Annual Report and Notice of AGM

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.

The Directors of the Company accept responsibility for the contents of this announcement.

- Ends -

Enquiries:

Lift Global Ventures Plc
Zak Mir, CEO	[phone]
Optiva Securities (AQSE Corporate Adviser)
Christian Dennis Daniel Ingram	[phone]

 For more information please visit: 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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