Lift Global Ventures - Annual Report and Notice of AGM
10/11/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221110:nRSJ9162Fa&default-theme=true
RNS Number : 9162F Lift Global Ventures PLC 10 November 2022
10 November 2022
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 enterprise company formed to identify
investment and acquisition opportunities within the financial media and
related technology industries, is pleased to announce its Final Audited
Results to 30 June 2022 (the "Results").
Highlights
· The Company successfully completes its admission to the AQSE Growth
Market raising £1,726,300 (before expenses).
· The Company incurred a loss for the period of £474,578, largely
related to one-off costs in connection with the admission to AQSE.
Post-Period Highlights
· Shortly after the period end, the Company acquired Miriad
Limited, a successful financial PR and IR consulting company, for a
consideration of £366,667.
Notice of Annual General Meeting ('AGM')
The Company is also pleased to announce that its AGM will be held on 5
December 2022 at 1pm (GMT) at the offices of Hill Dickinson LLP at The
Broadgate Tower, 20 Primrose Street, London, EC2A 2EW.
Copies of the Notice of AGM, together with the Form of Proxy and the Company's
annual report and accounts to 30 June 2022, have been posted to shareholders
today and will be available to view on the Company's website: www.liftgv.com
(http://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
Tim Daniel, Executive Director
Optiva Securities (AQSE Corporate Adviser and Broker)
Christian Dennis +44 (0)203 411 1881
Daniel Ingram
For more information please visit: www.liftgv.com (http://www.liftgv.com/)
Chairman's Statement
The period ended 30 June 2022 saw the Company successfully complete its
admission to the AQSE Growth Market ("AQSE") on 29 April 2022. In connection
with the admission, the Company raised £1,726,300 (before expenses).
Including pre-IPO funds, the Company raised a total of £2,066,300 during the
period.
This milestone positioned the Company to begin executing its strategy as
detailed below.
Strategy & Outlook
The Company's investment strategy, as stated in its admission document
published on 25 April 2022, is to seek to operate as an enterprise company
seeking acquisition or investment opportunities within the financial media and
related technology industries. Within these broad industries, areas of focus
may include:
• Financial news websites and other forms of "new media"
• Investment research providers
• Financial PR, IR, design and marketing agencies
• Production studios and visual content providers
• Technology platforms which facilitate capital raising and/or lending
Indeed, the Company made its first acquisition soon after the end of the
period. Miriad Limited ("Miriad"), a successful financial PR and IR consulting
company run by well-known stock market commentator (and Company Director) Zak
Mir, was acquired on 5 September 2022 for a consideration of £366,667.
As stated in the Company's shareholder circular dated 8 August 2022, the
acquisition of Miriad helps to achieve the Directors' goal of covering Lift's
fixed costs and providing, not just stability during a time of market turmoil,
but an ideal platform from which to launch into the next phase of the
Company's growth strategy.
The Board looks forward to both growing the Miriad business and continuing to
seek complementary acquisition or investment opportunities which help to
cement the Company's central position in the small/mid-cap arena.
The Company's strategy is further detailed in the Strategic Report on Page 4.
Financial Summary
The Company incurred a loss for the period of £474,578. A significant part of
the Company's expenses during the period related to one-off costs in
connection with the admission to AQSE.
With the post-period end acquisition of Miriad, the Directors continue to
focus on not just preserving but growing the Company's assets.
The Board looks forward to providing further material updates to the market in
due course and thanks shareholders for their continued support.
Paul Gazzard
Non-Executive Chairman
Statement Of Financial Position
As at 30 June 2022
As at 30 June
2022
£
Current Assets
Trade and other receivables 338,366
Cash and cash equivalents 1,322,305
Total current assets 1,660,671
Total Assets 1,660,671
Current Liabilities
Trade and other payables 64,235
Total Liabilities 64,235
Net Assets 1,596,436
Equity attributable to owners of the Parent
Share capital 915,433
Share premium 1,097,757
Other reserves 57,824
Retained earnings (474,578)
Total Equity 1,596,436
Statement Of Comprehensive Income
For The Period Ended 30 June 2022
For the period ended 30 June 2022
£
Administration expenses (286,280)
Listing fees - legal and professional services (188,298)
Operating Loss (474,578)
Loss before Taxation (474,578)
Corporation tax -
Loss for the period (474,578)
Earnings per share (pence) - Basic & Diluted (1.48)
The Company has no Other Comprehensive Income as at 30 June 2022.
Statement Of Changes In Equity
As at 30 June 2022
Attributable to Equity Shareholders
Share capital Share premium Other reserves Retained earnings Total equity
£ £ £ £ £
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
Statement Of Cash Flows
As at 30 June 2022
As at 30 June 2022
£
Cash flows from operating activities
Loss after taxation (474,578)
Adjustments for:
Share based payments 43,664
Increase in trade and other receivables (338,366)
Increase in trade and other payables 64,235
Net cash used in operating activities (705,045)
Cash flows from financing activity
Net proceeds from issue of shares 2,027,350
Net cash generated from financing activity 2,027,350
Net increase in cash and cash equivalents 1,322,305
Cash and cash equivalents at 13 May 2021 -
Cash and cash equivalents at end of period 1,322,305
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NEXBKCBBNBDBADK