TIDMLFT
RNS Number : 0482U
Lift Global Ventures PLC
21 November 2023
21 November 2023
Lift Global Ventures Plc
("Lift" or the "Company")
Final Audited Results to 30 June 2022
And
Notice of AGM
Lift Global Ventures Plc (AQSE:LFT), an investment company
focused on financial media, technology and the energy sector, is
pleased to announce its Final Audited Results to 30 June 2023 (the
"Results").
Highlights
-- The Company acquired Miriad Limited ("Miraid"), a successful
financial PR and IR consulting company, for a consideration of
GBP366,667.
-- Miriad launched the 'Zaks Traders Cafe' online channel, an
extension of the 'Zaks Traders Cafe' social media hub with an
audience of over 24,000.
-- The Company subscribed for GBP750,000 of convertible loan
notes in Trans Africa Energy Ltd, a company focused on the
development, financing, construction and operation of energy
infrastructure projects located in Sub-Saharan Africa.
Notice of Annual General Meeting ('AGM')
The Company is also pleased to announce that its AGM will be
held on 20 December 2023 at 11am (GMT) at the offices of its
Company Secretary at 6 Heddon Street, London, W1B 4BT .
Copies of the Notice of AGM, together with the Form of Proxy and
the Company's annual report and accounts to 30 June 2023, have been
posted to shareholders today and will be available to view on the
Company's website: www.liftgv.com .
The Directors of the Company accept responsibility for the
contents of this announcement.
- Ends -
Enquiries:
Lift Global Ventures Plc
Zak Mir, CEO +44 (0)203 745 1865
--------------------
Optiva Securities (AQSE Corporate
Adviser)
--------------------
Christian Dennis
Daniel Ingram +44 (0)203 411 1881
--------------------
For more information please visit: www.liftgv.com
Chairman's Statement
Since the Company's successful admission to the AQSE Growth
Market ("AQSE") in April of last year, the Company has gone on to
complete three exciting investments under its investment
strategy.
Miriad Limited ("Miriad")
This started with the acquisition of Miriad, a financial PR and
IR consulting company run by well-known stock market commentator
and the Company's CEO, Saqib "Zak" Mir in September 2022. Since the
acquisition, Miriad has generated turnover of GBP484,043 and an
annual net positive cash inflow of GBP91,164 and importantly
continues to work with leading companies who want to promote their
story to the London financial community.
In May 2023, we were pleased to announce that Miriad had
launched the 'Zaks Traders Cafe' online channel, an extension of
the 'Zaks Traders Cafe' social media hub with an audience of over
24,000. The website provides clients with access to deep market
insights, industry connections and significant investor audience
who can access premium news content for free, offering a one stop
shop professional solution to its clients and investors.
The launch represented a disruptive event for the sector, ending
the need for multiple retainers for partial or box-ticking
offerings.
I am pleased to report that Miriad has engaged 32 new clients
from the period since September 2022 to date, with many of these
following the launch of the new 'Zaks Traders Cafe' website.
Trans-Africa Energy Limited ("TAE")
In accordance with the Company's expanded investment strategy,
in January 2023, we were delighted to announce that the Company had
subscribed for GBP750,000 of unsecured convertible loan notes in
TAE, a UK private company focused on the development, financing,
construction and operation of energy infrastructure projects
located primarily in Sub-Saharan Africa. TAE will use the funding
raised to advance the pre-project phase of infrastructure projects
onshore in Ghana, related to the processing and transportation of
natural gas, of which the Takoradi to Tema Pipeline ("TTP") project
is the first and most advanced.
TAE has commenced various tasks of the pre-project phase of the
TTP project in the first half of 2023, including front-end
engineering design, and geotechnical field studies in which no
severe risks were identified that would affect the TTP route.
Information harvested from the field surveys will now be used in
the Front-End Engineering Design studies, Environmental Social
Impact Assessments and Land Acquisition processes.
It is well documented that energy demand on the African
continent threatens to outstrip supply. Africa is home to one of
the world's fastest growing and youngest populations:
one--in--three people born today is African1 . Three of the
top--ten economies with the fastest rates of economic growth are in
Africa. Access to clean, secure and affordable modern energy
services has not kept pace with the continent's expanding needs.
Africa is home to nearly 18% of the world population, yet accounts
for less than 6% of global energy use. Africa thus faces enormous
challenges to build the infrastructure required to meet projected
energy needs, while also transforming the energy system to address
climate and other environmental goals.
The next step for African oil and gas producing countries is
investing in infrastructure and the Projects such as those TAE is
investing in aim to alleviate energy poverty, ensure energy
security and strengthen regional energy access.
All Active Asset Capital Limited ("AAA")
Since the period end, the Company made an investment of
GBP50,000 into All Active Asset Capital Limited which is a private
UK company investing in the global technology, software and
Artificial Intelligence ("AI") space. AAA owns 25% of Sentiance
N.V., whose technology provides motion- and mobility-related AI
solutions to blue chip companies such as Uber, Absa, Verisure, DBS
Bank, Microsoft and Delivery Hero, among others.
Strategy and Outlook
The Company expanded its investment strategy in December 2022 to
enable it to explore further investment and acquisition
opportunities in the energy sector. This was designed to put the
Company in a position to target a wider pool of investment and
acquisition opportunities designed to create value for
Shareholders.
The expanded investment strategy has enabled the Company to take
advantage of the above-mentioned opportunities which presents an
enlarged opportunity set and an exciting future for the Group and
its shareholders.
The Company's acquisition of Miriad in particular is already
realising financial gains, allowing the Company to benefit from
positive cash inflows, which has been used to cover the working
capital requirement of the Company and is foreseen to sustain the
Group for the foreseeable future.
Further details of the Group's investment strategy are detailed
within the Strategic Report on page 5.
Governance and the Board
In December 2022, the Board welcomed two new Independent
Non-Executive Directors: Mr Roy Kelly and Mr Alexander Barblett.
Both of these new appointments will provide a wealth of knowledge
and expertise of completing transactions in the energy sector, as
well as considerable experience working with public companies.
Forward look
Whilst continuing to monitor closely its existing investments,
the Company will continue to pursue other investment opportunities
that fit its strategy. Miriad offers a unique and cost-effective
value-add IR / PR proposition and, against a backdrop of a gloomy
market and an investment malaise, we expect Miriad to continue to
grow, within resource constraints, and remain cash-generative. The
Company will keep running costs low as a strategic imperative,
exemplified by reduced third party costs this year.
We thank shareholders for their continued support.
Roy Kelly
Non-Executive Chairman
Consolidated and Company Statement Of Financial Position
As at 30 June 2023
Group Company
------------------------------ ------------------------ ----------------------------
Year ended Year ended Year ended Year ended
30 June 30 June 30 June 30 June 2022
2023 2022 2023 GBP
GBP GBP GBP
------------------------------ ----------- ----------- ------------ --------------
Non-Current Assets
Intangible assets 308,463 - - -
Investment in subsidiaries - - 368,507 -
Fair value through profit
and loss equity investments 34,873 - 29,104 -
Total non-current assets 343,336 - 397,611 -
Current Assets
Trade and other receivables 177,344 338,366 105,542 338,366
Cash and cash equivalents 272,603 1,322,305 111,114 1,322,305
Financial assets at fair
value through profit
and loss 750,000 - 750,000 -
Total current assets 1,199,947 1,660,671 966,656 1,660,671
------------------------------- ----------- ----------- ------------ --------------
Total Assets 1,543,283 1,660,671 1,364,267 1,660,671
------------------------------- ----------- ----------- ------------ --------------
Current Liabilities
Trade and other payables 93,215 64,235 33,464 64,235
Corporation Tax payable - - - -
------------------------------ ----------- ----------- ------------ --------------
Total Liabilities 93,215 64,235 33,464 64,235
------------------------------- ----------- ----------- ------------ --------------
Net Assets 1,450,068 1,596,436 1,330,803 1,596,436
------------------------------- ----------- ----------- ------------ --------------
Equity attributable
to owners of the Parent
Share capital 957,100 915,433 957,100 915,433
Share premium 1,225,507 1,097,757 1,225,507 1,097,757
Other reserves 181,540 57,824 181,540 57,824
Retained earnings (914,079) (474,578) (1,033,344) (474,578)
------------------------------- ----------- ----------- ------------ --------------
Total Equity 1,450,068 1,596,436 1,330,803 1,596,436
------------------------------- ----------- ----------- ------------ --------------
Consolidated Statement Of Comprehensive Income
For The Period Ended 30 June 2023
Continuing Operations For the year For the period
ended 30 June ended 30 June
2023 2022
GBP GBP
--------------------------------------- --------------- ---------------
Revenue 484,043 -
Gross Profit 484,043 -
Administration expenses (912,884) (286,280)
Listing fees - legal and professional
services - (188,298)
Operating Loss (428,841) (474,578)
---------------------------------------- --------------- ---------------
Loss before Taxation (428,841) (474,578)
---------------------------------------- --------------- ---------------
Corporation tax (10,660) -
--------------------------------------- --------------- ---------------
Loss for the year from continuing
operations (439,501) (474,578)
---------------------------------------- --------------- ---------------
Loss attributable to:
owners of the Parent (439,501) (474,578)
---------------------------------------- --------------- ---------------
Earnings per share (pence) - Basic
& Diluted (0.46) (1.48)
---------------------------------------- --------------- ---------------
Consolidated statement Of Changes in Equity
As at 30 June 2023
Attributable to Equity Shareholders
- Group
-------------------------------------------------------------------
Share Share Other Retained Total
capital premium reserves earnings equity
GBP GBP GBP GBP GBP
------------------------------ ---- ----------- ---------- ---------- ---------- ----------
On incorporation 50,000 - - - 50,000
------------------------------------ ----------- ---------- ---------- ---------- ----------
Loss for the period - - - (474,578) (474,578)
------------------------------------ ----------- ---------- ---------- ---------- ----------
Total comprehensive income
for the period - - - (474,578) (474,578)
------------------------------------ ----------- ---------- ---------- ---------- ----------
Transactions with owners
Issue of ordinary shares 865,433 1,150,867 - - 2,016,300
Cost of capital - (53,110) - - (53,110)
Options and warrants granted - - 57,824 - 57,824
Total transactions with
owners 865,433 1,097,757 57,824 - 2,021,014
------------------------------------ ----------- ---------- ---------- ---------- ----------
As at 30 June 2022 915,433 1,097,757 57,824 (474,578) 1,596,436
------------------------------------ ----------- ---------- ---------- ---------- ----------
As at 1 July 2022 915,433 1,097,757 57,824 (474,578) 1,596,436
------------------------------- -------- ---------- -------- ---------- ----------
Loss for the year - - - (439,501) (439,501)
------------------------------- -------- ---------- -------- ---------- ----------
Total comprehensive income
for the year - - - (439,501) (439,501)
------------------------------- -------- ---------- -------- ---------- ----------
Transactions with owners
Issue of ordinary shares 41,667 125,000 - - 166,667
Cost of capital - 2,750 - - 2,750
Options and warrants granted - - 123,716 - 123,716
------------------------------- -------- ---------- -------- ---------- ----------
Total transactions with
owners 41,667 127,750 123,716 - 293,133
------------------------------- -------- ---------- -------- ---------- ----------
As at 30 June 2023 957,100 1,225,507 181,540 (914,079) 1,450,068
------------------------------- -------- ---------- -------- ---------- ----------
Company Statement Of Changes In Equity
As at 30 June 2023
Attributable to Equity Shareholders -
Company
-------------------------------------------------------------
Share Share Other Retained Total
capital premium reserves earnings equity
GBP GBP GBP GBP GBP
--------------------------- --------- ---------- ---------- ------------ ----------
On incorporation 50,000 - - - 50,000
---------------------------- --------- ---------- ---------- ------------ ----------
Loss for the period - - - (474,578) (474,578)
---------------------------- --------- ---------- ---------- ------------ ----------
Total Loss for the period - - - (474,578) (474,578)
---------------------------- --------- ---------- ---------- ------------ ----------
Transactions with owners
Issue of ordinary shares 865,433 1,150,867 - - 2,016,300
Cost of capital - (53,110) - - (53,110)
Options and warrants
granted - - 57,824 - 57,824
Total transactions with
owners 865,433 1,097,757 57,824 - 2,021,014
---------------------------- --------- ---------- ---------- ------------ ----------
As at 30 June 2022 915,433 1,097,757 57,824 (474,578) 1,596,436
---------------------------- --------- ---------- ---------- ------------ ----------
As at 1 July 2022 915,433 1,097,757 57,824 (474,578) 1,596,436
---------------------------- --------- ---------- ---------- ------------ ----------
Loss for the year - - - (558,766) (558,766)
---------------------------- --------- ---------- ---------- ------------ ----------
Other comprehensive
income
--------------------------- --------- ---------- ---------- ------------ ----------
Exchange differences - - - - -
on translating foreign
operations
--------------------------- --------- ---------- ---------- ------------ ----------
Total comprehensive
income for the year - - - (558,766) (558,766)
---------------------------- --------- ---------- ---------- ------------ ----------
Transactions with owners
Issue of ordinary shares 41,667 125,000 - - 166,667
Cost of capital refund - 2,750 - - 2,750
Options and warrants
vested - - 123,716 - 123,716
---------------------------- --------- ---------- ---------- ------------ ----------
Total transactions with
owners 41,667 127,750 123,716 - 293,133
---------------------------- --------- ---------- ---------- ------------ ----------
As at 30 June 2023 957,100 1,225,507 181,540 (1,033,344) 1,330,803
---------------------------- --------- ---------- ---------- ------------ ----------
Consolidated and Company Statement Of Cash Flows
As at 30 June 2023
Group Company
-------------------------------- ------------------------- -------------------------
Year ended Year ended Year ended Year ended
30 June 30 June 30 June 30 June
2023 2022 2023 2022
-------------------------------- ------------ ----------- ------------ -----------
Cash flows from operating
activities
Loss after taxation (439,501) (474,578) (558,766) (474,578)
Adjustments for:
Impairment of receivables 97,833 - - -
Expected credit loss provision 133,400 - - -
Income tax expense 10,660 - - -
Fair value loss on revaluation
of equity investments 35,012 - 19,948 -
Depreciation & amortisation 233 - - -
Share based payments 123,716 43,664 123,716 43,664
Decrease/(Increase) in
trade and other receivables (33,745) (338,366) 236,439 (338,366)
Increase/(decrease) in
trade and other payables 21,535 64,235 (34,386) 64,235
Income tax paid (61,028) - - -
Net cash used in operating
activities (111,885) (705,045) (213,049) (705,045)
--------------------------------- ------------ ----------- ------------ -----------
Cash flows from investing
activities
Cash paid for acquisitions,
inclusive of acquisition
costs (201,840) - (201,840) -
Purchase of intangible (10,000) - - -
assets
Cash acquired through 70,325 - - -
business combinations
Cash paid for investments (49,052) - (49,052) -
Convertible loan notes
purchased (750,000) - (750,000) -
Net cash used in investing
activities (940,567) - (1,000,892) -
--------------------------------- ------------ ----------- ------------ -----------
Cash flows from financing
activities
Net proceeds from issue
of shares - 2,027,350 - 2,027,350
Cost of capital - refund 2,750 - 2,750 -
Net cash generated from
financing activities 2,750 2,027,350 2,750 2,027,350
--------------------------------- ------------ ----------- ------------ -----------
Net increase in cash and
cash equivalents (1,049,702) 1,322,305 (1,211,191) 1,322,305
Cash and cash equivalents
at beginning of year 1,322,305 - 1,322,305 -
Cash and cash equivalents
at end of year 272,603 1,322,305 111,114 1,322,305
--------------------------------- ------------ ----------- ------------ -----------
Non- Cash Investing and Financing Activities
Year ended 30 June 2023 - 4,166,666 new Ordinary Shares were issued
at a price of GBP0.04 per share as partial consideration for the
acquisition of Miriad Limited, totalling GBP166,667.
Year ended 30 June - 3,846,153 Ordinary Shares were issued to Miriad
Limited in lieu of services provided, totalling GBP20,833.
-Ends-
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