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
David Ciclitira, Executive
Chairman
|
Tel: 020
7225 2000
|
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|
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Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish/Rosalind Hill
Abrahams
|
Tel: 020
7628 3396
|
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CMC
Markets UK Plc
Thomas Smith
Douglas Crippen
|
Tel: 020
3003 8255
|
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.