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(Sharecast News) - Live Company announced a new partnership agreement with Byoung Goo (Jason) Lee to promote 'K.Flex' festivals, and source new artists on non-SBS related festivals.
The AIM-traded firm said that under the deal, it would have the option to own 49% of the new venture, and the Partner would own 51%.
It said it would receive a net £0.1m licence fee from a payment of £0.3m from the partner, with the rest used to subscribe for shares in Live Company.
The partner would subscribe £0.2m for five million new shares at a price of 4p.
Live Company said it would receive an annual licence fee of £0.1m, together with a profit share from all K.Flex Korea activity.
The licence agreement would auto-renew each year, unless terminated by either party.
"Whilst we enjoy an excellent working relationship with SBS for the shows that we will be working on together, it is important for Live Company to extend its ability to provide show content for additional non SBS festivals," said chairman David Ciclitira.
"We are particularly excited to be working with Jason Lee and look forward to developing new K.Flex festivals and content with them."
At 10411 BST, shares in Live Company Group were up 5.33% at 3.32p.
Reporting by Josh White at Sharecast.com.
