14 March 2022
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
KPOP.FLEX AND BUSINESS UPDATE, PLACING AND ISSUE OF SHARES
Live Company Group plc (AIM: LVCG) announces an update on KPOP.FLEX, the
Update on KPOP.FLEX
LVCG is pleased to announce an update on the progress of the KPOP.FLEX festival. Ticket sales with Ticketmaster for day two opened earlier this month and the Company is delighted to inform shareholders that ticket sales to date for this additional date are currently in excess of 18,000. Investors are reminded that the Company earns revenue from ticket sales, merchandise, consultancy fees, sponsorship, broadcasting and streaming.
As previously announced the Company recently secured two major contracts with clients in the
Institutional Fundraise
The KPOP.FLEX festival continues to represent a potentially substantial income stream for LVCG in 2022 with revenues from the first festival being received in May 2022. Streaming for the show is currently being negotiated and as costs are covered by ticket sales would drop straight to the bottom line profitability of the event. The Company has decided to set up a video production division to manage the streaming of the Frankfurt Festival and subsequent festivals. To provide funding for this new division and for further expansion of the KPOP-FLEX concept and additional working capital for the Group post lock-down, the Company has raised
The Company has entered into a placing agreement dated 11 March 2022 (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.
The Placing Shares will be issued pursuant to the Company's existing share authorities.
AIM Application and Total Voting Rights
The Placing Shares amounting to 16,500,000 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 18 March 2022 ("Admission").
Following Admission, the enlarged issued share capital of the Company will comprise 182,526,006 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 |
20.10 |
Ranjit Murugason |
6,367,937 |
0.9 |
6,367,937 |
3.49 |
Bryan Lawrie |
928,435 |
0.56 |
928,535 |
0.51 |
Stephen Birrell |
428,572 |
0.26 |
428,572 |
0.23 |
Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the
Chairman David Ciclitira commented:
"Streaming for KPOP events will be a major revenue source and negotiations for KPOP. Flex remain ongoing. Having video production of events in-house means we can reduce costs and own our content.Ticket sales for day two of the festival are encouraging and securing Kai for day two has been instrumental in increasing numbers significantly."
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 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 Europa (KPE), which owns the kpop.flex brand. KPE is a joint venture between LVCG and the Explorado Group. Kpop.flex is
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