Lift Global Ventures PLC Update on Investee Company

RNS Number : 5651J

Lift Global Ventures PLC

25 October 2024

 

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	[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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