Lift Global Ventures - Final Results to 30 June 2024
21/11/2024 07:00
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RNS Number : 0237N Lift Global Ventures PLC 21 November 2024
21 November 2024
Lift Global Ventures Plc
("Lift" or the "Company")
Final Audited Results to 30 June 2024, Notice of AGM and Change of Company
Secretary
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 2024 (the "Results").
Highlights
· The Company's cornerstone investment, Miriad Limited ("Miriad"),
reports a positive result for the period, which has remained resilient despite
the challenging market conditions of the past 18 months.
· The Company has not raised any further equity since listing in April
2022 which is down to the continued, solid contribution of Miriad.
· The redemption date of the Company's convertible loan note ("CLN") in
Trans-Africa Energy Limited ("TAE") is extended to 31 December 2024 to allow
further discussions with funders to be concluded.
· The TAE CLN value has been written down accordingly until TAE obtains
further funding.
Notice of Annual General Meeting ('AGM')
The Company is also pleased to announce that its AGM will be held at 11:30 am
(GMT) on 19 December 2024 at the One Heddon Street, London, W1B 4BD.
Copies of the Notice of AGM, together with the Form of Proxy and the Company's
annual report and accounts to 30 June 2024, have been posted to shareholders
today and will be available to view on the Company's website: www.liftgv.com
(http://www.liftgv.com/) .
Change of Company Secretary
The Company is pleased to announce the appointment of Sohail Bhatti as the new
Company Secretary of the Company with immediate effect.
The Directors of the Company accept responsibility for the contents of this
announcement.
- Ends -
Enquiries:
Lift Global Ventures Plc
Zak Mir, CEO +44 (0) 7867 527 659
Oberon Capital (AQSE Corporate Adviser and Broker)
Nick Lovering, Adam Pollock, Mike Seabrook +44 (0) 203 179 5300
For more information please visit: www.liftgv.com (http://www.liftgv.com/)
Chairman Statement
I am pleased to present this year's Chairman's Statement for Lift Global
Ventures Plc (the "Company"). We have witnessed steady growth in our
cornerstone investment, Miriad Limited ("Miriad"), which has remained
resilient despite the challenging market conditions of the past 18 months. The
Company has not raised any further equity since listing in April 2022 which is
down to the continued, solid contribution of Miriad.
Miriad
Miriad, is a financial PR and IR consulting company run by well-known stock
market commentator and the Company's CEO, Saqib "Zak" Mir. Miriad continues to
provide net positive operating cash flows for the Group. In the last 12 months
Miriad generated a net operating positive cash inflow of £126,608, an
impressive 39% increase from the 12 months prior.
Driven by improved cost control in the last 12 months and strong turnover of
£476,506, Miriad's operating profit margin has also increased by 13% over the
same period in the previous year.
During the year, Miriad made a profit after-tax of £135,982 representing an
increase of 5% from the previous year.
Over the last 12 months, it has been great to witness more clients and
investors realising the value of Zaks Traders Café. This is evident from the
acquisition of 29 new customer contracts since 1 July 2023 as well as the
25,800 X (Twitter) followers that Zaks Traders Café has built up.
Zaks Traders Café has built up a very loyal following with the real
differentiator is that Zak provides a fuller service than mere interviews with
companies. Zak's services include - Bulletin Board Heroes, RNS Hot List and
Week in Small Caps.
The Bulletin Board Heroes is a 6 days a week video update on the major markets
such as the FTSE 100, Dow and Bitcoin, as well as the most followed stock
market plays. The support / resistance and target levels in the Bulletin Board
Heroes provide a road map for investors and traders which is unique. Some of
the best technical setups identified in the charting video have included some
of the biggest stock market risers of the year, a feature which is unique to
Zaks Traders Cafe, and provides the kind of additional momentum that articles
and interviews alone cannot always achieve.
Trans-Africa Energy Limited ("TAE")
In January 2023, the Company subscribed for £750,000 of unsecured convertible
loan notes in TAE (the "CLN"), a UK private company focused on the
development, financing, construction and operation of energy infrastructure
projects located primarily in Sub-Saharan Africa, the first of which is in
Ghana ("Project").
TAE is looking to fund the construction of the Takoradi to Tema gas pipeline,
including the completion of the outstanding FEED (Front End Engineering
Design) deliverables, arranging the tender for the EPIC (Engineering,
Procurement, Installation and Commissioning) package and completing other
deliverables for the final investment decision which will involve TAE seeking
project finance.
In March 2024, TAE announced equity funding of up to £12,000,000 from an
African investor in the energy sector ("Funding"), by which the investor
agreed cash subscriptions for shares in the capital of TAE through to 25
October 2024. This Funding has not been received by TAE and TAE have issued
the investor with a notice of breach and is pursuing all avenues to rectify
the breach. In the meantime, TAE is in discussions with a number of parties
regarding the funding of the Project which it hopes to conclude in due course;
these parties include strategic investors, large EPIC contractors, oil and gas
companies, and others.
On 2 August 2024, the Company announced that the Redemption Date for the CLN
was extended by mutual consent to 25 October 2024 however on that date the
Company agreed with TAE that the Redemption Date for CLN has been extended by
mutual consent to 31 December 2024 ("New Redemption Date") from 25 October
2024 in order to allow further discussions with funders to conclude.
The consideration for Lift agreeing to the two New Redemption Dates, is that
the Loan Notes shall be increased by TAE in the amount of £500,000 without
Lift subscribing for further cash. Therefore, the principal amount to be
redeemed on the New Redemption Date shall be £1,250,000.
Whilst management continues to believe in the prospects of the TAE project and
remains in continuous contact with its management, the delays to the receipt
of the Funding has cast uncertainty over the timing of recoverability of the
Company's investment. As such, management has adopted a prudent approach when
valuing its investment in TAE and has therefore reduced the value of the
investment to nil. TAE remains active in pursuing a variety of funding options
to complete this phase of the first project, and the Company hopes to provide
an update on the project in due course.
Strategy and Outlook
The Company remains committed to expanding its investment portfolio by
pursuing promising and viable opportunities aligned with its strategic
objectives. Our focus over the next twelve months will be on continued organic
growth of our investment portfolio while maintaining strong support for our
cornerstone investment, Miriad.
The renegotiation of the terms of our investment with TAE, is designed to
allow TAE more time to bring in funding and deliver greater returns for the
Company and its shareholders.
We remain committed to deliver further updates regarding our growing
investment portfolio, in particular the Company's investment in TAE. Looking
ahead, the Company will continue to seek new opportunities that align with our
strategic vision whilst continuing to monitor our existing investments.
On behalf of the Board, I extend our gratitude to our shareholders for their
continued support.
Roy Kelly
Non-Executive Chairman
Consolidated and Company Statement of Financial Position
As at 30 June 2024
Group Company
Notes Year ended 30 June 2024 Year ended 30 June 2023 Year ended 30 June 2024 Year ended 30 June 2023
£ £ £ £
Non-Current Assets
Intangible assets 12 252,870 308,463 - -
Investment in subsidiaries 13 - - 368,507 368,507
Fair value through profit and loss equity investments 14 69,881 34,873 68,420 29,104
Total non-current assets 322,751 343,336 436,927 397,611
Current Assets
Trade and other receivables 15 98,075 177,344 58,498 105,542
Cash and cash equivalents 16 163,220 272,603 37,998 111,114
Financial assets at fair value through profit and loss 17 - 750,000 - 750,000
Total current assets 261,295 1,199,947 96,496 966,656
Total Assets 584,046 1,543,283 533,423 1,364,267
Current Liabilities
Trade and other payables 18 120,265 93,215 64,412 33,464
Total current liabilities 120,265 93,215 64,412 33,464
Total Liabilities 120,265 93,215 64,412 33,464
Net Assets 463,781 1,450,068 469,011 1,330,803
Equity attributable to owners of the Parent
Share capital 21 957,100 957,100 957,100 957,100
Share premium 21 1,225,507 1,225,507 1,225,507 1,225,507
Other reserves 22 181,540 181,540 181,540 181,540
Accumulated losses (1,900,366) (914,079) (1,895,136) (1,033,344)
Total Equity 463,781 1,450,068 469,011 1,330,803
Consolidated Statement of Comprehensive Income
For The Period Ended 30 June 2024
Continuing Operations Note For the year ended 30 June 2024 For the period ended 30 June 2023
£ £
Revenue 6 476,506 484,043
Administration expenses 7 (532,619) (671,654)
Fair value loss on financial assets at fair value through profit and loss 17 (750,000) -
Impairment loss of trade receivable 3 (102,933) (231,233)
Other (losses)/gains 9 (67,106) (9,997)
Operating loss (976,152) (428,841)
Loss before taxation (976,152) (428,841)
Corporation tax 20 (10,135) (10,660)
Loss for the year from continuing operations (986,287) (439,501)
Loss attributable to:
Equity shareholders (986,287) (439,501)
Loss per share (pence) - basic & diluted 23 (1.03) (0.46)
Consolidated Statement of Changes in Equity
As at 30 June 2024
Attributable to Equity Shareholders - Group
Notes Share capital Share premium Other reserves Accumulated losses Total equity
£ £ £ £ £
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 loss for the year - - - (439,501) (439,501)
Transactions with owners
Issue of ordinary shares 21 41,667 125,000 - - 166,667
Cost of capital 21 - 2,750 - - 2,750
Options and warrants granted 22 - - 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
As at 1 July 2023 957,100 1,225,507 181,540 (914,079) 1,450,068
Loss for the year - - - (986,287) (986,287)
Total comprehensive loss for the year - - - (986,287) (986,287)
As at 30 June 2024 957,100 1,225,507 181,540 (1,900,366) 463,781
Company Statement of Changes in Equity
As at 30 June 2024
Attributable to Equity Shareholders - Company
Notes Share capital Share premium Other reserves Accumulated losses Total equity
£ £ £ £ £
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)
Total comprehensive loss for the year - - - (558,766) (558,766)
Transactions with owners
Issue of ordinary shares 21 41,667 125,000 - - 166,667
Cost of capital refund 21 - 2,750 - - 2,750
Options and warrants vested 22 - - 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
As at 1 July 2023 957,100 1,225,507 181,540 (1,033,344) 1,330,803
Loss for the year - - - (861,792) (861,792)
Total comprehensive loss for the year - - - (861,792) (861,792)
As at 30 June 2024 957,100 1,225,507 181,540 (1,895,136) 469,011
Consolidated and Company Statement Of Cash Flows
As at 30 June 2024
Group Company
Notes Year ended 30 June 2024 Year ended 30 June 2023 Year ended 30 June 2024 Year ended 30 June 2023
Cash flows from operating activities
Loss after taxation (986,287) (439,501) (861,792) (558,766)
Adjustments for:
Impairment of receivables 3 102,933 231,233 - -
Depreciation & amortisation 55,593 233 - -
Dividend income 27 - - (205,887) -
Income tax expense 20 10,135 10,660 - -
Fair value loss on fair value through profit and loss equity investments 14 63,006 35,012 58,698 19,948
Fair value loss on financial assets at fair value through profit and loss 17 750,000 - 750,000 -
Share based payments 22 - 123,716 - 123,716
Decrease/(Increase) in trade and other receivables 15 (66,665) (33,745) 43,430 236,439
Increase/(decrease) in trade and other payables 18 26,898 21,535 34,409 (34,386)
Income tax paid (10,135) (61,028) - -
Net finance costs 140 - 152 -
Net cash used in operating activities (54,382) (111,885) (180,990) (213,049)
Cash flows from investing activities
Cash paid for acquisitions, inclusive of acquisition costs - (201,840) - (201,840)
Purchase of intangible assets 12 - (10,000) - -
Cash acquired through business combinations - 70,325 - -
Cash paid for investments 14 (55,014) (49,052) (55,014) (49,052)
Convertible loan notes purchased 17 - (750,000) - (750,000)
Dividend received - - 165,000 -
Loans granted - - (2,112) -
Interest received 13 - - -
Net cash used in investing activities (55,001) (940,567) 107,874 (1,000,892)
Cash flows from financing activities
Cost of capital - refund 21 - 2,750 - 2,750
Net cash generated from financing activities - 2,750 - 2,750
Net increase in cash and cash equivalents (109,383) (1,049,702) (73,116) (1,211,191)
Cash and cash equivalents at beginning of year 272,603 1,322,305 111,114 1,322,305
Cash and cash equivalents at end of year 16 163,220 272,603 37,998 111,114
Non-Cash Investing and Financing Activities
Year ended 30 June 2024 - 6,360,000 Ordinary Shares were issued to Miriad
Limited in lieu of services provided, totalling £43,000.
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 2023 - 3,846,153 Ordinary Shares were issued to Miriad
Limited in lieu of services provided, totalling £20,833.
- Ends -
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