Business
Audited Final Results to 30 November 2022
Audited Final Results to 30 November 2022.
About this update from Oscillate Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n\n31 May 2023\n\nOscillate plc\n\n(“Oscillate” or the “Company”)\n\nAudited Final Results to 30 November 2022\n\nChairman’s Statement\n\nDear Shareholders,\n\nI am pleased to report on the Company’s results for the year to 30 November 2022 and the recent developments in the investment portfolio.\n\nThe Directors have been successful in their efforts to minimise the operating costs of Company, since joining the Board. We are committed to the majority of the Company’s funds being used to enhance shareholder value. The Company’s cash position at the end of the period, following investments in Psych Capital and Dev Clever, was £1,230,961 compared with £2,062,844 in the previous year. Generally, the performance of the Company’s existing investments has not been as the Company had expected, but the Board believes that the poor market conditions in the UK have significantly affected the kind of small cap investments that the Company holds. We are, however, pleased with the exceptional performance in Psych Capital, a Company in which Oscillate made its initial investment in October 2021. In June 2022, the Company invested a further £350,000 in Psych Capital and Psych Capital listed on the AQSE Exchange, at a significantly increased value per share to our initial total investment, resulting in a profit before tax for the Company of £572,366 (2021: (£386,318)).\n\nOn 15 July 2022, Narisha Ragoonanthun stepped down as a Director of the Company and the Company appreciates all of her efforts whilst on the Board. On 13 October 2022 the Company welcomed Stephen Winfield to the Board. Stephen has track record of building, financing and selling various products and businesses from the ground up and we welcome his experience to the Board.\n\nFollowing the period end, the Company signed a conditional Heads of Term Agreement to acquire Hi55 Ventures Limited a UK FinTech platform created to help companies unlock payroll and pay employees flexibly. Although the Board was excited about the prospect of delivering a reverse takeover transaction which would potentially multiply the value of the Company’s assets to the benefit of shareholders, our due diligence process highlighted what we believed to be fundamental reasons why it was not in the best interests of the Company to proceed with the transaction. As a result, the proposed trans...