Lift Global Ventures - Update on Investee Company
25/10/2024 07:00
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RNS Number : 5651J Lift Global Ventures PLC 25 October 2024
25 October 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, has received an update on
one of its investment portfolio companies, Trans-Africa Energy Limited
("TAE") who is focused on developing energy infrastructure projects located
primarily in Sub-Saharan Africa, the first of which is in Ghana ("Project").
TAE was due to receive up to £12,000,000 ("Funding") from an African investor
in the energy sector ("Investor"). 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 TAE Loan
Notes as announced on 31 January 2023 has been extended by mutual consent to
25 October 2024. The Company has now agreed with TAE that the Redemption Date
for TAE Loan Notes 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 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 £1,250,000.
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 New Redemption Date. The Independent
Directors have therefore decided to treat the extension of the New 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) 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/)
END
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