Lift Global Ventures - Annual Report and Notice of AGM
RNS Number : 9162F
Lift Global Ventures PLC
10 November 2022
 

10 November 2022

Lift Global Ventures Plc
("Lift" or the "Company") 

Final Audited Results to 30 June 2022

And

Notice of AGM

Lift Global Ventures Plc (AQSE:LFT), an enterprise company formed to identify investment and acquisition opportunities within the financial media and related technology industries, is pleased to announce its Final Audited Results to 30 June 2022 (the "Results").

 

Highlights

 

·     The Company successfully completes its admission to the AQSE Growth Market raising £1,726,300 (before expenses).

·     The Company incurred a loss for the period of £474,578, largely related to one-off costs in connection with the admission to AQSE.

 

Post-Period Highlights

 

·      Shortly after the period end, the Company acquired Miriad Limited, a successful financial PR and IR consulting company, for a consideration of £366,667.

 

Notice of Annual General Meeting ('AGM')

 

The Company is also pleased to announce that its AGM will be held on 5 December 2022 at 1pm (GMT) at the offices of Hill Dickinson LLP at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW.

 

Copies of the Notice of AGM, together with the Form of Proxy and the Company's annual report and accounts to 30 June 2022, have been posted to shareholders today and will be available to view on the Company's website: www.liftgv.com.

 

The Directors of the Company accept responsibility for the contents of this announcement.

 

- Ends -

 

Enquiries:

Lift Global Ventures Plc


Zak Mir, CEO

Tim Daniel, Executive Director

+44 (0)203 745 1865

Optiva Securities (AQSE Corporate Adviser and Broker)


Christian Dennis

Daniel Ingram

+44 (0)203 411 1881

 

 For more information please visit: www.liftgv.com 

Chairman's Statement

 

The period ended 30 June 2022 saw the Company successfully complete its admission to the AQSE Growth Market ("AQSE") on 29 April 2022. In connection with the admission, the Company raised £1,726,300 (before expenses). Including pre-IPO funds, the Company raised a total of £2,066,300 during the period.

 

This milestone positioned the Company to begin executing its strategy as detailed below.

 

Strategy & Outlook

 

The Company's investment strategy, as stated in its admission document published on 25 April 2022, is to seek to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and related technology industries. Within these broad industries, areas of focus may include:

 

•  Financial news websites and other forms of "new media"

•  Investment research providers

•  Financial PR, IR, design and marketing agencies

•  Production studios and visual content providers

•  Technology platforms which facilitate capital raising and/or lending

 

Indeed, the Company made its first acquisition soon after the end of the period. Miriad Limited ("Miriad"), a successful financial PR and IR consulting company run by well-known stock market commentator (and Company Director) Zak Mir, was acquired on 5 September 2022 for a consideration of £366,667.

 

As stated in the Company's shareholder circular dated 8 August 2022, the acquisition of Miriad helps to achieve the Directors' goal of covering Lift's fixed costs and providing, not just stability during a time of market turmoil, but an ideal platform from which to launch into the next phase of the Company's growth strategy.

 

The Board looks forward to both growing the Miriad business and continuing to seek complementary acquisition or investment opportunities which help to cement the Company's central position in the small/mid-cap arena.

 

The Company's strategy is further detailed in the Strategic Report on Page 4.

 

Financial Summary

 

The Company incurred a loss for the period of £474,578. A significant part of the Company's expenses during the period related to one-off costs in connection with the admission to AQSE.

 

With the post-period end acquisition of Miriad, the Directors continue to focus on not just preserving but growing the Company's assets.

 

The Board looks forward to providing further material updates to the market in due course and thanks shareholders for their continued support.  

 

Paul Gazzard

Non-Executive Chairman

 

Statement Of Financial Position

As at 30 June 2022

 

 

 

As at 30 June

2022

£

Current Assets

 

 

Trade and other receivables

 

338,366

Cash and cash equivalents

 

1,322,305

Total current assets

 

1,660,671

Total Assets

 

1,660,671

Current Liabilities

 

 

Trade and other payables

 

64,235

Total Liabilities

 

64,235

Net Assets

 

1,596,436

Equity attributable to owners of the Parent

 

 

Share capital

 

915,433

Share premium

 

1,097,757

Other reserves

 

57,824

Retained earnings

 

(474,578)

Total Equity

 

1,596,436

 

Statement Of Comprehensive Income

For The Period Ended 30 June 2022

 

For the period ended  30 June 2022

                     £

Administration expenses

(286,280)

Listing fees - legal and professional services

(188,298)

Operating Loss

(474,578)

Loss before Taxation

(474,578)

Corporation tax

-

Loss for the period

(474,578)

Earnings per share (pence) - Basic & Diluted

(1.48)

 

The Company has no Other Comprehensive Income as at 30 June 2022.

 

 

Statement Of Changes In Equity

As at 30 June 2022

 

Attributable to Equity Shareholders

 

Share capital

£

Share premium

£

Other reserves

£

Retained earnings

£

Total equity

£

On incorporation

50,000

-

-

-

50,000

Loss for the period

-

-

-

(474,578)

(474,578)

Total Loss for the period

-

-

-

(474,578)

(474,578)

Transactions with owners






Issue of ordinary shares

865,433

1,150,867

-

-

2,016,300

Cost of capital

-

(53,110)

-

-

(53,110)

Options and warrants granted

-

-

57,824

-

57,824

Total transactions with owners

865,433

1,097,757

57,824

-

2,021,014

As at 30 June 2022

915,433

1,097,757

57,824

(474,578)

1,596,436

 

 

Statement Of Cash Flows

As at 30 June 2022

 

 

As at 30 June 2022

£

Cash flows from operating activities

 

 

Loss after taxation

 

(474,578)

Adjustments for:

 


Share based payments

 

43,664

Increase in trade and other receivables

 

(338,366)

Increase in trade and other payables

 

64,235

Net cash used in operating activities

 

(705,045)

Cash flows from financing activity

 

 

Net proceeds from issue of shares

 

2,027,350

Net cash generated from financing activity

 

2,027,350

Net increase in cash and cash equivalents

 

1,322,305

Cash and cash equivalents at 13 May 2021

 

-

Cash and cash equivalents at end of period

 

1,322,305

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXBKCBBNBDBADK ]]>