TIDMLVCG
RNS Number : 0166S
Live Company Group PLC
11 November 2021
11 November 2021
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
OPERATIONAL UPDATE
Live Company Group plc (AIM: LVCG) is pleased to provide the
following update.
Highlights:
The Company is pleased to announce the following highlights:
-- LVCG has best quarter since outbreak of COVID-19;
-- BRICKLIVE secures GBP1.7m contracted revenue for 2021 with
two months to go and GBP0.9m already contracted for 2022;
-- LCSE successfully completes activation of sponsorship and
hospitality for the 2021 Cape Town Cycle Tour;
-- Inaugural Cape Town E-Prix, the first of a five year
commitment with the option for a further five years, confirmed for
Season 9 of the ABB FIA Formula E World Championship in 2023,
revenue expected to be circa. GBP5million ;
-- START.art launches as anticipated its online digital art
sales platform at the START Art Fair held at the Saatchi Gallery,
London.
David Ciclitira, Chairman of LVCG said : "We are encouraged with
Q3 progress and growth after a difficult first half of the year
with the global lock down. Diversification via our LCSE division as
well as the investment into START.art and our focus on the US and
Asian markets has meant we have come through this difficult period
with additional opportunities and revenue streams.
Looking ahead our strategic focus includes the launch of
BRICKLIVE digital which is being developed to maximise our reach in
the digital world and to capitalise on our investment in Start.art
by creating a supplementary revenue stream. I look forward to
updating investors on our next steps with regards to this exciting
opportunity. "
BRICKLIVE Update
-- 39 BRICKLIVE events confirmed for 2021 so far, including six
in the North America target market;
-- 16 BRICKLIVE events already confirmed for 2022, including
four in the North America market;
-- 26 themed tours in circulation with a further two under construction for 2022;
-- Asset Utilisation reached 53% of capacity for 2021, from a
pandemic low of 35% in 2020, with over 44% capacity already booked
(or contracts under negotiation) for 2022;
BRICKLIVE North America
The Company reports nine contracts with clients in the US and
Canada including the recently announced contract with Easy Park in
Chicago and Houston for Animal Paradise; John Ball Zoo who recently
extended Supersized Creatures by two months and Naples Zoo in
Florida, Supersized Creatures next stop. Two new contracts are
currently under negotiation with potential tours for 2022. The
North American business remains a key strategic geographic region
for the group who adopt a direct as well as agent led sales process
which includes collaboration with RWS Entertainment Group one of
the largest event groups in the USA.
BRICKLIVE Zoo Programme
The Company reports nine contracts with Zoos and Aquaria in 2021
including Brickosaurs at Singapore Zoo, Big Cats at Allwetter Zoo,
Munster and Brick Ocean at Knowsley Safari Park. Our collaboration
with Singapore Zoo whose tour opens on 12 November (running until
June 2022) is the first time we have partnered with an Asian zoo
and opens the door for further expansion into the exciting Asian
market and the Company is currently in discussions to stage the
Brickosaurs tour in Asia post June 2022.
Additionally, Capron Zoo in the USA is a new zoo for the
division.
BRICKLIVE Christmas
Bookings for Christmas tours were confirmed uncharacteristically
late this year as Business Improvement Districts (BIDs) and other
venues delayed decisions until confidence in remaining open during
the Christmas season grew. The Company confirms that three new
contracts for Christmas tours from Rugby Borough Council, Bishop
Stortford BID and Blackburn BID have been signed. Rugby Borough
Council and Bishop's Stortford BID are new clients whilst for
Blackburn BID this is their second tour this year with us and their
third tour in total.
LCSE Update
In October 2021, the delayed Cape Cycle Tour took place where
LCSE acts as Sponsorship Agency for the Presenting Company Pick n
Pay and as Hospitality Agency for the CTCT Trust. This was the only
mass participation race that took place in Southern Africa in 2021.
The race will revert to March next year and LCSE will again act as
Sponsorship agency - continuing a 20 year relationship for the LCSE
team. Entries for the race in 2022 opened on 2 November 2021 and a
full capacity field is expected.
The Ocean Race also recently confirmed that Cape Town will be
included as a stopover in the 2022/2023 race and be the departure
point for an epic new Southern Ocean leg. LCSE stages the Cape Town
stopover under a Host Venue Agreement with the Ocean Race as well
as receiving revenue from its collaboration with V&A Waterfront
where the event is staged.
LCSE's operating agreement with the CTICC Vaccination Centre has
also been extended by a further two months.
Formula E Update
On 13 July 2021, we announced that the FIA and Formula E
ratified the season 8 calendar to include Cape Town as the fourth
race in February 2022. On 18 October 2021, we also announced that
due to the ongoing impacts of the Covid-19 pandemic the inaugural
race was being moved to season 9, in February 2023.
The Company reminds investors that LVCG, through its 100%
ownership of E-Movement Holdings Ltd. (EMHL), holds the exclusive
worldwide sponsorship rights, and is the project management and
delivery partner, for the Cape Town E-Prix, which is promoted by
E-Movement (Pty) Ltd (EMPL) and that EMPL has a five year contract,
with an option for an additional five years, with the FIA and
Formula E to stage the Cape Town E-Prix. Additionally, EMHL holds
the worldwide moral and intellectual property rights to the E-Fest
concept.
As announced earlier today, the Company has acquired a minority
interest in EMPL for GBP113,460 from David Ciclitira who had
previously bought the shareholding in his personal capacity for the
same price in cash in anticipation of this being transferred to the
Company. This gives the Company direct interests in the entire
value chain of the proposed Cape Town E-Prix.
The Cape Town E-Prix thus represents a major source of potential
revenue for LVCG with revenues across the initial five year term of
the FIA Formula E commitment expected to exceed GBP5m.
START.Art
Further to the announcement on 22 June 2021 the Company is
pleased to confirm that START.Art, the digital art sales platform,
was as anticipated officially launched at the START Art Fair at the
Saatchi Gallery on 13 October 2021. START.Art has been revenue
generating since its soft launch in June 2021 and now features
works by artists such as Henry Lau and Ohnim and has the ability to
accept payment in crypto and to mint NFTs. Several NFT's were
displayed at the Start Art fair earlier in October and sales have
already commenced START. Art is also exploring possible
collaborations in a "metaverse" (virtual reality world) as part of
its diversification strategy.
The Company also notes that START.Art has purchased Start (2013)
Limited, the promoter of the START Art Fair, in an all share
transaction, resulting in a small decrease in LVCG's shareholding
in the enlarged group from 16.3% to a potential 15%. Prior to the
acquisition, Start 2013 was owned by David Ciclitira and Ranjit
Murugason, Directors of the Company. LVCG has been offered the
opportunity to remain at 15% of issued share capital of START.Art
for which it will need to subscribe GBP172,237 by no later than 31
January 2022. Should LVCG not do so, its percentage holding will
reduce to 13.1%.
The purchase of Start 2013 will provide data from all artists
and attendees at the StART Art Fairs that have taken place globally
since 2014, and provide a well-established 'shop front' to the
on-line platform; merging the physical and on-line art space into
one group, thus ensuring that the START ART brand is within a
single unified entity.
In addition to the launch of the START.Art platform at the StART
Art Fair, START.Art and Start 2013 Limited also collaborated on the
first edition of StART + in association with ARX in Central London.
This exhibition, supported by Samsung, provides a physical gallery
with all transactions taking place via the START.Art on-line sales
platform.
Corporate
The Company welcomed Stephen Birrell as an independent
Non-executive in July. Stephen's contribution thus far has been
focussed on the digitalisation of the business and increase in
asset utilisation for the BRICKLIVE business. The board review
which was previously announced to be completed by the end of
October remains ongoing and the Company will update shareholders
once it concludes.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"),
and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
Enquiries:
Live Company Group Plc Tel: 020 7225 2000
David Ciclitira, Executive Chairman
Sarah Dees, Chief Operating Officer
Beaumont Cornish Limited (Nominated Adviser) Tel: 020 7628 3396
Roland Cornish/Rosalind Hill Abrahams
===================
Monecor (London) Limited (Broker) Tel: 020 7392 1436
Thomas Smith
===================
LIVE COMPANY GROUP
Live Company Group Plc ("LVCG", the "Company" or the "Group") is
a live events, entertainment and sports events company, that has
been trading on AIM since 2017.
The Group is divided into two divisions the first, BRICKLIVE,
consisting of a network of partner-driven fan-based and touring
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. The Group is an independent producer of BRICKLIVE and is
not associated with the LEGO Group.
The second, LCSE, manages a number of global sports,
entertainment and lifestyle events. LCSEs main focus for 2021 has
been the successful launch of the Cape Town E-Prix for series 9 in
2023.
It also has a minority investment in Start Art Global Ltd an
on-line art and digital art platform ( www.start.art ).
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