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9 Sep 2024 07:00
9 September 2024
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
FINANCIAL UPDATE
The Company announces, further to its recent RNSs, that it is in discussion at present with the creditor, Creative Technology Northern Europe AB, who has filed a winding up petition on LVCG in relation to monies owed concerning KPOP Lux Madrid 2023. The Company had been in extensive discussions with this creditor to agree a payment plan but ultimately could not achieve a workable solution. If not otherwise resolved, the hearing is due to take place at the High Court of Justice in Leeds on Tuesday 10 September. The Company will update the market as soon as possible in this regard.
The Company continues to consult with its re-structuring advisors with a view to putting both the Company and its substantive business, Brick Live International Limited ('BLI') into administration as soon as is practical. In the interim BLI has ceased to take new orders at present. The Company will update the market in this regard as soon as possible together with details of the current group creditor position.
The potential restructuring and/or sale of assets of the Company and its subsidiary(s) will be realised by the Administrators in due course and, where surplus funds are generated, these will be distributed as payments to creditors in accordance with the statutory priority. Where possible, the Administrators will also investigate opportunities for maintaining some ongoing value for shareholders.
The Company announces there is no progress on the cornerstone investor and, in view of current matters, the audit has not progressed and its timing is uncertain.
Enquiries:
Live Company Group Plc David Ciclitira, Executive Chairman
| Tel: 020 7225 2000 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Rosalind Hill Abrahams | Tel: 020 7628 3396 |
CMC Markets UK Plc Thomas Smith Douglas Crippen | Tel: 020 3003 8255 |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
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