30 April 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. Further to its announcement on 30 April 2025, TAE has been informed by a Southern African state investor, in relation to an investment into TAE ("Investor"), that the Investor is finalising subscription agreements for sign off. The parties are seeking closure on or before 30 June 2025.
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 support of TAE's efforts to finalise the investment the Company has agreed to extend the Redemption Date from 30 May 2025 to 30 June 2025.
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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