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(Alliance News) - Live Co Group PLC on Friday said it has signed a partnership agreement with event and media Senior Director Byoung Goo Lee to promote K.Flex festivals and source new artists on non-SBS related festivals.
Live Company is a Surrey-based live events and entertainment group, whose most recently announced venture is a K-pop concert at The O2 in London. SBS, formerly Seoul Broadcasting System, is one of the leading South Korean television and radio broadcasters.
Under the terms of the agreement, Live Co will have an option to own 49% of the new venture, while Lee will own 51%.
It will receive a net GBP100,000 as a licence fee from a payment of GBP300,000, with the remainder used to subscribe for shares in Live Company.
Lee will subscribe GBP200,000 for 5.0 million new shares at 4.00 pence each.
Live Company will receive an annual licence fee of GBP100,000, together with a profit share from all K.Flex Korea activity. The licence agreement will auto-renew each year unless terminated by either party.
The company said the rationale behind the creation of K.Flex Korea is to establish a company capable of independently creating content for further K.Flex festivals on a global basis.
K.Flex Korea is headed by Lee, and will work exclusively for Live Company to provide show content and create "additional areas of revenue" from Korea.
A total of 5.0 million new shares have been allotted, conditional only on admission, and subject to a one year lock up.
Chair David Ciclitira said while Live Company enjoyed working with SBS, it was particularly excited to be working with Lee and extending the company's ability "to provide show content for additional non-SBS festivals".
Live Company shares were trading 5.3% higher at 3.32p each in London on Friday mid-morning.
By Holly Beveridge; hollybeveridge@alliancenews.com
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