Shareholders will see the benefits appearing in the Company financial statements. The Board believes this is significant and while the Bank of England's published rates are not guaranteed to remain at current levels, however, it will clearly assist in maintaining our cash pending a deal being found for the Company.
Steve Xerri, Executive Director, added: "To this end, my initial tasks of a full business review is completed. I will now turn my attention to growth, and how the Board can develop, unlock and maximise the value which is sat within our business. We are really set for a successful future and I have every intention of delivering success to the best of my ability.
I really cannot communicate enough to Shareholders how committed I am to making a change at Oscillate, I have the support of fellow Directors, advisors providing guidance and a determination to ensure that we can gain every advantage that our situation provides us. I look forward to updating Shareholders and I wish you a Happy New Year."
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries
Company:
John Treacy
ir@oscillateplc.com
https://oscillateplc.com
Corporate Adviser:
Peterhouse Capital Limited
Guy Miller & Heena Karani
Telephone: +44 (0) 20 7220 9796
