Source - LSE Regulatory
RNS Number : 3672V
Lift Global Ventures PLC
31 January 2025
 

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 

 

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