Lift Global Ventures - Annual Report and Notice of AGM
21/11/2023 07:00
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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 £366,667.
· 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 £750,000 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
(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
Optiva Securities (AQSE Corporate Adviser)
Christian Dennis +44 (0)203 411 1881
Daniel Ingram
For more information please visit: www.liftgv.com (http://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 £484,043 and an annual net positive cash inflow of £91,164 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
£750,000 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 £50,000 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 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2023 Year ended 30 June 2022
£ £ £ £
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 ended 30 June 2023 For the period ended 30 June 2022
£ £
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 capital Share premium Other reserves Retained earnings Total equity
£ £ £ £ £
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 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
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 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2023 Year ended 30 June 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 assets (10,000) - - -
Cash acquired through business combinations 70,325 - - -
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 £0.04 per share as partial consideration for the acquisition of Miriad
Limited, totalling £166,667.
Year ended 30 June - 3,846,153 Ordinary Shares were issued to Miriad Limited
in lieu of services provided, totalling £20,833.
-Ends-
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