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

+44 (0)203 745 1865

Optiva Securities (AQSE Corporate Adviser)


Christian Dennis

Daniel Ingram

+44 (0)203 411 1881

 

 

 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)


(428,841)

(474,578)


(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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