Lift Global Ventures PLC Annual Report and Notice of AGM (9162F)

TIDMLFT

RNS Number : 9162F

Lift Global Ventures PLC

10 November 2022

10 November 2022

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 enterprise company formed to identify investment and acquisition opportunities within the financial media and related technology industries, is pleased to announce its Final Audited Results to 30 June 2022 (the "Results").

Highlights

-- The Company successfully completes its admission to the AQSE Growth Market raising GBP1,726,300 (before expenses).

-- The Company incurred a loss for the period of GBP474,578, largely related to one-off costs in connection with the admission to AQSE.

Post-Period Highlights

-- Shortly after the period end, the Company acquired Miriad Limited, a successful financial PR and IR consulting company, for a consideration of GBP366,667.

Notice of Annual General Meeting ('AGM')

The Company is also pleased to announce that its AGM will be held on 5 December 2022 at 1pm (GMT) at the offices of Hill Dickinson LLP at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW.

Copies of the Notice of AGM, together with the Form of Proxy and the Company's annual report and accounts to 30 June 2022, 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 
  Tim Daniel, Executive Director      [phone] 
                                     -------------------- 
 Optiva Securities (AQSE Corporate 
  Adviser and Broker) 
                                     -------------------- 
 Christian Dennis 
  Daniel Ingram                       [phone] 
                                     -------------------- 
 

For more information please visit: www.liftgv.com

Chairman's Statement

The period ended 30 June 2022 saw the Company successfully complete its admission to the AQSE Growth Market ("AQSE") on 29 April 2022. In connection with the admission, the Company raised GBP1,726,300 (before expenses). Including pre-IPO funds, the Company raised a total of GBP2,066,300 during the period.

This milestone positioned the Company to begin executing its strategy as detailed below.

Strategy & Outlook

The Company's investment strategy, as stated in its admission document published on 25 April 2022, is to seek to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and related technology industries. Within these broad industries, areas of focus may include:

-- Financial news websites and other forms of "new media"

-- Investment research providers

-- Financial PR, IR, design and marketing agencies

-- Production studios and visual content providers

-- Technology platforms which facilitate capital raising and/or lending

Indeed, the Company made its first acquisition soon after the end of the period. Miriad Limited ("Miriad"), a successful financial PR and IR consulting company run by well-known stock market commentator (and Company Director) Zak Mir, was acquired on 5 September 2022 for a consideration of GBP366,667.

As stated in the Company's shareholder circular dated 8 August 2022, the acquisition of Miriad helps to achieve the Directors' goal of covering Lift's fixed costs and providing, not just stability during a time of market turmoil, but an ideal platform from which to launch into the next phase of the Company's growth strategy.

The Board looks forward to both growing the Miriad business and continuing to seek complementary acquisition or investment opportunities which help to cement the Company's central position in the small/mid-cap arena.

The Company's strategy is further detailed in the Strategic Report on Page 4.

Financial Summary

The Company incurred a loss for the period of GBP474,578. A significant part of the Company's expenses during the period related to one-off costs in connection with the admission to AQSE.

With the post-period end acquisition of Miriad, the Directors continue to focus on not just preserving but growing the Company's assets.

The Board looks forward to providing further material updates to the market in due course and thanks shareholders for their continued support.

Paul Gazzard

Non-Executive Chairman

Statement Of Financial Position

As at 30 June 2022

 
                                       As at 30 
                                           June 
                                           2022 
                                            GBP 
 Current Assets 
 Trade and other receivables            338,366 
 Cash and cash equivalents            1,322,305 
 Total current assets                 1,660,671 
 Total Assets                         1,660,671 
 Current Liabilities 
 Trade and other payables                64,235 
 Total Liabilities                       64,235 
 Net Assets                           1,596,436 
 Equity attributable to owners of 
  the Parent 
 Share capital                          915,433 
 Share premium                        1,097,757 
 Other reserves                          57,824 
 Retained earnings                    (474,578) 
 Total Equity                         1,596,436 
 

Statement Of Comprehensive Income

For The Period Ended 30 June 2022

 
                                                   For the period 
                                                    ended 30 June 
                                                             2022 
                                                              GBP 
 Administration expenses                                (286,280) 
 Listing fees - legal and professional services         (188,298) 
 Operating Loss                                         (474,578) 
 Loss before Taxation                                   (474,578) 
 Corporation tax                                                - 
 Loss for the period                                    (474,578) 
 Earnings per share (pence) - Basic & Diluted              (1.48) 
 

The Company has no Other Comprehensive Income as at 30 June 2022.

Statement Of Changes In Equity

As at 30 June 2022

 
                                       Attributable to Equity Shareholders 
                                Share       Share       Other    Retained       Total 
                              capital     premium    reserves    earnings      equity 
                                  GBP         GBP         GBP         GBP         GBP 
 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 
 

Statement Of Cash Flows

As at 30 June 2022

 
                                                 As at 30 
                                                June 2022 
                                                      GBP 
 Cash flows from operating activities 
 Loss after taxation                            (474,578) 
 Adjustments for: 
 Share based payments                              43,664 
 Increase in trade and other receivables        (338,366) 
 Increase in trade and other payables              64,235 
 Net cash used in operating activities          (705,045) 
 Cash flows from financing activity 
 Net proceeds from issue of shares              2,027,350 
 Net cash generated from financing 
  activity                                      2,027,350 
 Net increase in cash and cash equivalents      1,322,305 
 Cash and cash equivalents at 13 May                    - 
  2021 
 Cash and cash equivalents at end 
  of period                                     1,322,305 
 

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November 10, 2022 02:00 ET (07:00 GMT)