17 December 2021
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
KPOP.FLEX, BUSINESS UPDATE AND FUNDING
Live Company Group plc (AIM: LVCG) announces an update on KPOP.FLEX and Marwell Zoo, a placing to provide funding for working capital and expansion of the KPOP brand.
Update on KPOP.FLEX
LVCG is pleased to announce an update on the progress of the KPOP.FLEX festival. Ticket sales with Ticketmaster opened on Friday 10th December 2021 and the Company is delighted to inform shareholders that ticket sales to date have far outmatched expectations in excess of 10,000 tickets already sold in forty countries despite only two artists being confirmed.
Marwell Zoo
As previously announced the Company secured a multi-year contract with Marwell Zoo in November 2019 as part of which the Company is pleased to confirm that an all new BRICKLIVE tour: Brickosaurs Evolution will be on display at this iconic zoo from April 2022 to September 2022.
Fundraise
The KPOP.FLEX festival represents a potentially substantial income stream for LVCG in 2022 and the opportunity to replicate it in other parts of the world. Revenue from ticket sales to date has exceeded expectations. To provide funding for the KPOP-FLEX as well as the expansion of the concept and additional working capital for the growth of the Group post lock-down, the Company has raised
The Company has entered into a placing agreement dated 16 December 2021 (the "Placing Agreement") with Monecor pursuant to which they, as agents for the Company, have procured placees for the Placing Shares at the Placing Price. The Placing Agreement is conditional on Admission (as defined below).
Monecor may terminate the Placing Agreement in specified circumstances (including for breach of warranty at any time prior to admission of the Placing Shares, if such breach is reasonably considered by Monecor to be material in the context of the Placing) and in the event of a force majeure event occurring at any time prior to admission of the Placing Shares. If the conditions of the Placing Agreement are not fulfilled on or before the relevant date in the Placing Agreement, placing monies will be returned to placees without interest as soon as possible thereafter. If the Placing Agreement is terminated, the Acquisition will not take place.
Warrants
The Company will issue warrants of 11,428,572 at a ratio of 1 warrant per each Placing Share ("Placing Warrants").
Each Placing Warrant will provide the holder the right to one new Ordinary Share on its exercise. The Warrants will be exercisable at a price of 5.0p for a two-year period from the date of admission, subject to any extension in accordance with the Warrant instrument. If exercised in full, the Warrants would result in the issue of a further 11,428,572 new Ordinary Shares.
Both the Placing Shares and the Ordinary Shares issuable under the Warrants will be issued pursuant to the Company's existing share authorities.
Issue of consideration shares for E-Movement Holdings Ltd ("EMHL")
As previously announced, the Company entered into an agreement to purchase the entire issued share capital of EMHL in December 2020 with
Issue of Fee Shares
The Company will also issue 114,286 new Ordinary Shares of 1p each for payment of professional services amounting to
AIM Application and Total Voting Rights
The Placing Shares, Consideration Shares and Fee Shares amounting in aggregate to 12,685,716 new ordinary shares of 1p each ("New Shares") will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue. Application will made for the New Shares to be admitted to trading on AIM which is expected to become effected on or around 23 December 2021 ("Admission").
Following Admission, the enlarged issued share capital of the Company will comprise 159,802,147 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.
|
Number of Ordinary Shares currently held |
% of issued share capital pre-Admission |
Number of Ordinary Shares on admission |
% of then issued share capital |
David Ciclitira * |
36,684,874 |
25 |
36,684,874 |
22.96 |
Ranjit Murugason |
1,320,317 |
0.9 |
1,320,317 |
0.83 |
Bryan Lawrie |
90,384 |
0.1 |
90,384 |
0.06 |
Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the
Chairman David Ciclitira commented:
"We have been overwhelmed by the positive reception received for KPOP.Flex and the tickets sold to date reflect that this is a festival with plenty of demand. Our partners both in
Patrik Meyer from Frankfurt Stadium commented:
"…KPOP.FLEX is a success- quite unbelievable numbers in the middle of Corona. There are buyers of tickets from all over
Enquiries:
Live Company Group Plc David Ciclitira, Executive Chairman Sarah Dees, Chief Operating Officer |
Tel: 020 7225 2000 |
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|
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Rosalind Hill Abrahams |
Tel: 020 7628 3396 |
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Monecor ( Thomas Smith |
Tel: 020 7392 1436 |
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 divisions the first, 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, LCSE, manages a number of global sports, entertainment and lifestyle events. LCSEs main focus for 2021 has been the successful launch of the Formula E Cape Town race for series 9 in 2023.
It also has a minority investment in Start Art Global Ltd - combining both physical art shows and a digital art platform(www.start.art).
KPOP.FLEX see: https://kpopflex.com
Marwell Zoo see: https://www.marwell.org.uk
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