Final Results to 30 June 2024

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.

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	[phone]
Oberon Capital  (AQSE Corporate Adviser and Broker)
Nick Lovering, Adam Pollock, Mike Seabrook	[phone]

 For more information please visit: 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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