23rd Aug 2019 15:50
(Alliance News) - Live Company Group PLC said on Friday that it has entered into a three-year lease agreement with Bricklive Korea Co Ltd for one of its touring assets but has cancelled a similar deal with AWC Asia.
The events and education firm also announced the departure of its strategy chief, a new rent arrangement and that it will not pursue an outstanding amount owed by a share subscriber.
Under the terms of the deal, Live Company will provide Bricklive Korea with one of its popular touring assets to be exhibited in South Korea every year. Live Company will receive an upfront fee of USD300,000 every year as part of the agreement.
The first touring show will be the Mystical Beasts show which will be exhibited in August 2020.
The firm had a similar agreement with AWC Asia for the lease of the Mystical Beasts tour for three years, though Live Company on Friday said the deal was terminated with immediate effect.
In the same announcement, Live Company said its Strategy Chief Andy Smith will leave his role in order to become deputy chair of Bricklive Group Ltd, the parent company of Bricklive Korea, with effect on September 1.
Executive Chair David Ciclitira said: "I am personally delighted that Andy Smith has accepted the position of deputy chair of Bricklive Group. I am pleased to report that the Mythical Beasts show will next be exhibited at the MOA shopping centre in Sejong-si, South Korea."
The company said it has entered into a rent arrangement with Ciclitira, its largest shareholder, with Live Company renting his London office for a monthly fee of GBP3,000.
Live Company also explained that it has only received GBP29,998 from an outstanding GBP200,000 owed by a subscriber of its shares.
The firm said it will not pursue the remaining GBP170,002 because of the time it would take and the costs it would incur. As a result, it has made an application of 46,152 new shares to be admitted to trading on AIM, with admission likely to be effective on August 30, Live Company said.
The company initially said in February that it raised GBP2.2 million through a share placing and subsequent subscription.
Shares in Live Company were 6.7% down at 40.10 pence each in London on Friday afternoon.
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