Mise à jour de l'entreprise
BT Group
108.95p
17:04 13/05/24
Ce communiqué contient des informations privilégiées au sens de l'article 7 du règlement (UE) n° 596/2014 sur les abus de marché. car il fait partie de UK Droit national en vertu de la loi de 2018 sur l'Union européenne (retrait) (« UK MAR").
27 novembre 2023
LIVE COMPANY GROUP PLC
(« LVCG », la « Société » ou le « Groupe »)
MISE À JOUR DE L'ENTREPRISE
LVCG provides an update on corporate activities.
GÉNÉRAL
The Company has spent the previous quarter closely reviewing its financial position including all creditors which include a number of legacy creditors and a number of costs associated with the recently cancelled O2 KPOP event as referred to below. To preserve cash in the short-term, staff numbers have been cut and salaries reduced where appropriate. Creditors have been closely monitored and communicated with and payment plans have been put in place where possible. The strategy has resulted in some cost reduction and cash preservation but the Company needs to continue to pursue this going into the closing months of 2023 and into 2024, as overall creditors remain in the region of £3-4 million. The Company has ongoing dialogue with all creditors with regards to repayment plans and settlements.
The Board is actively reviewing several pathways to ensure the future success of the business including cutting of non-performing business and the addition of new verticals within the media and entertainment space.
BRICKLIVE
Back in 2022, Bricklive employed and retained over 23 staff which was the residue of the post Covid period. During 2021 - 2022 Bricklive had continued to build Tours. As part of the LVCG 2022 year-end accounts and LVCG 2023 interims the asset value retained by Bricklive remains at £6,118,000. At the end of September 2023, the number of Bricklive employees and retained staff has been reduced to 4.
Earlier in the quarter Bricklive has entered into an outsourcing agreement with Iconic Bricks, a new venture founded by Duncan Titmarsh a previous employee of LVCG and the original founder of Bright Bricks which was bought pre-pandemic by LVCG. Under this agreement Iconic Bricks has taken over all build responsibilities including the regular repairs of 13 tours and is currently repairing Brickosaurs before it goes out to USA early December. Iconic Bricks also has taken over the responsibility of the corporate builds and assisting in the complicated program of installations and derigs. Iconic Bricks also market the Tours to a defined number of venues in the UK. Discussions are underway to begin to build new Tours in 2024 onwards. The Company considers this is an elegant way of continuing to build out and grow the Brick Live business with a supportive partner on a reduced cost base.
Bricklive is now solely concentrating on sales and has become a very low overhead/high margin business, signing agreements for 2024 and 2025 and beginning discussions for 2026 and beyond. As a result of the changes, whilst there has been some decrease from the previous year it is expected based on the forecast that Bricklive can now show a significant turnaround in 2024.
Chairman David Ciclitira commented"I am particularly delighted that Tina and Duncan have agreed to work together on Bricklive and I am very optimistic that this new structure will enable Bricklive to increase its future contribution to the Group. Duncan has a unique knowledge of the Brick world and I know from personal experience how important he will be to our total offering over the forthcoming years"
StART Art Global
The recent StART Art Fair at the Saatchi Gallery took place as usual and discussions are underway for the relaunch of StART Art Fair. An announcement is expected next month.
KPOP EVENTS
As previously announced in September 2023, the London concert was cancelled. In addition, the Company confirms that no further monies were received from the loan provider in relation to this concert beyond the initial loan of £600,000 and that previous monies lent are in the process of being repaid. In that regard, the Chairman Mr Ciclitira has provided financing of £150,000 to the Group to re-pay the above monies that were guaranteed by LVCG for the payment for the Artists for the London concert. In overall terms, not only did the Group not have the benefit of the very substantial revenues it had been anticipating from the show but also was left with various upfront and cancellation costs which have exacerbated the level of Group creditors as referred to above
Conversations with regards to the Frankfurt show remain ongoing with regards to a new date, the October 2023 date having been postponed.
LCSE - Live Company Sports and Entertainment
The Company has continued to hold live events such as wine and food fairs in the previous two quarters further details of which are provided in a separate non-regulatory event announcement released today.
CHANGEMENTS DE CONSEIL
The Company announces that it has accepted the resignation of Serenella Ciclitira last September from the Board. The Board thanks her for her contribution and hard work and especially her insight with regards to the various art events that took place over the years.
ANNUAL AND INTERIM ACCOUNTS
The Board is in the process of finalising the 2022 Annual Report and Accounts and 2023 Interims - and is aware of all regulatory timetables and is working towards ensuring the Company's shares may be trading again as soon as possible.
A separate RNS has been issued today with an update on all the Company's events that have taken place in the previous quarter as well as next year's contracts.
Enquêtes
Groupe d'entreprises en direct Plc David Ciclitira, président exécutif Sarah Dees, chef de l'exploitation | Tél: 020 7225 2000 |
Beaumont Cornish Limited (conseiller nommé) Roland Cornish/Rosalind Hill Abrahams | Tél: 020 7628 3396 |
CMC Markets UK Plc Thomas Smith Douglas Crippen | Tél: 020 3003 8255 |
À propos du groupe de sociétés Live
Live Company Group Plc ("LVCG", la "Société" ou le "Groupe") est une société d'événements en direct, de divertissement et d'événements sportifs, qui opère sur AIM depuis 2017.
Le Groupe est divisé en quatre divisions :
· BRICKLIVE - composé d'un réseau de spectacles de fans et de tournées pilotés par des partenaires utilisant le contenu créé par BRICKLIVE dans le monde entier. La société détient les droits de BRICKLIVE - une expérience interactive construite autour de la philosophie créative des briques de construction les plus populaires au monde. Le Groupe est un producteur indépendant de BRICKLIVE et n'est pas associé au Groupe LEGO.
· LVCG possède la marque KPOP Lux et est le producteur exécutif de KPOP Lux.
· StART Art Global (SAG) - SAG possède la StART Art Fair à Londres, qui s'est déroulée au cours des 10 dernières années à la Saatchi Gallery. SAG a obtenu sous licence les droits de la marque StART en Corée. La licence comprend le droit de créer et d'organiser la StART Art Fair Séoul et diverses expositions StART+.
· Live Company Sports and Entertainment (LCSE) – LCSE possède LCSE Pty en Afrique du Sud.
LVCG est actionnaire fondateur d'E-Movement, le promoteur de la course de Formule E au Cap. Dans le cadre de cette relation, E-Movement a retenu les services du LCSE (via E-Movement Holdings) comme partenaire de mise en œuvre. E-Movement Holdings, une filiale à 100 % de Live Company Group, a le droit de vendre le sponsoring de la course de Formule E au Cap.
Beaumont Cornish Limited (« Beaumont Cornish ») est le conseiller désigné de la société et est autorisé et réglementé par la FCA. Les responsabilités de Beaumont Cornish en tant que conseiller désigné de la société, y compris la responsabilité de conseiller et de guider la société sur ses responsabilités en vertu des règles AIM pour les sociétés et des règles AIM pour les conseillers désignés, sont dues uniquement à la Bourse de Londres. Beaumont Cornish n'agit pas et ne sera pas responsable envers toute autre personne pour fournir les protections accordées aux clients de Beaumont Cornish ni pour les conseiller concernant les arrangements proposés décrits dans cette annonce ou toute question qui y est mentionnée.
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