Lift Global Ventures - Update on Investee Company
31/01/2025 07:00
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RNS Number : 3672V Lift Global Ventures PLC 31 January 2025
31 January 2025
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, provides an update on its
investment portfolio company, Trans-Africa Energy Limited ("TAE").
TAE is focused on developing energy infrastructure projects located primarily
in Sub-Saharan Africa, the first of which is in Ghana. TAE is in advanced
discussions with a Southern African state investor in relation to an
investment into TAE ("Investor").
The Investor is looking to invest in oil and gas infrastructure and has
undertaken extensive due diligence in relation to the TAE gas pipeline
projects.
In the event that any investment is secured by TAE then TAE and Lift have
agreed the immediate repayment by TAE to Lift of £350,000 of the TAE Loan
Notes ("Initial Payment").
Notwithstanding the Initial Payment, TAE shall remain liable for the
outstanding principal of the Loan Note.
In support of TAE's efforts to finalise the investment the Company has agreed
to extend the Redemption Date from 31 January 2025 to 30 April 2025.
In addition to the above, there have been several positive developments in
Ghana over recent months. Ghana is a stable democracy, following the recent
elections on 7 December 2024 there was a peaceful change of power from the New
Patriotic Party to the New Democratic Congress party and the new President,
John Mahama. On 29 January 2025, the Ghanan Ministry of Finance announced
that Ghana has reached a significant breakthrough in its debt restructuring
efforts, with all 25 participating creditor countries signing a Memorandum of
Understanding (MoU), marking a crucial step toward the nation's economic
recovery.
Capitalised terms shall have the same meaning as the RNS dated 25 October
2024, 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 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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