Interim Results to 30 June 2024 and Investee: Oscillate Plc posting of circular to approve acquisition

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: [phone]

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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