Source - LSE Regulatory
RNS Number : 3323D
Live Company Group PLC
09 September 2024
 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDFFFIFADITIIS
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Live Company Group PLC (LVCG)

-0.03p (-7.69%)
delayed 15:57PM