Lift Global Ventures - Update on Investee Company
02/08/2024 07:00
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RNS Number : 8944Y Lift Global Ventures PLC 02 August 2024
2 August 2024
Lift Global Ventures Plc
("Lift" or the "Company")
Update on Investee Company
Lift Global Ventures Plc (AQSE:LFT), an investment company focused on
financial media, technology and the energy sector, announces that the
Redemption Date for Trans-Africa Energy Limited ("TAE") Loan Notes, as
subscribed for and announced by the Company on 31 January 2023 has been
extended by mutual consent to 25 October 2024 from 2 August 2024.
The extension is in line with the announcement made by the Company on 28 March
2024 whereby TAE entered into a binding subscription agreement with a
strategic investor. The long stop date of this investment is 25 October 2024
and accordingly the Company and TAE have extended the Redemption Date
accordingly ("New Redemption Date").
The consideration for Lift agreeing to the New Redemption Date, is that the
Loan Notes shall be increased by TAE in the amount of £250,000 without Lift
subscribing for further cash. Therefore, the principal amount to be redeemed
on the New Redemption Date shall be £1,000,000.
Capitalised terms shall have the same meaning as the RNS dated 31 January
2023, unless otherwise defined.
Related Party Transaction
Roy Kelly, Non-Executive Chairman of the Company, is also a non-executive
director of TAE in which the Company has the investment. Mr Kelly has been
advising TAE since March 2021 and was appointed as a director of TAE in
September 2022. Mr Kelly has no shares or equity in TAE. Zak Mir and Sandy
Barblett (as the Independent Directors) of the Company have considered and
agreed to the proposal to extend the Redemption Date. The Independent
Directors have therefore decided to treat the extension of the Redemption Date
as a related party transaction under the AQSE Growth Market Rules.
The Independent Directors believe that the New Redemption Date is in the best
interests of the Company and that, having exercised reasonable care, skill and
diligence, confirm that the related party transaction is fair and reasonable
as far as the shareholders of the Company are concerned.
The directors of the Company accept responsibility for the contents of this
announcement.
The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Lift Global Ventures Plc
Zak Mir, CEO +44 (0)203 745 1865
Optiva Securities Ltd (AQSE Corporate Adviser and Broker)
Christian Dennis +44 (0)203 411 1881
Vishal Balasingham
For more information please visit: www.liftgv.com (http://www.liftgv.com/)
END
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