REG - Live Company Group - License Agreement, Issue of Equity and TVR

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07/10/2022 10:00

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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 £100,000 as a licence fee from a payment of
£300,000 from the Partner with the remainder used to subscribe for shares in
LVCG as referred to below.

·    the Partner will subscribe £200,000 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 £100,000 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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