Board Changes and Strategy Update
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 ("MAR"). 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”)
BOARD CHANGES AND STRATEGY UPDATE
Board Changes
The Company is pleased to announce the appointment of Steven (“Steve”) Wayne Xerri as an executive director with immediate effect. Steve Xerri currently holds 10,128,987 ordinary shares in the Company, representing 4.81% of the issued share capital in the Company.
Steve Xerri is a professional investor with over 10 years of experience in raising funds for both private and publicly listed UK companies. Mr Xerri has over 30 years of experience in the aviation industry and has previously held several significant management roles, including serving as the airfield manager of Heathrow Airport, where he was responsible for managing the day-to-day operations of the airport.
The Company also announces that Fungai Ndoro has stepped down from the board of directors with immediate effect. The Company wishes to thank Ms Ndoro for her dedicated service to the Company.
Further information on Steve Xerri (aged 52):
Steve Xerri has no current or previous directorships. Except as set out above, there is no further information regarding Steve Xerri that is required to be disclosed pursuant to Rule 4.9 of the Aquis Growth Market Access Rulebook.
Refocused Investment Strategy
The Company intends to focus on the special situation’s element of its investment strategy, as outlined in the Company’s October 2020 General Meeting shareholder circular. In particular, the Company will be an active investor in situations where it can make a clear contribution to the progress and development of the investment, through acquiring meaningful share holdings and being able to effect board changes. The Company will also seek a transaction that may constitute a reverse takeover.
The Company anticipates that through the next phase of market development, that small to medium scale opportunities will become available to the Company during the screening process.
Steve Xerri commented: “As the markets have moved, the Company has moved to directly align itself to what it believes is a strategic approach to effective management of resources and carefully deploying these funds at appropriate times and junctures will ensure that Oscillate PLC is positioned for growth gains.”
“I am very much looking forward to the future challenges and bringing my skills to bear for all shareholders and the desire to strive for the value which we deserve.”
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries
Company:
John Treacy
ir@oscillateplc.com
Corporate Adviser:
Peterhouse Capital Limited
Guy Miller & Heena Karani
Telephone: +44 (0) 20 7220 9796