(Sharecast News) - Live Company announced a subscription agreement with Byoung Goo (Jason) Lee on Friday, in addition to the subscription it reported on 7 October, under which Lee agreed to invest a further £0.25m into the company.
The AIM-traded firm said 10 million new shares had been allotted to Lee, conditional only on admission, at 2.5p per share.
It said the new shares would be subject to a two-year lock-up, and could only be sold via the company's broker.
The proceeds of the Issue would provide an additional contribution towards the group's plans to address its ongoing working capital needs, as it described in its half-year report.
Following the Issue, Lee would hold 20 million shares, representing 8.24% of its issued share capital.
In addition, Lee agreed to subscribe a further £0.75m at 3p per share, for a total of 25 million new shares, in tranches between January and March next year, subject to shareholder approval and a two-year lock-up.
At the same time, Live Company announced that it had hired a new chief financial officer, John Miller, who joined the company on 2 November.
It said the role would initially be a part-time, non-board seat, moving to a full-time role in January.
The intention was that, subject to all necessary due diligence being completed, he would join the board next year.
Live Company confirmed Miller is a Chartered Accountant with "broad" CFO experience, working for both listed and private organisations including Transport for London, EY and Thomas Cook.
"I am delighted that Jason Lee has increased his investment in the company, and look forward to working alongside him as he assists me with the strategic direction of the KPOP and ART divisions," said chairman David Ciclitira.
"Our new CFO John brings a vast amount of experience to the company and I am pleased to have him on board as we continue our growth story.
"I look forward to his joining the board of directors in 2023 subject to the usual due diligence checks."
At 1341 GMT, shares in Live Company Group were down 4.72% at 3.14p.
Reporting by Josh White for Sharecast.com.
Live Company (LVCG)