REG - Live Company Group - Financial Update

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09/09/2024 07:00

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RNS Number : 3323D  Live Company Group PLC  09 September 2024

9 September 2024

 

 

 

 

 

LIVE COMPANY GROUP PLC

("LVCG", the "Company" or the "Group")

 

FINANCIAL UPDATE

 

 

The Company announces, further to its recent RNSs, that it is in discussion at
present with the creditor, Creative Technology Northern Europe AB, who has
filed a winding up petition on LVCG in relation to monies owed concerning KPOP
Lux Madrid 2023.  The Company had been in extensive discussions with this
creditor to agree a payment plan but ultimately could not achieve a workable
solution.   If not otherwise resolved, the hearing is due to take place at
the High Court of Justice in Leeds on Tuesday 10 September. The Company will
update the market as soon as possible in this regard.

 

The Company continues to consult with its re-structuring advisors with a view
to putting both the Company and its substantive business, Brick Live
International Limited ('BLI') into administration as soon as is practical.
In the interim BLI has ceased to take new orders at present. The Company will
update the market in this regard as soon as possible together with details of
the current group creditor position.

 

The potential restructuring and/or sale of assets of the Company and its
subsidiary(s) will be realised by the Administrators in due course and, where
surplus funds are generated, these will be distributed as payments to
creditors in accordance with the statutory priority.  Where possible, the
Administrators will also investigate opportunities for maintaining some
ongoing value for shareholders.

 

The Company announces there is no progress on the cornerstone investor and, in
view of current matters, the audit has not progressed and its timing is
uncertain.

 

Enquiries:

 

 Live Company Group Plc                        Tel: 020 7225 2000

 David Ciclitira, Executive Chairman

 Beaumont Cornish Limited (Nominated Adviser)  Tel: 020 7628 3396

 Roland Cornish/Rosalind Hill Abrahams

 CMC Markets UK Plc                            Tel: 020 3003 8255

 Thomas Smith

 Douglas Crippen

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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