Live Company Group PLC Issue of Equity, New CFO and TVR (8390G)
18 November 2022 - 6:00PM
UK Regulatory
TIDMLVCG
RNS Number : 8390G
Live Company Group PLC
18 November 2022
18 November 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")
ISSUE OF EQUITY
NEW CFO
and
TVR
LVCG is pleased to announce that it has signed a subscription
agreement ('Agreement") with Mr Byoung Goo (Jason) Lee, in addition
to the subscription announced on 7 October 2022 whereby Mr Lee has
agreed to invest a further GBP250,000 into the Company.
Issue of Equity
A total of 10,000,000 new ordinary shares of 1p each (" New
Shares") have been allotted to Mr Lee ("Issue") conditional only on
Admission (as defined below) at 2.5p per share. The New Shares will
be subject to a two year lock up and will only be allowed to be
sold via the Company's broker.
Application has been made for admission of the 10,000,000 New
Shares which will rank pari passu with existing Ordinary Shares to
trade on AIM ("Admission") expected to be on or around 25 November
2022.
The proceeds of the Issue will provide an additional
contribution towards the Group's plans to address its ongoing
working capital needs as referred to in the Company's latest Half
Year Report.
Following the Issue, Mr Lee will hold 20,000,000 ordinary shares
of 1p each in the Company ("Ordinary Shares"), representing 8.24
per cent of the Company's issued share capital.
In addition, Mr Lee has agreed to subscribe a further GBP750,000
at 3p per share (25,000,000 new Ordinary Shares) in tranches over
the period January to March 2023, subject to Shareholder approval
and a two year lock up, details of which to be announced in due
course.
New CFO
The Company is also pleased to announce that it has hired a new
Chief Financial Officer John Miller who has joined the company as
of 2 November 2022. This will initially be a part-time, non-board
seat, moving to a full time role in January 2023. The intention is
that, subject to all necessary due diligence being completed, he
will join the board in 2023.
Mr Miller is a chartered accountant with broad CFO experience
working for both listed (FTSE 250) companies and private companies
such as Transport for London, EY and Thomas Cook.
Chairman of LVCG David Ciclitira commented:
"I am delighted that Jason Lee has increased his investment in
the Company and look forward to working alongside him as he assists
me with the strategic direction of the KPOP and ART divisions. Our
new CFO John brings a vast amount of experience to the Company and
I am pleased to have him on board as we continue our growth story.
I look forward to his joining the board of directors in 2023
subject to the usual due diligence checks."
Total Voting Rights
Following Admission, the enlarged issued share capital of the
Company will comprise 242,569,604 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. K.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. 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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