25
October 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, has received an update on one of its investment
portfolio companies, 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
("Project").
TAE was due to receive up to
£12,000,000 ("Funding") from an African investor in the energy
sector ("Investor"). 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 TAE Loan Notes as announced
on 31 January 2023 has been extended by mutual consent to 25
October 2024. The Company has now agreed with TAE that the
Redemption Date for TAE Loan Notes 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 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 £1,250,000.
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 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
|
+44 (0) 7867 527 659
|
|
Oberon Capital (AQSE Corporate Adviser and
Broker)
|
|
|
Nick Lovering, Adam Pollock, Mike
Seabrook
|
+44 (0) 203
179 5300
|
For
more information please
visit: www.liftgv.com
END