Client NewsLift Global Ventures Plc: Half Year Results
The Directors of Lift Global Ventures Plc (AQSE:LFT) are pleased to announce its half year results for the six-month period ended 31 December 2022.
It is with pleasure that I take this opportunity to update shareholders of Lift Global Ventures Plc (the “Company” or “Group”) on the Group’s performance during the final six months of 2022.
Update on Investment Strategy
Investment in Miriad Limited (“Miriad”)
On 5 September 2022, we were pleased to announce the acquisition of the entire issued share capital of Miriad Limited (“Miriad”), a financial PR and IR consulting company run by well-known stock market commentator and current Director, Zak Mir. Miriad provides a bespoke, personalised PR and IR service to small- and mid-cap entities in the UK and access to Zak’s deep market insights, vast industry connections and significant social media following.
Miriad is the home of Zak’s Traders Café, which is arguably the one stop shop for technical, fundamental and sentiment analysis from the moment the markets open. Zak’s Traders Café has over 23,000 twitter followers.
Zak has worked in the financial markets for over 30 years, initially as a derivatives broker in the 90s, and later as one of the UK’s leading stock market commentators. He was a pioneer of technical analysis in the UK, covering major markets down to small caps. In recent years, Zak has specialised in providing detailed insights to retail and institutional investors on small cap companies, while assisting quoted companies in getting their message out to these investors.
Zak has written for numerous investment publications including Shares Magazine, Investors’ Chronicle, Yahoo! Finance, and Spectator Money, while appearing as a guest stock market commentator on CNBC and Bloomberg. He is a member of the National Union of Journalists.
The Company continues to invest in Miriad which has recently won new clients as it looks to ramp up this side of the business supporting junior listed, and private companies, especially in difficult financial markets.
Investment in IAMFIRE
In July 2022 the Company also made a small investment in IAMFIRE Plc, an investment issuer listed on the AQSE Market Growth Exchange with an investment strategy focused on the identification of opportunities in social commerce, life sciences & natural resources, at a cost of £49,052.
Investment in Trans-Africa Energy Limited (“TAE”)
As announced on 9 December 2022, the Board proposed to broaden the investment acquisition strategy of the Company to include energy infrastructure and strengthen the Board with the requisite skills to pursue this. The Board was pleased to announce, on 31 January 2023, that the Company had subscribed for £750,000 of unsecured convertible loan notes (“Loan Notes”) in TAE, a UK private company focussing on the development, financing, construction and operation of energy infrastructure projects located primarily in Sub-Saharan Africa. The subscription was the Company’s first investment in furtherance of its expanded Investment Strategy – investment in the robust energy infrastructure sector and enabling a lower carbon economy.
TAE has entered into a Joint Development Agreement (“JDA”) with Ghana National Gas Company Ltd. which grants it a majority and managing stake in the design, construction, management and operation of four onshore Ghana related infrastructure projects for the processing and transporting of natural gas.
The projects are:
1. The Takoradi to Tema Pipeline (“TTP”);
2. The Ghana to Côte d’Ivoire Pipeline;
3. The addition of new infrastructure (e.g., gas processing facilities) associated with the pipelines; and
4. The Prestea to Kumasi Pipeline.
The TTP is the first of the projects and the most advanced with TAE expecting that financial close to be in H2 2023. The TTP will be a buried onshore natural gas pipeline running from Takoradi (Aboadze) to Tema (on the eastern side of Accra).
The proceeds received by TAE pursuant to the Loan Notes will be used for the first project including Front End Engineering Design, route surveys, environmental and social impact studies, and general working capital requirements.
TAE has the ability to issue Loan Notes up to an aggregate amount of £8,000,000 and can redeem the Loan Notes within a period of 18 months from the date on which they have been issued. Further details on the terms of the Loan Notes have been detailed in the Company’s announcement of 31 January 2023.
Changes to the Board of Directors
In December 2022, the Company welcomed two new Non-Executive Directors, Mr. Roy Kelly as Chairman and Mr. Sandy Barblett to its Board of Directors.
Roy and Sandy bring extensive knowledge and expertise in completing transactions in the energy sector, as well as considerable experience working with public companies, and will help the Company to identify opportunities within its investment acquisition strategy.
In December 2022, the Company also announced the resignation of Mr. Paul Gazzard and Mr. Tim Daniel.
As at 31 December 2022, the Group had cash reserves of £1,199,316, compared to £1,322,305 as at 30 June 2022. The cash balance arose from the Company raising £1,726,300 (before expenses) in April 2022 upon admission to the AQSE Growth Market (“Admission”). The Group remains debt free.
The Group reports revenue of £149,875 for the 6-month period to 31 December 2022 derived from the activities of Miriad.
Administration expenses for the 6-months to 31 December 2022 totalled £356,309 (30 June 2022: £286,280). Included in this was administration expenses of Directors’ fees of £146,392 and a settlement payment to the departing board members of £62,800. The Group also incurred costs of £188,298 for the year to 30 June 2022 in connection with Admission.
On behalf of the Board, I thank you for your continued support and look forward to continuing to build on the Company’s portfolio in the energy sector and working with TAE as it rolls out its proposed projects. We are also committed to continuing to build Miriad. We shall continue to update shareholders on our investments.
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