REG - Live Company Group - Update on 2023 Accounts, disposal of StART

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31/07/2024 15:00

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RNS Number : 6394Y  Live Company Group PLC  31 July 2024

31 July 2024

 

LIVE COMPANY GROUP PLC

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

 

UPDATE ON 2023 ACCOUNTS

DISPOSAL OF REMAINING INTEREST IN StART

 

 

LVCG PLC provides an update on its 2023 accounts. The Company previously
announced on 24 June 2024 that its 2023 results would be published by the end
of July 2024. Despite best efforts from the Company and its Auditor this
timetable has been pushed back and the final accounts are now  anticipated to
be published by/at the end of September 2024.

StART Shareholding and Chairman's loan

 

As announced on 14 June, the Chairman - David Ciclitira - provided an
additional loan to the Company for £147,000 up to the end of July 2024. It
was intended that these monies would be repaid out of any investment monies
due from the Investors. If the cornerstone investment was not completed, Mr
Ciclitira would look to extend the loan on terms to be agreed by himself and
the board and at his discretion.

As the Company has not secured a cornerstone investor by the end of July, Mr
Ciclitira has now agreed to waive the repayment of this loan of £147,000 and
any accrued interest, in exchange, for the Company assigning its remaining
19.94% equity interest in StART Art Global Limited ("StART") to David
Ciclitira ("Transaction").  Unaudited figures for the year to 31 December
2023 for StART show total revenue of £386,000, with a total loss for the year
being £132,000.  In the Company's Report and Accounts for the year to
December 2022,   the carrying value in the StART investment amounting to
£1,000,000 was disposed of in full during the financial year, resulting in a
net zero closing balance for the period.

 

This transaction has been approved by both of the Company's independent
directors  ("Independent Directors") being Stephen Birrell and Bryan Lawrie
(with Ranjit Murugason not being considered independent for this purpose given
his interest in StART as previously announced) .

 

David Ciclitira is a Director and a substantial Shareholder of the Company
and accordingly is defined as a Related Party under the AIM Rules for
Companies (the "AIM Rules"). Accordingly, the Transaction is classified as a
Related Party Transaction pursuant to Rule 13 of the AIM Rules.

The Independent Directors consider, having consulted with the Company's
Nominated Adviser, Beaumont Cornish Limited, and taking into account that
StART no longer has any value to the Group which is likely to be reflected in
a full inpairment in the forthcoming 2023 Annual Accounts, that the terms of
the Debt Conversion are fair and reasonable insofar as the Company's
Shareholders are concerned and will be value enhancing for the Company. In
forming their view, the Independent Directors have also taken into account
the Company's need to reduce its debt in coming to this decision.

 

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.

 

 

About 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 two active 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.

 

·    LVCG owns the brand KPOP Lux and is the Executive Producer of KPOP
Lux in Madrid and London. Both of these shows are produced in partnership with
SBS - the Korean television network.

KPOP -  the company owns the rights to the K.Flex brand is a partner and the
Executive Producer of K.Flex in Frankfurt.

 

 

 

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