Last checked at 30 Apr 2020 07:00
30 April 2020
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
ADDITIONAL FUNDING AND EXTENSION OF COST SAVING INITIATIVES
Live Company Group plc (AIM: LVCG) is pleased to announce that it has secured additional funding, via a loan of £250,000 from National Westminster Bank Plc ("NatWest") (the "Loan"), pursuant to the UK Government's backed Coronavirus Business Interruption Scheme ("Interruption Scheme"). This additional funding will be used to provide further working capital and to continue the planned build programme for 2020.
David Ciclitira, Executive Chairman of LVCG, said: "I believe that the Loan provides us with additional funding to allow us to emerge from lockdown on the front foot and to continue with our growth strategy. While the current market conditions, due to COVID-19 remain difficult, we are starting to see some of the countries in which we operate begin to emerge from lockdown with zoos, for example, in Germany now allowed to reopen and Prague Zoo already open.
The Loan
The Company has entered into a loan agreement with NatWest, pursuant to which a loan of £250,000 has been made available to the Company, via the UK Government's backed Interruption Scheme. The Company confirms that it has drawn down the Loan in full.
The Loan will be repayable in 12 equal, monthly, instalments, with the first instalment due 13 months after drawdown and with the final instalment due 24 months after drawdown. The Company may make additional repayments at any time. No interest is payable for the first 12 months following drawdown, after which interest, at a rate of 5.02% per annum over NatWest's base rate, will be charged.
Further Update re Cost Saving Initiatives
Further to the Company's announcement, on 15 April 2020, in line with the extension of the UK Government's Job Retention scheme, the Company has extended the furloughing of around half of its full-time employees until the end of June 2020. The Company has also extended the 50% decrease in pay to include June 2020, for all PAYE staff earning over £2,500 per month.
As previously announced, the Company intends to make up this decrease in pay for all staff, including Directors and those who have been furloughed, via the issue of new shares in the Company, further details of which will be announced in due course.
Enquiries:
Live Company Group Plc David Ciclitira, Executive Chairman Sarah Dees, Chief Operating Officer | Tel: 020 7225 2000 |
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Stand Hanson Limited (Nominated Adviser) Stuart Faulkner / Richard Tulloch / Georgia Langoulant | Tel: 020 7409 3494 |
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Shard Capital Partners LLP (Broker) Damon Heath | Tel: 020 7186 9950 |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
LIVE COMPANY GROUP
Live Company Group plc ("LVCG", the "Company" or the "Group") is a live events and entertainment company, founded by David Ciclitira in December 2017. The Company was admitted to trading on AIM in December 2017, following the reverse acquisition of Brick Live Group and Parallel Live Group by LVCG.
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 LEGO Group.
Website: www.livecompanygroup.com.