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
[e-mail]
https://oscillateplc.com

Corporate Advisor

Peterhouse Capital Limited
Guy Miller & Heena Karani
Telephone: [phone]

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

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