Lift Global Ventures Plc Regulatory News (LFT.PL)

31 July 2025

Lift Global Ventures Plc

Investments in Artificial Intelligence

Board changes

Lift Global Ventures PLC ("Lift" or the "Company"), an investment company focused on financial media, technology, and related sectors, is pleased to announce it will invest in artificial intelligence ("AI") as part of its existing investment policy. Concurrently, Lift has strengthened its Board with the appointment of two highly experienced directors-one bringing substantial expertise in AI and technology, and the other in investing in early-stage technology companies.

Strategic Investment Focus on Artificial Intelligence

As part of its investment strategy, the Company will actively pursue opportunities within the rapidly expanding AI sector. This includes minority and majority investments in early-stage and growth companies that specialise in AI infrastructure, machine learning applications, quantum computing, and AI-enabled solutions with potential for significant scale and cross-industry disruption.

The Board believes that AI represents a generational opportunity, and that investment in it represents a logical evolution of Lift's current investment policy. The Company is currently engaged in advanced discussions with potential investee businesses and anticipates announcing its first AI-sector investment shortly.

These targeted AI investments will complement Lift's core holding in Miriad Limited, trading as Zak's Traders Café. Zak Mir continues to be a leading market commentator with an established reputation, extensive reach, and significant trust amongst retail investors, providing a robust foundation for Lift's strategic expansion.

Appointment of New Directors

To support this strategic direction, Lift is pleased to announce the appointment of the following individuals to the Board, with immediate effect:

David Richards MBE - Non-Executive Chairman

David brings 30 years of experience as a technology entrepreneur, including nearly 25 years as a technology executive in the software industry in Silicon Valley. David is the Founder and Managing Partner of Yorkshire AI Labs, an investment firm dedicated to supporting early-stage AI companies that leverage deep domain expertise, robust customer insights, and extensive data to build disruptive solutions. David previously co-founded and served as CEO of WANdisco Plc (now Cirata Plc) from 2005 to 2023 and co-founded and chaired IntelliamAI Plc, a listed company that specialises in AI and machine learning in the FMCG industry and is already servicing half of the world's top 12 food and beverage companies.

Committed to social impact, David co-founded the Laptops for Kids campaign, serves as a trustee of the David and Jane Richards Family Foundation, which empowers young people through education, and also serves on the Economic Growth & Investment Group at the Cabinet Office Social Mobility Commission. He received an MBE in 2022 for services to the information technology sector and youth, particularly during COVID-19. David holds a computer science degree from the University of Huddersfield and honorary doctorates from Sheffield Hallam University and the University of Sheffield.

Mark Horrocks - Non-Executive Director

Mark has been regulated and working within the funds industry for 40 years. His career started as a financial sector analyst with a financial institution that was in the FTSE 100 and he then went on to manage the equity element of the life and pension funds, which was valued in excess of £2.5bn. A keen supporter of smaller companies, he is currently invested in a series of private investments in the technology, land and leisure sectors. Historically, Mark has had various non-executive director roles in public and private businesses, mainly in other areas of the financial industry, which have strengthened his knowledge of the regulated financial market. Mark is currently a director of Intrinsic Capital London Limited, which is an independent wealth management company.

In addition, Mr Roy Kelly has resigned from the Board of the Company with immediate effect to concentrate on his other business interests.

Zak Mir, CEO of Lift commented:

"Our strategic shift towards artificial intelligence is driven by our conviction in AI's transformative potential. David Richards' extensive track record, notably with Yorkshire AI Labs, alongside Mark Horrocks' deep expertise in fund management and smaller company investing, will significantly bolster our capacity to identify, accelerate, and support investments in groundbreaking AI solutions that address real-world challenges and deliver substantial commercial impact. I would like to thank Roy Kelly for his valuable contribution to the Company."

David Richards, Chairman of Lift commented:

"I am delighted to join Lift at this exciting time. We have a unique opportunity to back innovative, early-stage companies, leveraging AI to build scalable, transformative solutions. AI is more than just a technological trend; it represents a fundamental shift that will shape future market leaders and redefine industry landscapes globally. I look forward to contributing to Lift's strategic vision and growth in this dynamic space."

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:

For more information please visit: www.liftgv.com 

The following information is provided in relation to David Richards and Mark Horrocks, pursuant to Rule 4.9 of the Aquis Growth Market Rulebook. 

Mark Horrocks

Mark Horrocks and his Family Interests hold 19,100,001 shares in the Company, representing 19.96% of the issued share capital.

Directorships

Mr Horrocks holds, or has held within the last 5 years, the following directorships:

Mr Horrocks was a director of Trochus plc, which entered solvent members liquidation in July 2009. All creditors were paid in full and the company was dissolved in January 2011.

David Richards

Directorships

Mr Richards holds, or has held within the last 5 years, the following directorships:

Matters relating to Mr Richards and WANDisco plc (now Cirata Plc)

David Richards was the CEO of WANdisco plc (now Cirata Plc) at the time of its admission to trading on AIM in June 2012 until 3 April 2023, having founded the business in 2008.

(i) On 9 March 2023, the company announced a revision to its anticipated trading performance and financial position, following investigations undertaken by Mr Richards and the company's CFO. These investigations identified "significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee." The investigations followed a series of contract wins, which had appeared legitimate and which had been announced by the company as such. At the request of the company, trading in its shares on AIM was suspended immediately and the company began an independent investigation, led by a committee of independent non-executive directors. Prior to the suspension, the company's share price was 1310 pence. On 20 April 2023, it was announced that the FCA had commenced an investigation of the company, specifically referencing the announcements made by the Company, which included the Contract Wins and resultant financial guidance, between 1 January 2022 and 9 March 2023. On 15 June 2023, it was announced that the FCA has extended the time period of its investigation so as to commence on 1 May 2021, being the date on which the senior sales employee commenced their employment at the Company.

(ii) On 28 April 2023, it was announced that FRP Advisory Group Plc had concluded its investigations, which confirmed that "all of the purchase orders associated with the senior sales employee (being the individual identified in the Company's announcement of 9 March 2023) are illegitimate" and that "all other purchase orders are legitimate". The company completed a fundraising of $30 million (at a price of 50 pence per share), which was announced on 4 July 2023, and its shares were readmitted to trading on AIM on 25 July 2023. The Company was rebranded as Cirata Plc on 4 October 2023 and as at 25 June 2024 (being the last practicable date prior to the publication of this Document), its shares have continued to trade at a premium to the July 2023 placing price.

(iii) At the time of the above described events, Mr Richards, in his capacity as CEO of WANdisco plc, received some criticism in respect of (a) a bonus payment of $1.1 million that was paid to Mr Richards in 2022 based on the reported sales figures of WANdisco plc and (b) the historic relationship between WANdisco plc and Eyup Limited, a private company controlled by Mr Richards, under which the shirt sponsorship of Sheffield Wednesday Football Club which was in the name of Eyup Limited but paid for by WANdisco plc, at a reported cost of $362,691.

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