Live Company Group PLC License Agreement, Issue of Equity and TVR (1651C)
07 October 2022 - 7:51PM
UK Regulatory
TIDMLVCG
RNS Number : 1651C
Live Company Group PLC
07 October 2022
7 October 2022
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 ("UK MAR").
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
KPOP.FLEX KOREA LICENSE AGREEMENT
ISSUE OF EQUITY and TVR
LVCG is pleased to announce a new Partnership Agreement
('Partnership Agreement") with Mr Byoung Goo (Jason) Lee
("Partner") to promote K.Flex festivals and source new artists on
non-SBS related festivals.
Under the terms of the Agreement:
-- LVCG will have an option to own 49% of the new venture
('NewCo') and the Partner ('Partner') will own 51%,
-- LVCG will receive a net GBP100,000 as a licence fee from a
payment of GBP300,000 from the Partner with the remainder used to
subscribe for shares in LVCG as referred to below.
-- the Partner will subscribe GBP200,000 for 5,000,000 new
Ordinary Shares of 1p each ("New Shares") in LVCG at 4p ('Partner
Shares'),
-- LVCG will receive an annual licence fee of GBP100,000
together with a profit share from all K.Flex Korea activity. The
licence agreement will auto-renew each year unless terminated by
either party.
The rationale behind the creation of K.Flex Korea is to
establish a company capable of independently creating content for
further K.Flex festivals on a global basis. K.Flex Korea will work
exclusively for LVCG to not only provide show content but to create
additional areas of revenue from Korea. K.Flex Korea is headed up
by Jason Lee, an experienced event and media senior director who
has been at the forefront of K-POP's global expansion and digital
transformation, and supported by a strong team of creatives and
business development professionals.
A total of 5,000,000 New Shares have been allotted conditional
only on Admission (as defined below at 4p per share. The New Shares
will be subject to a one year lock up and will only be allowed to
be sold via the Company's broker.
Application has been made for admission of the 5,000,000 New
Shares which will rank pari passu with existing Ordinary Shares to
trade on AIM ("Admission") expected to be on or around 17 October
2022.
Chairman of LVCG David Ciclitira commented:
"Whilst we enjoy an excellent working relationship with SBS for
the shows that we will be working on together, it is important for
LVCG to extend its ability to provide show content for additional
non SBS festivals. We are particularly excited to be working with
Jason Lee and look forward to developing new K.Flex festivals and
content with them."
Total Voting Rights
Following Admission, the enlarged issued share capital of the
Company will comprise 228,569,604 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.
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
===================
OvalX (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 with the k.flex brand. The
third is Live Company Sports and Entertainment, which manages a
number of global sports, entertainment and lifestyle events. The
fourth division is StART Art Global. StART Art Global is a
combination of both physical art shows and a digital art
platform.
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END
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