TIDMLVCG
RNS Number : 5802E
Live Company Group PLC
28 February 2020
28 February 2020
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
Update regarding Loan Facilities and Equity Sharing
Agreement
Live Company Group plc (AIM: LVCG) provides the following update
regarding the existing loan facility and equity sharing agreement
("ESA") with YA II PN, Ltd. ("YA II") and RiverFort Global
Opportunities PCC Limited (formerly Cuart Investments PCC Limited)
(together the "Investors") as detailed in the announcement of 16
December 2019 (the "Announcement").
Unless otherwise defined herein, capitalised terms used in this
announcement shall have the same meaning as those used in the
Announcement.
Loan Facilities
Further to the Announcements, the Company has agreed with the
Investors to extend the maturity date of the Existing Facility, of
which approximately GBP0.7 million in principal remains
outstanding, from December 2020 to June 2021 (the "Extension").
Pursuant to the Extension, the principal, interest and fees will be
repayable in nine equal monthly instalments of approximately
GBP91,000, with the first payment being made in October 2020 and
the final payment to be made in June 2021.
All other terms of the Existing Facility remain the same.
The Company confirms that the New Facility, of which GBP300,000
has been drawn to date, remains unchanged, with the first monthly
payment, being due in April 2020.
Equity Sharing Agreement
The Company and the Investor have agreed to amend the terms of
the ESA, such that the Subscription Amount as detailed in the
Announcement, will now be received over a period of 36 months
commencing in March 2020, as opposed to over a period of 12
months.
The Monthly Settlement will continue to be calculated on the
same basis as set out in the Announcement, though as set out below,
the number of Ordinary Shares used in the calculation has been
reduced:
-- If the Market Price is equal to the Benchmark Price, the
Investors shall pay the Company the Monthly Settlements
-- If the Market Price is above the Benchmark Price, the
Investors shall pay the Company an increased amount based on the
following calculation:
- Monthly Settlement + (185,187 Ordinary Shares x (Market Price
- Benchmark Price) x Applicable Percentage))
-- If the Market Price is below the Benchmark Price, the
Investors will pay the Company a reduced amount based on the
following calculation:
- Monthly Settlement - (185,187 Ordinary Shares x (Benchmark Price - Market Price))
The final Monthly Settlement will be calculated based on 185,122
Ordinary Shares.
Under the terms of the ESA, the Investors are able to retain all
proceeds of the Monthly Settlement to settle any outstanding
amounts due to them pursuant to the Existing Facility and New
Facility. If no balance remains outstanding, the Company will
receive the Monthly Settlement in full, subject to the above
adjustments. The Company confirms that as at the date of this
announcement, no monies have been received by it pursuant to the
ESA and that the no monies have been used to repay outstanding
amounts due to the Investors pursuant to the Existing Facility and
New Facility.
All other terms of the ESA remain the same.
David Ciclitira, Chairman, Live Company Group said: " The
extension of the Existing Facility and ESA term with our Investors,
reduces our very near term commitments and gives us greater
financial flexibility going forward. We look forward to updating
investors in due course with regards to our exciting ongoing
business development and growth."
Enquiries:
Live Company Group Plc Tel: 020 7225 2000
David Ciclitira, Chairman, Live Company Group
Ruth Cunningham , Chief Operating Officer
Strand Hanson Limited (Nominated Adviser) Tel: 020 7409 3494
Stuart Faulkner / Richard Tulloch / James Dance
Shard Capital Partners LLP (Broker) Tel: 020 7186 9952
Damon Heath
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
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 LVCG.
The 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, which is fast becoming a leading children's education
and entertainment brand, 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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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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