Oscillate Plc General, Corporate and Website Update
03 January 2024 - 10:27PM
UK Regulatory
TIDMMUSH
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 (https://eur01.safelinks.protection.outlook.com/
?url=https%3A%2F%2Fprotect
-eu.mimecast.com%2Fs%2FmrmaC9QoZsz5yGtoL4EH%3Fdomain%3Doscillateplc.com%2F&data=0
5%7C02%7Cgm%40peterhousecap.com%7Cd0f2dd8e998c441006da08dc09150d9c%7C84c2ab3d172a
440aaca526a12faeab25%7C0%7C0%7C638395233235135884%7CUnknown%7CTWFpbGZsb3d8eyJWIjo
iMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata
=e8nFTCQpJHNNXlBVZQfozEw5Ru2NHAJfUP0yj2OPCmo%3D&reserved=0). 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
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/oscillate-plc/r/general--corporate-and-website-update,c3903768
END
(END) Dow Jones Newswires
January 03, 2024 06:27 ET (11:27 GMT)
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