Update on Formula E

RNS Number : 3061P

Live Company Group PLC

18 October 2021

 

18 October 2021

LIVE COMPANY GROUP PLC

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

UPDATE ON FORMULA E

Live Company Group plc (AIM: LVCG)  presents further information with regards to the Formula-E race in Cape Town. Following the announcement on 13 July confirming the ratification of the Formula-E calendar and inclusion of Cape Town,  Formula-E and e-Movement (Pty) Ltd, have agreed that due to the ongoing impacts of the Covid-19 pandemic that continue to be felt in South Africa and internationally, the inaugural Cape Town E-Prix is set to be staged in Season 9 (ie in 2023), rather than Season 8 as originally intended and announced, delaying by one year the commencement of the five-year (with additional five year option) commitment to host E-Prix in Cape Town.

There will still be a number of key events in 2022 building up to the inaugural race including the track reveal and an e-Investment seminar to map out a 10 year programme of strategies to drive the e-mobility economic sector and positive effects on climate change and LCSE is leading the preparations to host the maiden race in Cape Town.

The Company will provide a further update on Formula E and the LCSE division in its next operational update.  

LCSE Managing Director Bruce Parker-Forsyth commented:

"Despite the delay which is disappointing LCSE is extremely proud to be delivering an event of this calibre to the South African public. Plans are well underway for us to host the maiden race here, and we are working closely alongside the City of Cape Town and Formula E Operations delivery teams to deliver a prestigious, world-class spectacle of motor racing like never seen before in our city. Co-founder and Chief Championship officer Alberto Longo is quoted as saying 'we cannot wait to see you in Cape Town in season 9' and that '… we have a very long term partnership with our friends at E-Movement. We at LCSE cannot wait either."

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]
Monecor (London) Limited (Broker) Elliot Hance	Tel: [phone]

LVCG through its 100% owned subsidiaries Live Company Sports and Entertainment (Pty) Limited (LCSE) and E Movement Holdings Limited (EMHL) holds the exclusive worldwide sponsorship rights, and is the project management and delivery partner, for the Cape Town E-Prix, and additionally holds the worldwide moral and intellectual property rights to the E-Fest concept.

Project management and delivery fees are ongoing irrespective of the postponement to Season 9.

The Cape Town E-Prix is a major source of revenue for LVCG.

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 8 in 2022.

It also has a minority investment in Start Art Global Ltd an on-line art and digital art platform (www.start.art).

 

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