Update on Investee Company

Lift Global Ventures PLC

02 August 2024

 

2 August 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, announces that the Redemption Date for Trans-Africa Energy Limited ("TAE") Loan Notes, as subscribed for and announced by the Company on 31 January 2023 has been extended by mutual consent to 25 October 2024 from 2 August 2024.

The extension is in line with the announcement made by the Company on 28 March 2024 whereby TAE entered into a binding subscription agreement with a strategic investor. The long stop date of this investment is 25 October 2024 and accordingly the Company and TAE have extended the Redemption Date accordingly ("New Redemption Date").

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 £1,000,000.

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 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 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]
Optiva Securities Ltd (AQSE Corporate Adviser and Broker)
Christian Dennis Vishal Balasingham	[phone]

For more information please visit: www.liftgv.com 

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