Brief: Lift Global Ventures to buy Zak Mir's financial PR and consultancy firm Miriad
08/08/2022 07:20
Aug 8 (Reuters) - Lift Global Ventures PLC LFT.NXX :
* LIFT GLOBAL VENTURES - PROPOSED ACQUISITION OF MIRIAD
LIMITED
* LIFT GLOBAL VENTURES PLC (AQSE:LFT), AN ENTERPRISE COMPANY
FORMED TO IDENTIFY INVESTMENT AND ACQUISITION OPPORTUNITIES
WITHIN THE FINANCIAL MEDIA AND RELATED TECHNOLOGY INDUSTRIES, IS
PLEASED TO ANNOUNCE THAT IT HAS ENTERED INTO
A SHARE PURCHASE AGREEMENT TO CONDITIONALLY ACQUIRE THE ENTIRE
ISSUED SHARE CAPITAL OF MIRIAD LIMITED, A FINANCIAL PR AND IR
CONSULTING COMPANY RUN BY STOCK MARKET COMMENTATOR AND CURRENT
DIRECTOR, ZAK MIR
* FOR THE YEAR ENDED 30 JUNE 2022, MIRIAD REPORTED REVENUE
OF
340,684 POUNDS AND AN OPERATING PROFIT OF 265,098 POUNDS.
* BASED ON THE ANNUALISED AMOUNT OF CURRENT CLIENT
RETAINERS,
CURRENT REVENUE CAN BE MEASURED SLIGHTLY HIGHER AT 420,000
POUNDS (SPREAD ACROSS 26 COMPANIES).
* THE CONSIDERATION FOR THE TRANSACTION IS 366,667 POUNDS,
WHICH
IS TO BE SATISFIED BY: (A) A CASH PAYMENT OF 200,000 POUNDS; AND
(B) THE ISSUE AND ALLOTMENT OF 4,166,666 ORDINARY SHARES IN THE
COMPANY
* THE CONSIDERATION SHARES ISSUED TO THE SHAREHOLDERS OF
MIRIAD,
BEING MR MIR AND HIS SPOUSE (THE "SELLERS"), WILL BE SUBJECT TO
A LOCK-IN RESTRICTION ON DISPOSALS FOR A PERIOD OF 12 MONTHS
FROM COMPLETION OF THE ACQUISITION ("LOCK-IN").
Source text for Eikon: ID:nRSH1707Va
Further company coverage: LFT.NXX
(Reporting By Pamela Barbaglia)
((pamela.barbaglia@thomsonreuters.com; ;))