Oscillate PLC Progresses Acquisition with Quantum Hydrogen Inc.
Key Ideas
- Oscillate PLC announces progress in the proposed acquisition with Quantum Hydrogen Inc. from the previous announcement in July 2024.
- The Company plans to execute binding commitments in the upcoming weeks and will call for a general meeting in September for shareholder votes.
- Regulatory approval, including a waiver from Rule 9 of the Takeover Code, is still required for the acquisition to proceed.
- The Executive Director expresses confidence in the acquisition, highlighting the shift towards natural hydrogen gases for future energy decarbonization.
Oscillate PLC provided an update on its agreement with Quantum Hydrogen Inc., indicating positive progress towards the proposed acquisition. The Company anticipates finalizing binding commitments in the near future and scheduling a general meeting in September to seek shareholder approval. Regulatory clearance, specifically a waiver from Rule 9 of the Takeover Code, is essential for the acquisition to move forward. Executive Director Steve Xerri expressed optimism regarding the acquisition, emphasizing the strategic importance of incorporating natural hydrogen gases in the Company's portfolio to contribute to global energy decarbonization efforts. Xerri acknowledged the extended timeline for completion but assured stakeholders of the rigorous approach taken to ensure the transaction's success. The Company remains focused on effective communication and timely deal closure to prioritize shareholder interests and navigate the evolving energy market landscape.