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 HillDickinson 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 |