Oscillate Plc - Directors opt for Shares in Lieu of Cash Salaries
Latest stock market news: 29.11.2023 / 7:00am
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
("Oscillate" or the "Company")
DIRECTORS OPT FOR SHARES IN LIEU OF CASH SALARIES
Oscillate Plc announces that from January 1st, 2024, the salaries paid to all Company directors will be paid in Ordinary Shares of the Company in lieu of cash. Payment in Ordinary Shares will be determined at the prevailing mid-price of the Company's Ordinary Shares, on the close of business prior to the date of the issue of Ordinary Shares and at the point where the Company has made a meaningful transaction or transition and feels that remuneration for the hard work completed is appropriate.
Steve Xerri, executive director of the Company, commented: "The freeze in wages for myself and the board will enable our shareholders to understand the spirit of our intentions, I intend to drive this process through all of our undertakings and continue to refine our financial standing. To be able to freeze these monthly and annual costs puts a line in the sand, it enables us to significantly reduce our corporate costs and also it will allow our shareholders more accuracy to determine our financial standing.
Aligning any remuneration at the point of executing what our shareholders want demonstrates and makes the future clear for all parties.
Moreover, our cash level along with our shareholders are king, we are marked in our PLC status by the amount of cash we hold, and this increases our level of attraction to potential RTO prospects and other special situations. The higher levels of cash and resilience we have, means that we are able to transact at various price levels. I look forward to updating shareholders and the wider market further with progress."
The Directors of the Company accept responsibility for the contents of this announcement.
Peterhouse Capital Limited
Guy Miller & Heena Karani
Telephone: +44 (0) 20 7220 9796
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