2
August 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, announces that the Redemption Date for
Trans-Africa Energy Limited ("TAE") Loan Notes, as subscribed for
and announced by the Company on 31 January 2023 has been extended
by mutual consent to 25 October 2024 from 2 August 2024.
The extension is in line with the
announcement made by the Company on 28 March 2024 whereby TAE
entered into a binding subscription agreement with a strategic
investor. The long stop date of this investment is 25 October 2024
and accordingly the Company and TAE have extended the Redemption
Date accordingly ("New Redemption Date").
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 £1,000,000.
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 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 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)203 745 1865
|
|
Optiva Securities Ltd (AQSE Corporate Adviser and
Broker)
|
|
|
Christian Dennis
Vishal Balasingham
|
+44 (0)203 411 1881
|
For
more information please
visit: www.liftgv.com
END