Interim Results for the Six Months Ended 31 May 2023
30 August 2023
Oscillate PLC
(“Oscillate” or the “Company")
Interim Results for the Six Months Ended 31 May 2023
I am pleased to present the unaudited interim results for Oscillate plc (AQSE: MUSH) for the period ending 31 May 2023.
Director’s Statement
During the period the Company made a loss of £508,310 compared with a loss of £348,033 for the same period last year. The loss is mainly due to revaluations of investments. The Board has been working diligently to reduce the administrative costs of the Company and these were £71,482 compared to £104,040 for the comparable period. As at 31 May 2023, the Company’s cash position was £1,168,956 (2022: £1,908,336).
During the period end, the Company signed a conditional Heads of Term Agreement to acquire Hi55 Ventures Limited, a UK FinTech platform. Although the Board was excited about the prospect of delivering a reverse takeover transaction, following our internal diligence process, the Board identified fundamental reasons why we believed it was not in the best interests of the Company to proceed with the transaction. As a result, the proposed transaction was discontinued on 23 March 2023. No material costs were incurred in the evaluation of the terminated transaction.
Post period events
Since the end of the reported period, the Company announced that, in line with its strategic options, it had disposed of 21,312,460 ordinary shares in Igraine Plc for gross cash consideration of £66,068.
On 14 August 2023, LaunchMyCareer Holdings Plc ("LMCH"), informed its shareholders of its decision to present a winding-up petition to the court. Furthermore, LMCH's wholly owned subsidiary, LaunchMyCareeer Limited ("LMC") has also commenced a voluntary winding-up process. In July 2022, Oscillate announced that it had purchased 2,500,000 warrants to subscribe for shares in LMCH, with an exercise price of 1p per share.
On 29 August 2023 the Company’s AGM was held. As well as the ordinary business of the meeting, it included resolutions which would allow shareholders to consider a members’ voluntary liquidation which would return cash and other assets to shareholders. Shareholders voted against these resolutions, reflecting their preference for the Company to continue to pursue the implementation of its investment strategy.
The interim results to 31 May 2023 have not been reviewed by the Company’s auditors.
Fungai Ndoro
Director, Oscillate plc
The Directors of the Company accept responsibility for the content of this announcement.
Enquiries:
Company
Oscillate PLC
John Treacy
ir@oscillateplc.com
https://oscillateplc.com
Corporate Advisor
Peterhouse Capital Limited
Guy Miller & Heena Karani
Telephone: 020 7220 9796
Statement of Comprehensive Income for the 6 months ended 31 May 2023
| 6 months to 31 May 2023 Unaudited |
Year ended 30 November 2022 Audited |
6 months to 31 May 2022 Unaudited |
|||
| £ | £ | £ | |||
| Administrative expenses | (71,482) | (380,386) | (104,040) | ||
| Gains / (Losses) on investments at fair value through profit and loss | (442,400) | 942,463 | (243,993) | ||
| Profit on sale of investment | - | 8,437 | - | ||
| Operating Profit / (Loss) | (513,882) | 570,514 | (348,033) | ||
| Interest income | 5,572 | 1,852 | - | ||
| (508,310) | 572,366 | (348,033) | |||
| Taxation | - | (235,616) | - | ||
| Profit / (Loss) for the period | (508,310) | 336,750 | (348,033) | ||
| Basic earnings per share | (0.5) | 0.15 | (0.3) | ||
| Diluted earnings per share | (0.5) | 0.15 | (0.3) |
Statement of Financial Position for the 6 months ended 31 May 2023
| 6 months to 31 May 2023 Unaudited |
Year ended 30 November 2022 Audited |
6 months to 31 May 2022 Unaudited |
|||
| £ | £ | £ | |||
| Assets | |||||
| Non-current assets | |||||
| Investments | 14,700 | 264,700 | 319,700 | ||
| 264,700 | 319,700 | ||||
| Current assets | |||||
| Investments | 2,032,051 | 2,221,952 | 380,896 | ||
| Trade and other receivables | 6,867 | 9,780 | 228,377 | ||
| Cash and cash equivalents | 1,168,956 | 1,230,961 | 1,908,336 | ||
| 3,207,874 | 3,462,693 | 2,517,609 | |||
| Total assets | 3,222,574 | 3,727,393 | 2,837,309 | ||
| Current liabilities | |||||
| Trade and other payables | (35,575) | (32,084) | (62,399) | ||
| (35,575) | (32,084) | (62,399) | |||
| Deferred tax liability | (235,616) | (235,616) | - | ||
| Net current assets | 2,936,683 | 3,194,993 | 2,455,210 | ||
| Net assets | 2,951,383 | 3,459,693 | 2,774,910 | ||
| Capital and reserves | |||||
| Share capital | 1,228,309 | 1,228,309 | 1,228,309 | ||
| Share premium | 4,705,050 | 4,705,050 | 4,705,050 | ||
| Other reserves | 29,753 | 29,753 | 29,753 | ||
| Retained earnings | (3,011,729) | (2,503,419) | (3,188,202) | ||
| Total equity | 2,951,383 | 3,459,693 | 2,774,910 |
Statement of Changes in Equity for the 6 months ended 31 May 2023
| Share | Share | Other | Profit | Total | |||
| capital | premium | reserves | and loss | ||||
| reserve | |||||||
| £ | £ | £ | £ | £ | |||
| As at 1 December 2021 | 1,228,309 | 4,705,050 | 29,753 | (2,840,169) | 3,122,943 | ||
| Loss for the period | - | - | - | (348,033) | (348,033) | ||
| Total comprehensive income | - | - | - | (348,033) | (348,033) | ||
| Balance at 31 May 2022 | 1,228,309 | 4,705,050 | 29,753 | (3,188,202) | 2,774,910 | ||
| As at 1 December 2021 | 1,228,309 | 4,705,050 | 29,753 | (2,840,169) | 3,122,943 | ||
| Profit for the year | - | - | - | 336,750 | 336,750 | ||
| Total comprehensive income | - | - | - | 336,750 | 336,750 | ||
| Balance at 30 November 2022 | 1,228,309 | 4,705,050 | 29,753 | (2,503,419) | 3,459,693 | ||
| Profit for the period | - | - | - | (508,310) | (508,310) | ||
| Total comprehensive income | - | - | - | (508,310) | (508,310) | ||
| Balance at 31 May 2023 | 1,228,309 | 4,705,050 | 29,753 | (3,011,729) | 2,951,383 | ||