Interim Results to 30 June 2024 and Investee: Oscillate Plc posting of circular to approve acquisition
THE DIRECTORS OF IGRAINE PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. BY PUBLICATION OF THIS ANNOUNCEMENT, THE INFORMATION SET OUT WITHIN IT IS DEEMED NOW TO BE IN THE PUBLIC DOMAIN.
24 SEPTEMBER 2024
Igraine Plc
(“Igraine” or “the Company”)
Interim Results for the Half-Year to 30 June 2024
Investee company update: Oscillate Plc posting of circular to approve acquisition
Igraine plc, Directors Statement,
Igraine Plc, the investment issuer focused on opportunities within the life sciences and breakthrough technologies is pleased to announce its unaudited interim results for the six-month period ended 30 June 2024.
Despite a challenging global economic landscape, the Company has made notable progress in its key investments and continues to explore a range of opportunities that align with its strategic objectives.
The economic environment has presented its share of challenges, but the Board remains optimistic about the future. The Company’s investments are showing encouraging signs of development, and we are particularly excited about the milestones achieved within our existing portfolio.
Fixit
One of our most promising investments, Fixit, has continued to advance towards the commercialisation of its Cingo® medical device. Since Igraine's investment in February 2023, Fixit, in collaboration with MDM Management Ltd, has successfully developed and refined the device, paving the way for cost-efficient mass production. In addition, Fixit Medical Ltd was recently successfully in securing a £270,000 grant from Innovate UK, after months of due diligence, demonstrates the innovative nature of the device along with the progressive management team. This growth capital grant is non-dilutive for existing shareholders.
Oscillate
Oscillate Plc, another of Igraine’s key investments, has made significant strides. Oscillate Plc announced on Friday 20 September 2024, the posting of a general meeting circular to its shareholder in order to, inter alia, approve the acquisition of Quantum Hydrogen, Inc., and has conditionally raised £500,000. Quantum Hydrogen is a Texas-based corporation with rights to explore over 60,000 acres in Minnesota. This region, with its rich mining heritage, presents exciting possibilities for the extraction of hydrogen gases, a venture the Board believes holds substantial potential.
Igraine continues to hold 21,475,000 ordinary shares, representing 10.20% of the current issued share capital of Oscillate.
Looking ahead, the Board is actively evaluating several new opportunities and transactions. We remain committed to delivering long-term value for shareholders and will continue to provide updates as these developments unfold in the coming months.
The interim financial report has not been reviewed by the Company’s auditors.
On behalf of the Board
Steve Winfield
Executive Director
INTERIM INCOME STATEMENT (UNAUDITED)
For the period ended 30 June 2024
THE DIRECTORS OF THE COMPANY TAKE RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT.
Enquiries
Company:
Stephen Winfield (Executive Director)
Simon Grant-Rennick (Non-Executive Director)
Aquis Growth Market Corporate Adviser
Peterhouse Capital Limited
Tel: +44 (0) 207 469 0930
INTERIM INCOME STATEMENT (UNAUDITED)
For the period ended 30 June 2024
| Igraine plc | ||||
| 6 mths to | 6 mths to | |||
| 30 June | 30 June | |||
| 2024 | 2023 | |||
| £ GBP | £ GBP | |||
| Revenue | - | - | ||
| Cost of Sales | - | - | ||
| Gross Profit/(Loss) | - | - | ||
| Other Operating Income | - | - | ||
| Gain/(Loss) on revaluation of investments | 37,581 | (43,049) | ||
| Administrative Expenses | (105,374) | (82,020) | ||
| Loss before Investment Activities | (67,793) | (125,069) | ||
| Interest income | 391 | 2,479 | ||
| Loss before Amortisation of Preference Shares | (67,402) | (122,590) | ||
| Loss before Taxation | (67,402) | (122,590) | ||
| Taxation Expense | - | - | ||
| Total Loss attributable to Equity Holders of the Company | (67,402) | (122,590) | ||
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
As at 30 June 2024
| Igraine plc | |||||||||
| As at | As at | As at | |||||||
| 30 June | 31 Dec | 30 June | |||||||
| 2024 | 2023 | 2023 | |||||||
| £ GBP | £ GBP | £ GBP | |||||||
| Assets | |||||||||
| Non-current assets | |||||||||
| Property, plant and equipment | 423 | - | - | ||||||
| Investments | 234,219 | 196,638 | 818,013 | ||||||
| 234,642 | 196,638 | 818,013 | |||||||
| Current assets | |||||||||
| Trade and other receivables | 52,519 | 107,532 | 118,625 | ||||||
| Cash and cash equivalents | 84,191 | 118,843 | 226,174 | ||||||
| 136,710 | 226,375 | 344,799 | |||||||
| Total assets | 371,352 | 423,013 | 1,162,812 | ||||||
| Equity and liabilities | |||||||||
| Equity | |||||||||
| Issued share capital | 588,785 | 588,785 | 588,785 | ||||||
| Share Premium | 1,946,995 | 1,946,995 | 1,946,995 | ||||||
| Other reserves | 46,116 | 46,116 | 46,116 | ||||||
| Retained earnings | (2,444,785) | (2,377,382) | (1,640,657) | ||||||
| 137,111 | 204,514 | 941,239 | |||||||
| Non current liabilities | |||||||||
| Loans and borrowings | 14,806 | 19,907 | 24,946 | ||||||
| Current liabilities | |||||||||
| Trade and other payables | 219,435 | 198,592 | 196,627 | ||||||
| Total liabilities | 234,241 | 218,499 | 221,573 | ||||||
| Total equity and liabilities | 371,352 | 423,013 | 1,162,812 | ||||||