Update on Investee Company

Lift Global Ventures PLC

23 December 2024

 

23 December 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, notes that its investment portfolio company,  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  is in discussions with a Southern African state investor  in relation to an investment into TAE.

As such the New Redemption Date of 31 December 2024 has been extended to 31 January 2025.

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

For more information please visit: www.liftgv.com 

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