Oscillate Plc - Result of AGM and Trading Update
PR Newswire
London, August 8
Oscillate plc
("Oscillate plc" or the "Company")
Result of AGM
Trading Update
Oscillate PLC (AQSE: MUSH) is pleased to announce that at the AGM held earlier today, all resolutions were duly passed.
The Company would like to give an update on its significant holdings for the time period since the publication of the annual report of 14 June 2022.
Psych Capital PLC ("Psych Capital")
On 20 August 2021, the Company announced its initial pre-IPO investment in Psych Capital. On 9 June 2022, Psych Capital successfully listed its shares to trading on the AQSE Growth Market. Since listing, its portfolio company Awakn Life Sciences ("Awakn") received grant funding from the National Institute for Health and Care Research (NIHR), a UK government agency which will fund 66% of the costs of Awakn's Phase III clinical trial exploring the use of ketamine-assisted therapy for the treatment of Alcohol Use Disorder. The Company currently holds 46,668,622 (16.10%) shares in Psych Capital, with a value of £2.57million, based on the closing mid-price of Pysch Capital's shares on 5 August 2022 of 5.5 pence per share. The Company invested a total of £650,000 between August 2021 and June 2022.
Igraine Plc
On 18 July 2022, Igraine plc published its audited account and announced that it had streamlined its board which now consists of Simon Grant-Rennick and Stephen Winfield. Oscillate holds 21,312,460 ordinary shares in Igraine with a value of £266,000, based on the closing mid-price of Igraine shares on 5 August 2022 of 1.25 pence per share.
DEV Clever Holdings PLC ("DEV Clever")
As announced on 19 July 2022, Dev Clever is currently working with its professional advisers towards the publication of a prospectus to enable the reverse takeover transaction to complete and the cancellation and re-admission of Dev Clever's shares to the London Stock Exchange. Dev Clever is also finalising its account for the year ended 31 October 2021 and anticipates that these will be published in August 2022. The Company holds 2.5 million warrants exercisable into Dev Clever shares at a price of 1 penny per share.
In addition to the above holdings, the Company has a strong cash position of approximately £1.2million. It continues to seek attractive investment opportunities to maximise shareholder value.
--ENDS-
The directors of the Company accept responsibility for the contents of this announcement.
Enquiries
Company:
Fungai Ndoro
Tel: +44 (0) 20 3745 0281
https://oscillateplc.com
Corporate Adviser:
Peterhouse Capital Limited
Guy Miller & Mark Anwyl
Telephone: +44 (0) 20 7220 9796
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).
