TIDMLFT
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 GBP1,726,300 (before expenses).
-- The Company incurred a loss for the period of GBP474,578,
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 GBP366,667.
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
GBP1,726,300 (before expenses). Including pre-IPO funds, the
Company raised a total of GBP2,066,300 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 GBP366,667.
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 GBP474,578. 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
GBP
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
GBP
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 Share Other Retained Total
capital premium reserves earnings equity
GBP GBP GBP GBP GBP
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
GBP
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
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