TIDMLVCG
RNS Number : 6478U
Live Company Group PLC
27 November 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014. as it
forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR").
27 November2023
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
CORPORATE UPDATE
LVCG provides an update on corporate activities.
GENERAL
The Company has spent the previous quarter closely reviewing its
financial position including all creditors which include a number
of legacy creditors and a number of costs associated with the
recently cancelled O2 KPOP event as referred to below. To preserve
cash in the short-term, staff numbers have been cut and salaries
reduced where appropriate. Creditors have been closely monitored
and communicated with and payment plans have been put in place
where possible. The strategy has resulted in some cost reduction
and cash preservation but the Company needs to continue to pursue
this going into the closing months of 2023 and into 2024, as
overall creditors remain in the region of GBP3-4 million. The
Company has ongoing dialogue with all creditors with regards to
repayment plans and settlements.
The Board is actively reviewing several pathways to ensure the
future success of the business including cutting of non-performing
business and the addition of new verticals within the media and
entertainment space.
BRICKLIVE
Back in 2022, Bricklive employed and retained over 23 staff
which was the residue of the post Covid period. During 2021 - 2022
Bricklive had continued to build Tours. As part of the LVCG 2022
year-end accounts and LVCG 2023 interims the asset value retained
by Bricklive remains at GBP 6,118,000 . At the end of September
2023, the number of Bricklive employees and retained staff has been
reduced to 4.
Earlier in the quarter Bricklive has entered into an outsourcing
agreement with Iconic Bricks, a new venture founded by Duncan
Titmarsh a previous employee of LVCG and the original founder of
Bright Bricks which was bought pre-pandemic by LVCG. Under this
agreement Iconic Bricks has taken over all build responsibilities
including the regular repairs of 13 tours and is currently
repairing Brickosaurs before it goes out to USA early December.
Iconic Bricks also has taken over the responsibility of the
corporate builds and assisting in the complicated program of
installations and derigs. Iconic Bricks also market the Tours to a
defined number of venues in the UK. Discussions are underway to
begin to build new Tours in 2024 onwards. The Company considers
this is an elegant way of continuing to build out and grow the
Brick Live business with a supportive partner on a reduced cost
base.
Bricklive is now solely concentrating on sales and has become a
very low overhead/high margin business, signing agreements for 2024
and 2025 and beginning discussions for 2026 and beyond. As a result
of the changes, whilst there has been some decrease from the
previous year it is expected based on the forecast that Bricklive
can now show a significant turnaround in 2024.
Chairman David Ciclitira commented : " I am particularly
delighted that Tina and Duncan have agreed to work together on
Bricklive and I am very optimistic that this new structure will
enable Bricklive to increase its future contribution to the Group.
Duncan has a unique knowledge of the Brick world and I know from
personal experience how important he will be to our total offering
over the forthcoming years "
StART Art Global
The recent StART Art Fair at the Saatchi Gallery took place as
usual and discussions are underway for the relaunch of StART Art
Fair. An announcement is expected next month.
KPOP EVENTS
As previously announced in September 2023, the London concert
was cancelled. In addition, the Company confirms that no further
monies were received from the loan provider in relation to this
concert beyond the initial loan of GBP600,000 and that previous
monies lent are in the process of being repaid. In that regard, the
Chairman Mr Ciclitira has provided financing of GBP150,000 to the
Group to re-pay the above monies that were guaranteed by LVCG for
the payment for the Artists for the London concert. In overall
terms, not only did the Group not have the benefit of the very
substantial revenues it had been anticipating from the show but
also was left with various upfront and cancellation costs which
have exacerbated the level of Group creditors as referred to
above
Conversations with regards to the Frankfurt show remain ongoing
with regards to a new date, the October 2023 date having been
postponed.
LCSE - Live Company Sports and Entertainment
The Company has continued to hold live events such as wine and
food fairs in the previous two quarters further details of which
are provided in a separate non-regulatory event announcement
released today.
BOARD CHANGES
The Company announces that it has accepted the resignation of
Serenella Ciclitira last September from the Board. The Board thanks
her for her contribution and hard work and especially her insight
with regards to the various art events that took place over the
years.
ANNUAL AND INTERIM ACCOUNTS
The Board is in the process of finalising the 2022 Annual Report
and Accounts and 2023 Interims - and is aware of all regulatory
timetables and is working towards ensuring the Company's shares may
be trading again as soon as possible.
A separate RNS has been issued today with an update on all the
Company's events that have taken place in the previous quarter as
well as next year's contracts.
Enquiries:
Live Company Group Plc Tel: 020 7225 2000
David Ciclitira, Executive Chairman
Sarah Dees, Chief Operating Officer
Beaumont Cornish Limited (Nominated Tel: 020 7628 3396
Adviser)
Roland Cornish/Rosalind Hill Abrahams
===================
CMC Markets UK Plc Tel: 020 3003 8255
Thomas Smith
Douglas Crippen
===================
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 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.
-- LVCG owns the brand KPOP Lux and is the Executive Producer of KPOP Lux.
-- StART Art Global (SAG) - SAG owns StART Art Fair in London
which has been staged over the last 10 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.
-- Live Company Sports and Entertainment (LCSE) - LCSE owns LCSE Pty in South Africa.
LVCG is a founder shareholder in E-Movement - the promoter of
the Formula E Race in Cape Town. As part of this relationship
E-Movement has retained LCSE (through E-Movement holdings) as its
implementation partner. E-Movement Holdings a 100% subsidiary of
Live Company Group has the right to sell sponsorship for the
Formula E race in Cape Town.
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.
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END
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