Final Results to 30 June 2024
21st Nov 2024 07:00
21 November 2024
Lift Global Ventures Plc ("Lift" or the "Company")
Final Audited Results to 30 June 2024, Notice of AGM and Change of Company Secretary
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 2024 (the "Results").
Highlights
· The Company's cornerstone investment, Miriad Limited ("Miriad"), reports a positive result for the period, which has remained resilient despite the challenging market conditions of the past 18 months.
· The Company has not raised any further equity since listing in April 2022 which is down to the continued, solid contribution of Miriad.
· The redemption date of the Company's convertible loan note ("CLN") in Trans-Africa Energy Limited ("TAE") is extended to 31 December 2024 to allow further discussions with funders to be concluded.
· The TAE CLN value has been written down accordingly until TAE obtains further funding.
Notice of Annual General Meeting ('AGM')
The Company is also pleased to announce that its AGM will be held at 11:30 am (GMT) on 19 December 2024 at the One Heddon Street, London, W1B 4BD.
Copies of the Notice of AGM, together with the Form of Proxy and the Company's annual report and accounts to 30 June 2024, have been posted to shareholders today and will be available to view on the Company's website: www.liftgv.com.
Change of Company Secretary
The Company is pleased to announce the appointment of Sohail Bhatti as the new Company Secretary of the Company with immediate effect.
The Directors of the Company accept responsibility for the contents of this announcement.
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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
Chairman Statement
I am pleased to present this year's Chairman's Statement for Lift Global Ventures Plc (the "Company"). We have witnessed steady growth in our cornerstone investment, Miriad Limited ("Miriad"), which has remained resilient despite the challenging market conditions of the past 18 months. The Company has not raised any further equity since listing in April 2022 which is down to the continued, solid contribution of Miriad.
Miriad
Miriad, is a financial PR and IR consulting company run by well-known stock market commentator and the Company's CEO, Saqib "Zak" Mir. Miriad continues to provide net positive operating cash flows for the Group. In the last 12 months Miriad generated a net operating positive cash inflow of £126,608, an impressive 39% increase from the 12 months prior.
Driven by improved cost control in the last 12 months and strong turnover of £476,506, Miriad's operating profit margin has also increased by 13% over the same period in the previous year.
During the year, Miriad made a profit after-tax of £135,982 representing an increase of 5% from the previous year.
Over the last 12 months, it has been great to witness more clients and investors realising the value of Zaks Traders Café. This is evident from the acquisition of 29 new customer contracts since 1 July 2023 as well as the 25,800 X (Twitter) followers that Zaks Traders Café has built up.
Zaks Traders Café has built up a very loyal following with the real differentiator is that Zak provides a fuller service than mere interviews with companies. Zak's services include - Bulletin Board Heroes, RNS Hot List and Week in Small Caps.
The Bulletin Board Heroes is a 6 days a week video update on the major markets such as the FTSE 100, Dow and Bitcoin, as well as the most followed stock market plays. The support / resistance and target levels in the Bulletin Board Heroes provide a road map for investors and traders which is unique. Some of the best technical setups identified in the charting video have included some of the biggest stock market risers of the year, a feature which is unique to Zaks Traders Cafe, and provides the kind of additional momentum that articles and interviews alone cannot always achieve.
Trans-Africa Energy Limited ("TAE")
In January 2023, the Company subscribed for £750,000 of unsecured convertible loan notes in TAE (the "CLN"), a UK private company focused on the development, financing, construction and operation of energy infrastructure projects located primarily in Sub-Saharan Africa, the first of which is in Ghana ("Project").
TAE is looking to fund the construction of the Takoradi to Tema gas pipeline, including the completion of the outstanding FEED (Front End Engineering Design) deliverables, arranging the tender for the EPIC (Engineering, Procurement, Installation and Commissioning) package and completing other deliverables for the final investment decision which will involve TAE seeking project finance.
In March 2024, TAE announced equity funding of up to £12,000,000 from an African investor in the energy sector ("Funding"), by which the investor agreed cash subscriptions for shares in the capital of TAE through to 25 October 2024. 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 the CLN was extended by mutual consent to 25 October 2024 however on that date the Company agreed with TAE that the Redemption Date for CLN 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 two New Redemption Dates, is that the Loan Notes shall be increased by TAE in the amount of £500,000 without Lift subscribing for further cash. Therefore, the principal amount to be redeemed on the New Redemption Date shall be £1,250,000.
Whilst management continues to believe in the prospects of the TAE project and remains in continuous contact with its management, the delays to the receipt of the Funding has cast uncertainty over the timing of recoverability of the Company's investment. As such, management has adopted a prudent approach when valuing its investment in TAE and has therefore reduced the value of the investment to nil. TAE remains active in pursuing a variety of funding options to complete this phase of the first project, and the Company hopes to provide an update on the project in due course.
Strategy and Outlook
The Company remains committed to expanding its investment portfolio by pursuing promising and viable opportunities aligned with its strategic objectives. Our focus over the next twelve months will be on continued organic growth of our investment portfolio while maintaining strong support for our cornerstone investment, Miriad.
The renegotiation of the terms of our investment with TAE, is designed to allow TAE more time to bring in funding and deliver greater returns for the Company and its shareholders.
We remain committed to deliver further updates regarding our growing investment portfolio, in particular the Company's investment in TAE. Looking ahead, the Company will continue to seek new opportunities that align with our strategic vision whilst continuing to monitor our existing investments.
On behalf of the Board, I extend our gratitude to our shareholders for their continued support.
Roy Kelly
Non-Executive Chairman
Consolidated and Company Statement of Financial Position
As at 30 June 2024
| Group | Company | |||
| Notes | Year ended 30 June 2024 £ | Year ended 30 June 2023 £ | Year ended 30 June 2024 £ | Year ended 30 June 2023 £ |
Non-Current Assets |
|
| |||
Intangible assets | 12 | 252,870 | 308,463 | - | - |
Investment in subsidiaries | 13 | - | - | 368,507 | 368,507 |
Fair value through profit and loss equity investments | 14 | 69,881 | 34,873 | 68,420 | 29,104 |
Total non-current assets | 322,751 | 343,336 | 436,927 | 397,611 | |
Current Assets |
|
| |||
Trade and other receivables | 15 | 98,075 | 177,344 | 58,498 | 105,542 |
Cash and cash equivalents | 16 | 163,220 | 272,603 | 37,998 | 111,114 |
Financial assets at fair value through profit and loss | 17 | - | 750,000 | - | 750,000 |
Total current assets | 261,295 | 1,199,947 | 96,496 | 966,656 | |
Total Assets | 584,046 | 1,543,283 | 533,423 | 1,364,267 | |
Current Liabilities |
|
| |||
Trade and other payables | 18 | 120,265 | 93,215 | 64,412 | 33,464 |
Total current liabilities | 120,265 | 93,215 | 64,412 | 33,464 | |
Total Liabilities | 120,265 | 93,215 | 64,412 | 33,464 | |
Net Assets | 463,781 | 1,450,068 | 469,011 | 1,330,803 | |
Equity attributable to owners of the Parent |
|
| |||
Share capital | 21 | 957,100 | 957,100 | 957,100 | 957,100 |
Share premium | 21 | 1,225,507 | 1,225,507 | 1,225,507 | 1,225,507 |
Other reserves | 22 | 181,540 | 181,540 | 181,540 | 181,540 |
Accumulated losses | (1,900,366) | (914,079) | (1,895,136) | (1,033,344) | |
Total Equity |
| 463,781 | 1,450,068 | 469,011 | 1,330,803 |
Consolidated Statement of Comprehensive Income
For The Period Ended 30 June 2024
Continuing Operations | Note | For the year ended 30 June 2024 £ | For the period ended 30 June 2023 £ |
Revenue | 6 | 476,506 | 484,043 |
Administration expenses | 7 | (532,619) | (671,654) |
Fair value loss on financial assets at fair value through profit and loss | 17 | (750,000) | - |
Impairment loss of trade receivable | 3 | (102,933) | (231,233) |
Other (losses)/gains | 9 | (67,106) | (9,997) |
Operating loss | (976,152) | (428,841) | |
Loss before taxation | (976,152) | (428,841) | |
Corporation tax | 20 | (10,135) | (10,660) |
Loss for the year from continuing operations | (986,287) | (439,501) | |
Loss attributable to: |
| ||
Equity shareholders | (986,287) | (439,501) | |
Loss per share (pence) - basic & diluted | 23 | (1.03) | (0.46) |
Consolidated Statement of Changes in Equity
As at 30 June 2024
|
| Attributable to Equity Shareholders - Group | ||||
| Notes | Share capital £ | Share premium £ | Other reserves £ | Accumulated losses £ | Total equity £ |
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 loss for the year |
| - | - | - | (439,501) | (439,501) |
Transactions with owners | ||||||
Issue of ordinary shares | 21 | 41,667 | 125,000 | - | - | 166,667 |
Cost of capital | 21 | - | 2,750 | - | - | 2,750 |
Options and warrants granted | 22 | - | - | 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 |
As at 1 July 2023 |
| 957,100 | 1,225,507 | 181,540 | (914,079) | 1,450,068 |
Loss for the year |
| - | - | - | (986,287) | (986,287) |
Total comprehensive loss for the year | - | - | - | (986,287) | (986,287) | |
As at 30 June 2024 | 957,100 | 1,225,507 | 181,540 | (1,900,366) | 463,781 |
Company Statement of Changes in Equity
As at 30 June 2024
|
| Attributable to Equity Shareholders - Company | ||||
| Notes | Share capital £ | Share premium £ | Other reserves £ | Accumulated losses £ | Total equity £ |
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) | |
Total comprehensive loss for the year | - | - | - | (558,766) | (558,766) | |
Transactions with owners | ||||||
Issue of ordinary shares | 21 | 41,667 | 125,000 | - | - | 166,667 |
Cost of capital refund | 21 | - | 2,750 | - | - | 2,750 |
Options and warrants vested | 22 | - | - | 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 |
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As at 1 July 2023 |
| 957,100 | 1,225,507 | 181,540 | (1,033,344) | 1,330,803 |
Loss for the year |
| - | - | - | (861,792) | (861,792) |
Total comprehensive loss for the year | - | - | - | (861,792) | (861,792) | |
As at 30 June 2024 |
| 957,100 | 1,225,507 | 181,540 | (1,895,136) | 469,011 |
Consolidated and Company Statement Of Cash Flows
As at 30 June 2024
|
| Group | Company | ||
| Notes | Year ended 30 June 2024 | Year ended 30 June 2023 | Year ended 30 June 2024 | Year ended 30 June 2023 |
Cash flows from operating activities |
|
| |||
Loss after taxation | (986,287) | (439,501) | (861,792) | (558,766) | |
Adjustments for: |
|
| |||
Impairment of receivables | 3 | 102,933 | 231,233 | - | - |
Depreciation & amortisation | 55,593 | 233 | - | - | |
Dividend income | 27 | - | - | (205,887) | - |
Income tax expense | 20 | 10,135 | 10,660 | - | - |
Fair value loss on fair value through profit and loss equity investments | 14 | 63,006 | 35,012 | 58,698 | 19,948 |
Fair value loss on financial assets at fair value through profit and loss | 17 | 750,000 | - | 750,000 | - |
Share based payments | 22 | - | 123,716 | - | 123,716 |
Decrease/(Increase) in trade and other receivables | 15 | (66,665) | (33,745) | 43,430 | 236,439 |
Increase/(decrease) in trade and other payables | 18 | 26,898 | 21,535 | 34,409 | (34,386) |
Income tax paid | (10,135) | (61,028) | - | - | |
Net finance costs |
| 140 | - | 152 | - |
Net cash used in operating activities |
| (54,382) | (111,885) | (180,990) | (213,049) |
Cash flows from investing activities |
| ||||
Cash paid for acquisitions, inclusive of acquisition costs | - | (201,840) | - | (201,840) | |
Purchase of intangible assets | 12 | - | (10,000) | - | - |
Cash acquired through business combinations | - | 70,325 | - | - | |
Cash paid for investments | 14 | (55,014) | (49,052) | (55,014) | (49,052) |
Convertible loan notes purchased | 17 | - | (750,000) | - | (750,000) |
Dividend received | - | - | 165,000 | - | |
Loans granted | - | - | (2,112) | - | |
Interest received | 13 | - | - | - | |
Net cash used in investing activities | (55,001) | (940,567) | 107,874 | (1,000,892) | |
Cash flows from financing activities |
| ||||
Cost of capital - refund | 21 | - | 2,750 | - | 2,750 |
Net cash generated from financing activities | - | 2,750 | - | 2,750 | |
Net increase in cash and cash equivalents | (109,383) | (1,049,702) | (73,116) | (1,211,191) | |
Cash and cash equivalents at beginning of year | 272,603 | 1,322,305 | 111,114 | 1,322,305 | |
Cash and cash equivalents at end of year | 16 | 163,220 | 272,603 | 37,998 | 111,114 |
Non-Cash Investing and Financing Activities
Year ended 30 June 2024 - 6,360,000 Ordinary Shares were issued to Miriad Limited in lieu of services provided, totalling £43,000. 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 2023 - 3,846,153 Ordinary Shares were issued to Miriad Limited in lieu of services provided, totalling £20,833. | |||||
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