Chairman's Loan

RNS Number : 4816P

Live Company Group PLC

17 February 2021

 

17 February 2021

LIVE COMPANY GROUP PLC

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

CHAIRMAN'S LOAN

Live Company Group plc (AIM: LVCG, "the Company") announces an update on the secured loan that Chairman David Ciclitira provided to the Company.

Further to the announcement on 15 April 2020 where Mr Ciclitira provided a secured term loan of £500,000   (the "Loan") to Brick Live International Limited ("Brick Live" a wholly owned subsidiary  of the Company) and the announcement on 26 June 2020 where the Company announced a partial conversion of the Loan into ordinary shares of LVCG, the Company announces an extension of the loan period  such that rather than the balance (currently £200,823) being repayable in full in April 2021 it will now be paid in 9 instalments commencing in June 2021. All other terms of the loan will remain the same.

Related Party Transaction

As Mr Ciclitira is a Director of the Company and a substantial shareholder (together with his wife, holding 31.52% of the current issued share capital) , as defined under the AIM Rules for Companies (the "AIM Rules"), he is a related party of the Company as defined under the AIM Rules.

As a result, the extension of Mr Ciclitira's loan is classified as a related party transaction pursuant to Rule 13 of the AIM Rules and the Directors of the Company, other than Mr Ciclitira and his wife, Mrs Serenella Ciclitira , consider, having consulted with the Company's nominated adviser, Beaumont Cornish Limited, that the extension of the loan on the terms set out above is fair and reasonable insofar as the Company's shareholders are concerned.

Additionally, the Company announces that in light of the continuing global pandemic Mr Ciclitira has elected to cap his international consultancy fees at £250,000 per annum and forgo his £25,000 Chairman's Fee for 2021 (i.e his total remuneration in relation to his services to the Group will be £250,000).

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]

LIVE COMPANY GROUP

Live Company Group plc ("LVCG", the "Company" or the "Group") is a live events and entertainment company, founded by David Ciclitira in December 2017.  The Company was admitted to trading on AIM in December 2017, following the reverse acquisition of Brick Live Group and Parallel Live Group by LVCG.

The Group is a network of partner-driven fan-based 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.  BRICKLIVE, which is fast becoming a leading children's education and entertainment brand, actively encourages all to learn, build and play, and provides inspirational events and shows where like-minded fans can push the boundaries of their creativity.  Bright Bricks is the Group's production centre for building brick based models.  The Group is an independent producer of BRICKLIVE and is not associated with the LEGO Group. The Company also manages a number of sports, entertainment and lifestyle events via its recently created LCSE (Live Company Sports and Entertainment) division.

Website: www.livecompanygroup.com.

 

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