Business
Update, Suspension Lifting, Continuation Reso...
Update, Suspension Lifting, Continuation Reso....
About this update from Serval Resources Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n\n22 May 2023\n\nOscillate plc\n\n(“Oscillate” or the “Company”)\n\n Corporate and Portfolio Update\n\nReturn from Suspension\n\nContinuation Resolution\n\nFurther to the announcement of 23 March 2023, the Board of Oscillate has considered a number of options for the future of the Company. It has been the absolute and overarching strategic priority of the Board to preserve Oscillate’s cash balances whilst it evaluated investment and RTO opportunities, such as the Hi55 Ventures acquisition, which the Company abandoned in March 2023. The Company advises that the current share suspension will be lifted at the opening of market trading, at 8.00 a.m. today.\n\nAgainst this background, the Board intends to provide Shareholders with the option to decide on the immediate future of the Company at the Company’s next AGM. The AGM Circular will include an ordinary resolution, proposing that the Company should:\n\n“Continue to seek a suitable reverse takeover (“RTO”) target over the next 12 months (the “Continuity Resolution”).”\n\nShould this Continuation Resolution not be passed by Shareholders, it is proposed that the Company undertake as soon as practically possible thereafter, a pro-rata return to Shareholders of all of the Company’s cash and investment holdings (the “Distribution”).\n\nTHE DISTRUBUTION\n\nShould Shareholders not vote in favour of the Continuation Resolution, it is proposed that the Board will immediately commence the Distribution process. This process will be undertaken in the most expeditious, tax-efficient and cost-effective way as possible, mindful of the absolute requirement to maximise overall returns to Shareholders. Whilst the Board will obviously consult the Company’s professional advisers in determining the most appropriate manner of distribution, it is currently envisaged that such a process may entail the winding up of the Company and the simultaneous return of the entirety of Oscillate’s net assets to Shareholders, on a future record date to be proposed in an additional and separate circular to Shareholders.\n\nSince the Company raised £3.5m in April 2021, it has made a number of investments. As at today’s date, the Company’s unaudited investments, inter alia consist of:\n\n\nCash of approximately £1,17m.\n\n46,843,622 ordinary shares (16.15%) in Psych Capital Plc, AQSE Growth M...