31
January 2025
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, provides an update on its investment portfolio
company, Trans-Africa Energy Limited ("TAE").
TAE is
focused on developing energy infrastructure
projects located primarily in Sub-Saharan Africa, the first of
which is in Ghana. TAE is in advanced discussions with a Southern
African state investor in relation to an investment into TAE
("Investor").
The Investor is looking to invest in
oil and gas infrastructure and has undertaken extensive due
diligence in relation to the TAE gas pipeline projects.
In the event that any investment is
secured by TAE then TAE and Lift have agreed the immediate
repayment by TAE to Lift of £350,000 of the TAE Loan Notes
("Initial Payment").
Notwithstanding the Initial Payment,
TAE shall remain liable for the outstanding principal of the Loan
Note.
In support of TAE's efforts to
finalise the investment the Company has agreed to extend the
Redemption Date from 31 January 2025 to 30 April 2025.
In addition to the above, there have
been several positive developments in Ghana over recent months.
Ghana is a stable democracy, following the recent elections on 7
December 2024 there was a peaceful change of power from the New
Patriotic Party to the New Democratic Congress party and the new
President, John Mahama. On 29 January 2025, the Ghanan
Ministry of Finance announced that Ghana has reached a significant
breakthrough in its debt restructuring efforts, with all 25
participating creditor countries signing a Memorandum of
Understanding (MoU), marking a crucial step toward the nation's
economic recovery.
Capitalised terms shall have the
same meaning as the RNS dated 25 October 2024, 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 Redemption
Date. The Independent Directors have therefore decided to
treat the extension of the Redemption Date as a related party
transaction under the AQSE Growth Market Rules.
The Independent Directors believe
that the 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