Lift Global Ventures - Investment in energy transition infrastructure
Announcement provided by
Lift Global Ventures Plc · LFT31/01/2023 07:00

Lift Global Ventures Plc
("Lift" or the "Company")
Investment in energy transition infrastructure
Lift Global Ventures plc (AQSE:LFT), an investment company focused on financial media and the energy sector, is pleased to announce that the Company has subscribed for
Highlights
·
· TAE may issue Loan Notes up to an aggregate amount of
· TAE has entered into a Joint Development Agreement ("JDA") with Ghana National Gas Company Limited ("Ghana Gas")
· The JDA grants to TAE a majority and managing stake in the design, construction, and management, and operation of four infrastructure projects onshore
· The first of the four projects is well advanced and TAE is expecting that financial close will be in H2 2023
· The subscription of the Loans Notes constitutes a related party transaction as Roy Kelly who is Non-Executive Chairman of the Company is also a non-executive director of TAE
The proceeds received by TAE pursuant to the Loan Notes will be used for the first project including Front End Engineering Design, environmental and social impact studies, and working capital requirements.
The Projects
TAE is a
TAE has entered into a JDA with Ghana Gas which grants it a majority and managing stake in the design, construction, management and operation of four infrastructure projects onshore
The Projects are:
1. The Takoradi to Tema Pipeline ("TTP");
2. The
3. The Expansion of the Atuabo Gas Processing Plant; and
4. The Prestea to Kumasi Pipeline.
The TTP is the first of the projects and the most advanced with TAE expecting that financial close will be in H2 2023. The TTP will be a buried onshore natural gas pipeline running from Takoradi (Aboadze) to Tema (on the eastern side of
The motivation for the Projects and the benefits to
• A reduction in the flaring of gas (c. 20 billion cubic feet of gas per annum is currently flared
offshore
• The transportation of indigenous resources based in the west of the country to the energy hungry
power and industrial sectors in population centres in the east of the country
• The displacement of more carbon-intensive liquid and biomass fuels, especially in the power
sector, reducing the emissions of greenhouse gases as well as air pollution
• Local job creation
• Community health benefits
• The replacement of imported fuels by
Unsecured Convertible Loan Note
The key terms of the Loan Notes are as follows:
1. TAE may issue Loan Notes up to an aggregate amount of
2. The Loan Notes are issued on an unsecured basis.
3. TAE will be required to redeem the Loan Notes within a period of 18 months from the date on which the Loan Notes are issued.
4. The Loan Notes will be capable of conversion into shares in the capital of TAE, such shares being issued fully paid and ranking parri passu with shares of the same class upon the occurrence of a Conversion Event. A Conversion Event would include, inter alia, (a) a listing of TAE's shares onto a Relevant Exchange (IPO); (b) undertaking a significant fundraising event (such fundraising event exceeding
5. The Loan Notes do not accrue interest, other than in the event of a default by TAE.
6. The Loan Notes will not be listed.
Sandy Barblett, Non-Executive Director of the Company, commented:
"We are pleased to have successfully completed this first investment in furtherance of the Company's expanded Investment Strategy - investment in the robust energy sector.
It is well documented that energy demand on the African continent threatens to outstrip supply. The next step for African oil and gas producing countries is investing in infrastructure and the Projects that TAE are investing in aim to alleviate energy poverty, ensure energy security and strengthen regional energy access.
We look forward to working with TAE as they rollout the Projects in this very dynamic sector."
Related Party Transaction
Roy Kelly, Non-Executive Chairman of the Company, is also a non-executive director of TAE in which the Company is currently proposing to undertake the proposed 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 the terms of the proposed investment. The Independent Directors have therefore decided to treat the proposed investment as a related party transaction under the AQSE Growth Market Rules.
The Independent Directors believe that the proposed investment 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.
For more information please visit: www.liftgv.com
Enquiries:
Lift Global Ventures Plc |
|
Zak Mir, CEO Sandy Barblett, Non-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
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