Interim Results to 30 June 2024 and Investee: Oscillate Plc posting of circular to approve acquisition
24/09/2024 07:00
THE DIRECTORS OF IGRAINE PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/2014 OF
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT
FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018. BY PUBLICATION OF THIS ANNOUNCEMENT, THE INFORMATION SET OUT WITHIN
IT IS DEEMED NOW TO BE IN THE PUBLIC DOMAIN.
24 SEPTEMBER 2024
Igraine Plc
(“Igraine” or “the Company”)
Interim Results for the Half-Year to 30 June 2024
Investee company update: Oscillate Plc posting of circular to approve
acquisition
Igraine plc, Directors Statement,
Igraine Plc, the investment issuer focused on opportunities within the life
sciences and breakthrough technologies is pleased to announce its unaudited
interim results for the six-month period ended 30 June 2024.
Despite a challenging global economic landscape, the Company has made notable
progress in its key investments and continues to explore a range of
opportunities that align with its strategic objectives.
The economic environment has presented its share of challenges, but the Board
remains optimistic about the future. The Company’s investments are showing
encouraging signs of development, and we are particularly excited about the
milestones achieved within our existing portfolio.
Fixit
One of our most promising investments, Fixit, has continued to advance
towards the commercialisation of its Cingo® medical device. Since Igraine's
investment in February 2023, Fixit, in collaboration with MDM Management Ltd,
has successfully developed and refined the device, paving the way for
cost-efficient mass production. In addition, Fixit Medical Ltd was recently
successfully in securing a £270,000 grant from Innovate UK, after months of
due diligence, demonstrates the innovative nature of the device along with the
progressive management team. This growth capital grant is non-dilutive for
existing shareholders.
Oscillate
Oscillate Plc, another of Igraine’s key investments, has made significant
strides. Oscillate Plc announced on Friday 20 September 2024, the posting of a
general meeting circular to its shareholder in order to, inter alia, approve
the acquisition of Quantum Hydrogen, Inc., and has conditionally raised
£500,000. Quantum Hydrogen is a Texas-based corporation with rights to
explore over 60,000 acres in Minnesota. This region, with its rich mining
heritage, presents exciting possibilities for the extraction of hydrogen
gases, a venture the Board believes holds substantial potential.
Igraine continues to hold 21,475,000 ordinary shares, representing 10.20% of
the current issued share capital of Oscillate.
Looking ahead, the Board is actively evaluating several new opportunities and
transactions. We remain committed to delivering long-term value for
shareholders and will continue to provide updates as these developments unfold
in the coming months.
The interim financial report has not been reviewed by the Company’s
auditors.
On behalf of the Board
Steve Winfield
Executive Director
INTERIM INCOME STATEMENT (UNAUDITED)
For the period ended 30 June 2024
THE DIRECTORS OF THE COMPANY TAKE RESPONSIBILITY FOR THE CONTENTS OF THIS
ANNOUNCEMENT.
Enquiries
Company:
Stephen Winfield (Executive Director)
Simon Grant-Rennick (Non-Executive Director)
Aquis Growth Market Corporate Adviser
Peterhouse Capital Limited
Tel: +44 (0) 207 469 0930
INTERIM INCOME STATEMENT (UNAUDITED)
For the period ended 30 June 2024
Igraine plc
6 mths to 6 mths to
30 June 30 June
2024 2023
£ GBP £ GBP
Revenue - -
Cost of Sales - -
Gross Profit/(Loss) - -
Other Operating Income - -
Gain/(Loss) on revaluation of investments 37,581 (43,049)
Administrative Expenses (105,374) (82,020)
Loss before Investment Activities (67,793) (125,069)
Interest income 391 2,479
Loss before Amortisation of Preference Shares (67,402) (122,590)
Loss before Taxation (67,402) (122,590)
Taxation Expense - -
Total Loss attributable to Equity Holders of the Company (67,402) (122,590)
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
As at 30 June 2024
Igraine plc
As at As at As at
30 June 31 Dec 30 June
2024 2023 2023
£ GBP £ GBP £ GBP
Assets
Non-current assets
Property, plant and equipment 423 - -
Investments 234,219 196,638 818,013
234,642 196,638 818,013
Current assets
Trade and other receivables 52,519 107,532 118,625
Cash and cash equivalents 84,191 118,843 226,174
136,710 226,375 344,799
Total assets 371,352 423,013 1,162,812
Equity and liabilities
Equity
Issued share capital 588,785 588,785 588,785
Share Premium 1,946,995 1,946,995 1,946,995
Other reserves 46,116 46,116 46,116
Retained earnings (2,444,785) (2,377,382) (1,640,657)
137,111 204,514 941,239
Non current liabilities
Loans and borrowings 14,806 19,907 24,946
Current liabilities
Trade and other payables 219,435 198,592 196,627
Total liabilities 234,241 218,499 221,573
Total equity and liabilities 371,352 423,013 1,162,812
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