REG - Live Company Group - Update on Investor, KPop, Bricklive, and Accounts

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25/06/2024 18:15

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RNS Number : 8583T  Live Company Group PLC  25 June 2024

25 June 2024

 

LIVE COMPANY GROUP PLC

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

 

UPDATE ON CORNERSTONE INVESTOR

FRANKFURT KPOP ANNOUNCEMENT

UPDATE ON BRICKLIVE EVENTS

UPDATE ON 2023 ACCOUNTS

 

 

LVCG PLC announces that due diligence with the Cornerstone investor is
progressing, with positive conversations around potential joint events taking
place. However there is still some work to be completed which the board and
management team are focussed on bringing to conclusion.

As referred to in the announcement of 14 June, 2024, it is likely that the
Company will require a contribution from the cornerstone investor, failing
which funding from other sources, for its working capital needs given the
shortfall in the anticipated business of the Brick Live Division along with
further continued support from the Chairman. Satisfactory conclusion of a
transaction with the potential cornerstone investors is therefore important to
the Company's ongoing financing arrangements.

In the meantime, whilst the due diligence work is ongoing terms have been
agreed for a KPOP concert in Frankfurt with PKE as the Promoter.  The event
will involve the Cornerstone investor working alongside LVCG, as a joint
event, which the Board considers very positive for the Company. As part of the
arrangement LVCG will be remunerated for the digital marketing that it has and
will continue to undertake, this will be in a form of a fee and the fee to be
paid to LVCG by the Cornerstone investor.

The Company also announces that six new Brick Live events have been signed
since the last update on 28 March 2024.  This brings the number of signed
shows for 2024 to a total of 21.

 

The new events have taken place, or are scheduled to open, at various
locations across the UK and Europe during the 2024 spring and summer
seasons.  The details are as follows:

 

●     Big Cats and Animal Wonders Twycross Zoo, Norton Grange:  13 July
to 1 September 2024

●     Ocean Mini, Fife Deep Sea World:  27 June to 12 August 2024

●     Safari, Sheffield City Centre BID:  2-19 August 2024

●     Animal Paradise Mini, Grand Arcade:  9-27 August 2024

●     Animal Paradise Mini and Safari, Edinburgh Zoo: 21 May to 1 June
2024

●     Brick Ocean, Reggia di Caserta Naples, Alta Classe: 1 April to 1
May 2024

 

The Company remains committed to its strategy of maximising year-round usage
of our Bricklive assets, and to the continued growth and the expansion of its
tours throughout Europe and the USA.

 

The Company also notes that whilst the audit preparation for the Financial
Statements to 31 December 2023 ("Accounts") has been ongoing with the
Company's auditors Kingston Smith, and the Company has engaged additional
resources to ensure the publication of its financial statements,  the
Accounts will not be published by the 28 June 2024 as required by the AIM
Rules.

Accordingly, and pursuant to AIM Rule 40, this would mean the Exchange will
suspend trading in the Company's shares with effect from 07.30am  on 1 July
2024.  The Company's aim is to publish its accounts during July.

 

It was previously announced on 28 March 2024 that Senior NED Ranjit Murugason
had notified the board of his intention to resign from the board with an
effective date of 28 June 2024. It has now been agreed that he will stay on
the board until the Cornerstone agreement under negotiation would be signed
and finalised as would all of the non-executive directors.

 

 

 

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 three 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.

 

·    StART Art Global (SAG) - SAG owns StART Art Fair in London which has
been staged over the last 9 years at the Saatchi Gallery. SAG has licensed the
rights to the StART brand in Korea. The licence includes the right to create
and run StART Art Fair Seoul and various StART+ exhibitions.

 

 

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