Bricklive Update and Funding Update

Live Company Group PLC

10 May 2023

 

10 May 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").

LIVE COMPANY GROUP PLC

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

BRICKLIVE UPDATE, FUNDING UPDATE

LVCG is pleased to announce that following its strategy in optimising the Bricklive assets that it has reached an agreement to sell two of its underperforming tours Mythical Beasts and Outer Space.

Whilst the company has had success with the tours they have not been as popular in recent times and hence a buyer for the assets was sourced. The tours have been sold for £350,000 in staged payments the first of which has been received. The future payments will occur between June and October 2023.

The Company continues to operarate a strategy that ensures that all assets have maximum usage through the year as demonstrated with its focus on the US market especially during the European winter months.

Funding Update

The Company also provides an update on the additional investment amounts that were to be received from Mr Jason Lee as referred to in the announcement of 6 April 2023. LVCG has now released Mr Lee from these obligations and is in active discussions to replace the funding which would have been provided by this investment.

Chairman David Ciclitira Commented: " I am pleased that the team have continued to work on our strategy of optimising the BRICKLIVE assets and that we have our first sale on a underperforming tour.

We are anticipating that we will also provide further funding news on our Madrid K-Pop concert and also an update our Japan K-Pop concert over the coming weeks.

We continue to work with Jason Lee on Start. Art Korea and the Start Art coin as announced."

Enquiries:

Live Company Group Plc David Ciclitira, Executive Chairman Sarah Dees, Chief Operating Officer	Tel: [phone]
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Rosalind Hill Abrahams	Tel: [phone]
CMC Markets UK Plc Thomas Smith Douglas Crippen	Tel: [phone]

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. 

·    KPOP -  the company owns the rights to the K.Flex brand and through its joint venture with the Explorado group KPOP Europa (KPE) is a partner in and the Executive Producer of K.Flex in Frankfurt. 

LVCG also 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.

·    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.

SAG has also licensed the right to the StART brand in Japan to Live Company Japan a joint venture with M Group Holdings Co.

SAG has also licensed the brand to Live Company Korea to create the StART Art Coin.

·    Live Company Sports and Entertainment (LCSE) - LCSE owns LCSE Pty in South Africa which has a long-term relationship with Pick 'n' Pay and the Ocean Race.

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.

 

END