TIDMLVCG
RNS Number : 1083K
Live Company Group PLC
23 August 2019
23 August 2019
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
Directorate and Senior Management Changes and Contract
Updates
Changes to the Board and senior management
Live Company Group plc (AIM: LVCG) announces that, as of 1
September 2019, Andy Smith will become Deputy Chairman of Bricklive
Group, with the overall responsibility of the long-term strategy of
the Group. As a result, and simultaneous with this appointment,
Andy Smith will be stepping down from the Board, and as Chief
Strategic Officer of LVCG, to focus his time on overseeing the
operations of Bricklive Group and managing contract negotiations
with its significant partners. Andy Smith will remain as Chairman
of Bright Bricks.
As Deputy Chairman of Bricklive Group, Andy Smith will be
responsible for managing the operations of the Bricklive Group,
adding further to the Company's integration strategy of Bricklive
and Bright Bricks operations. Andy will be responsible for
overseeing the executive management board, which will be
responsible for managing the day to day operations of the Bricklive
Group and which reports to the Board.
Andy Smith, Deputy Chairman of Bricklive Group, said "I am
delighted to accept the position of Deputy Chairman of the
Bricklive Group, which will allow me to focus on the consolidation
of the Group's activities in both Bricklive and Bright Bricks,
where I will be working with the team to drive the critical day to
day decision making with regards to both the operations and the
pursuit of new contracts. I would like to thank the LVCG Board for
their support during the process. I believe that this is a very
exciting time for the Company and I look forward to the
opportunities that may arise with both new and existing partners
going forward".
The Company is also pleased to announce that Jon Gayton, who is
currently the Chief Operating Officer of Bricklive International,
has been appointed as the Managing Director of Bricklive
International with immediate effect. As Managing Director of
Bricklive International, Jon will be responsible for all
international partnerships across the Bricklive Group.
Mythical Beasts update
As detailed in the Company's 2018 report and accounts ("2018
Accounts"), announced on 14 June 2019, the Group had agreed a
mutual delay of the lease of the Mythical Beasts tour to AWC Asia
until August 2019, as the tour has until recently been exhibited at
the Odysseum in Germany. Following further discussions with AWC
Asia, it has been agreed between the parties that the contract for
the lease of the Mythical Beast tour for three years, as announced
on 30 November 2018, will be terminated with immediate effect.
The Group is pleased though to announce that it has entered into
a new three year agreement (the "Agreement") with BRICKLIVE Korea
Co., Ltd ("BRICKLIVE Korea") (previously HiBrick Limited), a
company incorporated in South Korea, and with whom the Group has a
pre-existing relationship as announced on 15 June 2018.
The main terms of the Agreement are in line with the revised
agreement with AWC Asia, as detailed in the 2018 Accounts. Under
the Agreement, the Group will provide one of the Group's popular
touring assets each year to BRICKLIVE Korea to be exhibited in
South Korea, with the first touring show being Mythical Beasts
which will be exhibited until the end of August 2020. In respect of
each tour, the Group will receive an upfront fee of US$300,000 per
annum. Each tour will also include BRICKLIVE interactive
features.
BRICKLIVE Korea is a company wholly owned by Hyun Seok (Reon)
Kim. Mr Kim is interested in 14.43%, in aggregate, of LVCG's
current issued share capital and is therefore a substantial
shareholder of the Company as defined in the AIM Rules for
Companies ("AIM Rules"). As a result, the Agreement is classified
as a related party transaction under the AIM Rules and the
directors of the Company, consider, having consulted with the
Company's nominated adviser, Strand Hanson Limited, that the terms
of the Agreement are fair and reasonable insofar as the Company's
shareholders are concerned.
Rent Arrangements
Further to the rent arrangements set out in the 2018 Accounts,
which were approved by shareholders at the Company's recent AGM,
the Company has entered into a formal agreement with David
Ciclitira, the Company's Executive Chairman and main shareholder,
in relation to the use of his London property as an office for the
Group when required, for a fee of GBP3,000 per month, together with
the payment of certain fees whenever members of the Group stay at
his property in Italy on business for a period of 10 years
(together the "Rent Arrangements").
The Company will continue to monitor the Rent Arrangements, on
an ongoing basis, to ensure they are suitable for the Group's needs
and the Company notes that the Rent Arrangements can be terminated
by either party with three months' notice.
As Mr Ciclitira is a director and a substantial shareholder of
the Company, he is deemed to be a related party of the Company as
defined in the AIM Rules. As a result, the Rent Arrangements are
classified as a related party transaction under the AIM Rules and
the directors of the Company, other than Mr Ciclitira and Serenella
Ciclitira, consider, having consulted with the Company's nominated
adviser, Strand Hanson Limited, that the terms of the Rent
Arrangements are fair and reasonable insofar as the Company's
shareholders are concerned.
Update on the Subscription Shares
On the 11 February 2019 the Company announced it had raised
gross proceeds of GBP2.2 million of which, GBP0.84 million related
to subscription shares. On the 31 May 2019, the Company announced
it had received GBP0.64 million, with GBP0.20 million still being
outstanding from one subscriber (the "Defaulting Subscriber").
The Company can now confirm that it has received only GBP29,998
of the subscription amount from the Defaulting Subscriber, equating
to 46,152 new Ordinary Shares. The Company will not, given the
costs and management time likely to be involved, be pursuing the
Defaulting Subscriber further for the remaining amount and
considers the matter now closed.
Application will be made for the admission to trading on AIM of
the 46,152 new Ordinary ("Admission"), with such Admission to
become effective on 30 August 2019. Following Admission, the share
capital of the Company will comprise 70,486,896 Ordinary Shares,
with each Ordinary Share having one voting right. No Ordinary
Shares are held in treasury. Accordingly, the above figures may
therefore be used by LVCG shareholders as the denominator for the
calculation by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
David Ciclitira, Chairman of Live Company Group, said "I'm
personally delighted that Andy Smith has accepted the position of
Deputy Chairman of Bricklive Group and Jon Gayton will become
Managing Director of Bricklive International. On the operational
front, I'm pleased to report that the Mythical Beasts show will
next be exhibited at the MOA Shopping centre in Sejong-si, South
Korea."
Enquiries:
Live Company Group Plc Tel: 020 7225 2000
David Ciclitira, Executive Chairman
Ruth Cunningham, Chief Operating Officer
Stand Hanson Limited (Nominated Adviser) Tel: 020 7409 3494
Stuart Faulkner / James Dance / Georgia
Langoulant
===================
Shard Capital Partners LLP (Broker) Tel: 020 7186 9950
Damon Heath
===================
LIVE COMPANY GROUP
Live Company Group plc ("LVCG", the "Company" or the "Group") is
a live events and entertainment Company, founded by David Ciclitira
in December 2017. The Company was admitted to trading on AIM in
December 2017, following the reverse acquisition of Brick Live
Group and Parallel Live Group by Parallel Media Group plc.
Brick Live Group is a network of partner-driven fan-based shows
using BRICKLIVE created content worldwide. The Company owns the
rights to BRICKLIVE - an interactive experience built around the
creative ethos of the world's most popular construction toy bricks.
BRICKLIVE actively encourages all to learn, build and play, and
provides inspirational events and shows where like-minded fans can
push the boundaries of their creativity. Bright Bricks is the
Group's production centre for building brick-based models. The
Group is an independent producer of BRICKLIVE and is not associated
with the LEGO Group.
Website: www.livecompanygroup.com.
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END
MSCDMGZRZFMGLZM
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