Live Company Group - Operational and Corporate Update
("LVCG", the "Company" or the "Group")
Operational update, Loan and amendment of
· The Chairman has agreed to provide a loan of
· LVCG appoints Deputy Chairperson, Finance Director and new COO
· In response to the impact of
· First quarter revenues are on target
· No events have been cancelled, though a number have been postponed to second half of 2020 and first half of 2021
· Group continues its build programme, in anticipation of expected significant business uptick post lock down ending
· Company has agreed to enter into a revised agreement with RiverFort and YA to amend the terms of the
· The Chairman will also assume certain historic liabilities of approximately
Loan facility and assumption of certain creditors
To show his support for the Company during these unprecedented times,
The Loan is secured on the assets of Brick Live and this security is subordinated to the security granted by Brick Live in favour of
The intention of the Board is to immediately draw down the Loan in full, with the net proceeds of the Loan providing general working capital to the Group.
In addition to the Loan,
Following draw down of the Loan in full, and taking into account the associated fees and interest for the first month, together with the payment to
As a result, the Loan and the Assumption of Liabilities are classified as related party transactions under the AIM Rules and the Directors of the Company, other than Mr Ciclitira, consider, having consulted with the Company's nominated adviser,
Team strengthening: Board and senior management changes
The Company is pleased to announce that
We are also pleased to announce that
The Company is also pleased to announce the appointment of
Cost Saving Initiatives
As a result of COVID-19, and in order to preserve the Group's financial resources during this time, the following initiatives have been introduced across the Group:
· The Group have furloughed, from March, around half of its full-time employees, under the
· All staff earning over the
· The Company intends to make up the decrease in pay for all staff, including Directors and those who have been furloughed, via the issue of shares in the Company, further details of which will be announced in due course;
· Several part-time non-PAYE staff will be exclusively paid in shares; and
· Unfortunately, the Company will also be making several staff redundant, resulting in an annual net saving of approximately
First Quarter Revenues on target
The Company is pleased to confirm that it achieved strong growth in the first three months of this year; despite recent difficult and unprecedented trading conditions:
· 32 BRICKLIVE events already planned for 2020.
In addition, whilst a number of events have been postponed to the second half of 2020 and the first half of 2021 as a result of COVID-19, the Company is pleased to confirm that no events have been cancelled and that the Group currently has 32 BRICKLIVE events scheduled globally for 2020, against a target of 75 for the year. A list of events is published on the Company's website.
In addition, the Company confirms that in addition to its current 18 themed tours, work continues on the construction of three further tours.
The above figures are as at
Revised terms for the New Facility and the
Given the impact of COVID-19, the Company has also agreed to amend the terms of the new loan facility of
Further to the announcement of
The Company and the Investors (together the "Parties") have agreed, as a result of the recent market disruption caused by COVID-19, to suspend the
Recommencement of the
The Board continues to monitor the situation closely and we have incorporated a number of cost savings initiates from Director level downwards, in order to preserve cash and to ensure that we are still able to be fully operational for our first events, once the situation and governmental guidance allows. Our sales and marketing efforts are continuing, with venues and partners for bookings later in 2020 and in early 2021.
The loan that I have made available to the Group, during these difficult times, demonstrates my ongoing commitment and belief in the Group, its management and employees and its strategy.
I am delighted that Trudy has accepted the position as Deputy Chairperson and that she will have an enlarged role within the Company. I would like to welcome
Sarah Dees, Chief Operating Officer
Stuart Faulkner / Richard Tulloch / Georgia Langoulant
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
LIVE COMPANY GROUP
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
This information is provided by RNS, the news service of the
Quick facts: Live Company Group PLC
Market Cap: £8.27 m
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