TIDMLVCG
RNS Number : 5879E
Live Company Group PLC
14 March 2022
14 March 2022
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
KPOP.FLEX AND BUSINESS UPDATE, PLACING AND ISSUE OF SHARES
Live Company Group plc (AIM: LVCG) announces an update on
KPOP.FLEX, the USA business and a placing to provide funding for
working capital and expansion of the KPOP brand.
Update on KPOP.FLEX
LVCG is pleased to announce an update on the progress of the
KPOP.FLEX festival. Ticket sales with Ticketmaster for day two
opened earlier this month and the Company is delighted to inform
shareholders that ticket sales to date for this additional date are
currently in excess of 18,000. Investors are reminded that the
Company earns revenue from ticket sales, merchandise, consultancy
fees, sponsorship, broadcasting and streaming.
USA business
As previously announced the Company recently secured two major
contracts with clients in the USA for BRICKLIVE Supersize and
BRICKLIVE Animal Paradise. The "sunshine strategy" of using assets
all year round in different geographies continues to deliver
growth.
Institutional Fundraise
The KPOP.FLEX festival continues to represent a potentially
substantial income stream for LVCG in 2022 with revenues from the
first festival being received in May 2022. Streaming for the show
is currently being negotiated and as costs are covered by ticket
sales would drop straight to the bottom line profitability of the
event. The Company has decided to set up a video production
division to manage the streaming of the Frankfurt Festival and
subsequent festivals. To provide funding for this new division and
for further expansion of the KPOP-FLEX concept and additional
working capital for the Group post lock-down , the Company has
raised GBP0.825 million (before expenses) by way of a placing of
16,500,000 new Ordinary Shares of 1p each ("Placing Shares")
through Monecor (London) Limited trading as ETX Capital ("Monecor")
with institutional investors at a placing price of 5.0p per share
(the "Placing Price") (the "Placing"). The Placing Price represents
a small premium to the closing price per Ordinary Share of 4.9p on
AIM on 11 March 2022.
The Company has entered into a placing agreement dated 11 March
2022 (the "Placing Agreement") with Monecor pursuant to which they,
as agents for the Company, have procured placees for the Placing
Shares at the Placing Price. The Placing Agreement is conditional
on Admission (as defined below).
Monecor may terminate the Placing Agreement in specified
circumstances (including for breach of warranty at any time prior
to admission of the Placing Shares, if such breach is reasonably
considered by Monecor to be material in the context of the Placing)
and in the event of a force majeure event occurring at any time
prior to admission of the Placing Shares. If the conditions of the
Placing Agreement are not fulfilled on or before the relevant date
in the Placing Agreement, placing monies will be returned to
placees without interest as soon as possible thereafter.
The Placing Shares will be issued pursuant to the Company's
existing share authorities.
AIM Application and Total Voting Rights
The Placing Shares amounting to 16,500,000 new ordinary shares
of 1p each ("New Shares") will, when issued, be credited as fully
paid and will rank pari passu in all respects with the existing
Ordinary Shares, including the right to receive all dividends or
other distributions made, paid or declared in respect of such
shares after the date of issue. Application will made for the New
Shares to be admitted to trading on AIM which is expected to become
effected on or around 18 March 2022 ("Admission").
Following Admission, the enlarged issued share capital of the
Company will comprise 182,526,006 ordinary shares of 1p each
("Ordinary Shares"). Each Ordinary Share has one voting right. No
Ordinary Shares are held in treasury. The above figure may 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.
Number of % of issued Number of Ordinary % of then
Ordinary share capital Shares on admission issued share
Shares currently pre-Admission capital
held
David Ciclitira
* 36,684,874 25 36,684,874 20.10
------------------ --------------- --------------------- --------------
Ranjit Murugason 6,367,937 0.9 6,367,937 3.49
------------------ --------------- --------------------- --------------
Bryan Lawrie 928,435 0.56 928,535 0.51
------------------ --------------- --------------------- --------------
Stephen
Birrell 428,572 0.26 428,572 0.23
------------------ --------------- --------------------- --------------
Beaumont Cornish Limited ("Beaumont Cornish"), which is
authorised and regulated in the United Kingdom by the FCA, is
acting as Nominated Adviser ("Nomad") to the Company in connection
with the matters contained in this announcement, and will not be
acting for any other person or otherwise be responsible to any
person for providing the protections afforded to clients of
Beaumont Cornish or for advising any other person in respect of the
matters set out in this announcement or any transaction, matter or
arrangement referred to in this announcement. Beaumont Cornish's
responsibilities as the Company's Nomad are owed solely to London
Stock Exchange and are not owed to the Company or to any Director
or to any other person in respect of his or her decision to acquire
any shares in the Company.
Chairman David Ciclitira commented:
"Streaming for KPOP events will be a major revenue source and
negotiations for KPOP. Flex remain ongoing. Having video production
of events in-house means we can reduce costs and own our
content.Ticket sales for day two of the festival are encouraging
and securing Kai for day two has been instrumental in increasing
numbers significantly."
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 four divisions; 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 is Kpop Europa (KPE), which owns
the kpop.flex brand. KPE is a joint venture between LVCG and the
Explorado Group. Kpop.flex is Europe's first ever Mega KPOP music
festival. The third is Live Company Sports and Entertainment, which
manages a number of global sports, entertainment and lifestyle
events. LCSEs main focus for 2022 will be Cape Town Cycle Tour and
the successful one year out launch of the Formula E Cape Town race
for series 9 in 2023. The fourth division is StART Art Global, in
which LVCG holds a 13.5% stake. StART Art Global is a combination
of both physical art shows and a digital art platform.
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