TIDMLVCG
RNS Number : 1401M
Live Company Group PLC
17 September 2021
17 September 2021
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
HALF-YEARLY RESULTS FOR THE SIX MONTHSED 30 JUNE 2021
Live Company Group Plc (AIM: LVCG), a leading live events and
entertainment group, announces its half-yearly results for the
six-month period ended 30 June 2021.
HIGHLIGHTS
- Approval by the FIA and Formula E of the Formula E Cape Town race for February 2022.
- Return of BRICKLIVE events with 28 events confirmed for 2021
despite lockdown for first six months of the year.
- Investment in START.ART and soft launch of the online art platform (www.start.art)
David Ciclitira, Chairman, said:
"I am delighted that the green shoots of recovery are starting
to come through, with 28 BRICKLIVE events confirmed for 2021, a
year when we and our clients were unable to operate for the first
six months; and with the confirmation of the Formula E Cape Town
race by the FIA and Formula E for February 2022, we are well placed
to benefit from that recovery."
Enquiries:
Live Company Group Plc Tel: 020 7225 2000
Beaumont Cornish Limited (Nominated Adviser) Tel: 020 7628 3396
Monecor (London) Limited (Broker) Tel: 020 7392 1436
LIVE COMPANY GROUP
Live Company Group Plc ("LVCG", the "Company" or the "Group") is
a live events, entertainment and sports events company, that has
been trading on AIM since 2017.
The Group is divided into two divisions the first, BRICKLIVE,
consisting of a network of partner-driven fan-based and touring
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. The Group is an independent producer of BRICKLIVE and is
not associated with the LEGO Group.
The second, LCSE, manages a number of global sports,
entertainment and lifestyle events. LCSEs main focus for 2021 has
been the successful launch of the Formula E Cape Town race for
series 8 in 2022.
It also has a minority investment in Start Art Global Ltd an
on-line art and digital art platform (www.start.art).
Website: www.livecompanygroup.com .
CHAIRMAN'S STATEMENT
The first half of 2021 continued to be challenging for the Group
and the sector with lockdown continuing for some of our clients
well into June. Diversification of revenue remains a key part of
the Group strategy and the investment into START.ART, a digital art
platform, cements this.
BRICKLIVE
In H1 2021, our business continued to be severely impacted by
continued COVID-19 restrictions. Despite this we capitalised on the
global nature of our business and we opened BRICKLIVE Supersized
Creatures in March at the John Ball Zoo in Michigan, USA.
Supersized Creatures will remain in the USA and after Michigan will
travel on to Naples Zoo in Florida in November this year (a
contract we signed in April 2021) remaining there until April 2022
- the second time we are working with Naples Zoo. BRICKLIVE Animal
Paradise is also in the USA and about to open in, Houston, its
first non zoo destination in North America and I believe the USA
will continue to be an important strategic market for the Group
going forward.
While the number of events pre the end of lockdown were
relatively low we started to see a return to business in June and
July. In total 28 events will have taken place or are to take place
in 2021 and 6 are contracted for 2022 (some of which are
postponements from 2021).
Projects we are particularly pleased with include a climate
change model for the Environment Agency and a major new contract we
announced for Singapore Zoo - our first in Singapore and our first
time at a zoo in Asia.
LCSE
It has been a busy six months for LCSE with the majority of work
being focussed on the completion of the Formula E approvals and
preparation for the Cape Town based race. In July 2021 we announced
that the FIA and Formula E ratified the 2021/2022 calendar to
include South Africa (Cape Town) as the fourth race in Series 8.
The team in South Africa led by Bruce Parker-Forsyth have been
extremely busy finalising the arrangements to ensure a world class
event in February 2022.
Additionally, the Cape Town Cycle Tour is now set to take place
in October 2021 and then again in March 2022. LCSE has a long term
and long standing contract and relationship with Pick 'n Pay the
presenting sponsor of this event.
As South Africa comes out of lockdown and advances its
vaccination programme the team also managed to secure a contract to
manage the Discovery Vaccination Centre of Hope at the Cape Town
International Convention Centre in Cape Town - showing their
ability to seek alternative revenue streams.
INVESTMENT IN START.ART
In May the Company announced that it had subscribed to a
non-controlling stake in Start Art Global Ltd (START.Art) an online
art sales and news platform. The subscription of 16.3% of issued
share capital has an option to increase to 20% based on an agreed
valuation formula within the next 6 months.
START.ART, which soft launched in June 2021, is an online art
sales platform with several potential revenue streams including
non-fungible tokens (NFTs). A collaboration with three K-Pop stars
- Henry Lau, Ohnim (Mino) and yooyeon (Seungyoon) as featured
artists selling limited edition prints and merchandise has meant
that START.ART is already revenue producing.
A hard launch is set for 13 October 2021 at START art fair at
the Saatchi Gallery, London, and will see more celebrity artists,
extended merchandise lines and additional features.
CORPORATE
Chairman's Loan
In February 2021 the extension of the loan terms for my
Chairman's loan were announced and in June I agreed to convert a
further GBP30,000 of my loan into equity which was issued post
balance sheet.
Funding
In January 2021 a general meeting was held granting the
Directors authority to issue shares and warrants in accordance with
the December 2020 share placing of GBP600,000 at 5p per Ordinary
share.
In May 2021 the Company raised a further GBP1.5 million at 5p
per Ordinary share for the investment in START.ART and additional
working capital for the BRICKLIVE and LCSE divisions. The placing
and investment were approved by a general meeting in May 2021.
Board Changes
In February 2021 we announced the resignation of three members
of our Board. We committed to shareholders that we would nominate
an additional independent director onto the Board and to that end
we announced in July 2021 the addition of Stephen Birrell as an
independent non-executive director.
Stephen is a seasoned AIM director who brings a broad experience
of corporate governance, project management, stakeholder relations,
joint venture management and business development. Additionally he
brings a passion and experience in business performance
optimisation and has a background in staging and promoting live
events. We are delighted that Stephen has joined the team and look
forward to working with him.
The full board review, announced in May 2021, is ongoing and we
anticipate this being completed by the end of October 2021.
The Next 18 Months
The last 18 months have been incredibly challenging as a direct
result of COVID-19. Looking forward into 2022 I am cautiously
optimistic based on the hunger for the BRICKLIVE content and the
diversity of our business into sports and entertainment. Whilst
uncertainty remains, I am cautiously optimistic that we can return
to a sustainable trading base.
I would like to take this opportunity to thank our staff who
have weathered the storm and our shareholders who remain
supportive. I am personally excited by our new areas of business
especially in the digital space and I look forward to updating
investors over the coming quarter.
David Ciclitira
Chairman
16 September 2021
FINANCIAL REVIEW
REVENUE AND OPERATIONS
The ongoing effects of COVID-19 continue to be felt across the
markets and geographies in which the Group operates resulting in
revenues significantly below pre COVID-19 levels.
Revenue for the six months to 30 June 2021, including LCSE was
GBP622,000, 36% down on the six months to 30 June 2020 (which
included two full months of pre COVID-19 trading), and 30% down on
the immediately preceding six months to 31 December 2020 reflecting
the increased uncertainty as COVID-19 restrictions were re-imposed
across the UK, EU and other geographic markets in which the Group
operates.
BRICKLIVE
Whilst the number of events, and thus revenue, was significantly
reduced by the impact of COVID-19, a material component of cost of
sales comprises depreciation on content assets which are not
dependent on the number of events or revenue. This together with
the higher operating costs of remaining COVID-19 compliant and the
more than 200% increase in international shipping costs resulted in
a gross loss for the six months to 30 June 2021 of GBP542,000 (six
months to June 2020 gross profit of GBP157,000).
The Group continued to take steps to control operating expenses,
reducing staff numbers by a further 15% since 31 December 2020, and
continues its participation in the Coronavirus Job Retention Scheme
('CJRS'), receiving grants in the six months to 30 June 2021
totalling GBP162,000 (six months to June 2020: GBP216,000).
The lifting of COVID-19 restrictions in the UK, albeit partly
offset by reintroduction of restrictions in other geographic
markets, sets an optimistic note for the second half of the year
particularly for BRICKLIVE Tours and Trails as zoos, shopping
centres and other visitor attractions return to full capacity.
LCSE
Market conditions in South Africa remain challenging due to the
continued prevalence of COVID-19 with a number of events planned
for the six months to 30 June 2021, including the Cape Town Cycle
Tour, (for which LCSE represents Pick n Pay the event presenting
partner), are now expected to take place in the second half of the
year.
Preparation continues for the inaugural Cape Town E-Prix which
has now been confirmed for Race 4, Series 8 of the ABB FIA Formula
E World Championship and due to take place on 26 February 2022.
LCSE is the project manager and delivery partner for E Movement
(Pty) Limited, the race promoter and the Group, via its 100%
subsidiary E Movement Holdings Limited (EMHL), is the exclusive
worldwide representative for the commercial and sponsorship
rights.
START.Art
In May 2021 the Company acquired a minority interest of 16.3% in
START.Art, for GBP1,000,000, funded from the proceeds of the
GBP1,500,000 share placing completed on 24 May 2021. Prior to the
transaction 100% of the issued share capital of START.ART was owned
by David Ciclitira and Ranjit Murugason.
The investment gives the Group access to digital and
merchandising expertise as well as a broader base more able to
withstand future market instability. The START Art platform
(www.start.art) was launched in June 2021.
PXEBITDA
The Group uses PXEBITDA (Pre-Exceptional Item EBITDA) to allow
the users of the consolidated financial statements to gain a
clearer understanding of the underlying performance of the business
without the impact of one off non-recurring costs of an exceptional
nature.
Six months to Six months to
Consolidated 30 June 2021 30 June 2020
GBP'000 GBP'000
Revenue 622 968
Pre-Exceptional items EBITDA (1,349) (969)
Impairment of investments and goodwill - (3,497)
Share option and warrant charge (139) (139)
Other exceptional costs (33) (345)
-------------- --------------
Total Exceptional Items (172) (3,981)
-------------- --------------
Depreciation and amortisation expense (558) (393)
Finance costs (33) (28)
Loss after tax (2,112) (5,371)
-------------- --------------
Exceptional items
As set out in Note 3 exceptional items includes non-cash charges
of GBP139,000 being the share option and warrant charge (six months
to 30 June 2020: GBP3,636,000, being the share option and warrant
charge and impairment of investments and goodwill).
POST BALANCE SHEET EVENTS
In July 2021 the Company announced the issue of 600,000 Ordinary
1p shares to David Ciclitira in settlement of GBP30,000 of the
outstanding balance of his loan and 514,668 Ordinary 1p shares in
settlement of GBP25,733 of salary and fees due to employees,
Directors and suppliers.
Richard Collett
Finance Director
16 September 2021
UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT FOR SIX MONTHS
TO 30 JUNE 2021
Notes 30 June 2021 30 June 2020
GBP'000 GBP'000
Revenue 2 622 968
Cost of sales (1,164) (811)
Gross (loss)/profit (542) 157
Administrative expenses
Foreign exchange (11) 28
Depreciation and amortisation of
non-financial assets (193) (59)
Other administrative expenses (1,161) (1,488)
Total administrative expenses (1,365) (1,520)
Operating loss before exceptional
items (1,907) (1,362)
Exceptional items 3 (172) (3,981)
Operating loss after exceptional
items (2,079) (5.343)
Finance costs (33) (28)
Loss for the period before tax (2,112) (5,371)
Taxation - -
Loss for the period after tax (2,112) (5,371)
Other comprehensive income - -
Total comprehensive income attributable
to the equity holders of the parent
company (2,112) (5,371)
------------- -------------
Loss per share
Basic and diluted 4 (1.8p) (6.7p)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2021
Notes 30 June 2021 31 December 2020
GBP'000 GBP'000
Non-current assets
Property, plant and equipment 6 3,910 4,144
Intangible assets 7 1,374 1,516
Right of use asset 200 231
Investments 8 1,000 -
Goodwill 896 896
Total non current assets 7,380 6,787
------------- -----------------
Current assets
Inventories 4,329 4,831
Trade and other receivables 524 404
Cash and cash equivalents 91 168
Total current assets 4,944 5,403
------------- -----------------
Total assets 12,324 12,190
------------- -----------------
Current liabilities
Borrowings 9 485 615
Trade and other payables 2,137 2,364
Lease liabilities 63 60
Deferred income and accruals 1,592 1,120
Total current liabilities 4,277 4,159
------------- -----------------
Net current assets 667 1,244
------------- -----------------
Non current liabilities
Deferred tax 644 644
Borrowings 1,397 1,430
Lease liabilities 156 188
2,197 2,262
------------- -----------------
Net assets 5,850 5,769
------------- -----------------
Equity
Share capital 10 5,544 5,165
Share premium 26,682 25,004
Other reserves (23,700) (23,697)
Own shares reserve (2,151) (2,151)
Merger reserve 14,472 14,472
Capital redemption reserve 5,034 5,034
Share option reserve 418 496
Retained earnings (20,449) (18,554)
Equity attributable to equity
holders of the parent 5,850 5,769
------------- -----------------
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE
SIX MONTHSED 30 JUNE 2021
30 June 2021 30 June 2020
GBP'000 GBP'000
Cash flows from operating activities
Operating loss (1,907) (1,362)
Depreciation 385 358
Amortisation of trademarks 142 5
Depreciation of right of use assets 31 31
Corporation tax paid - (20)
Cash flow from exceptional items (33) (345)
Decrease in inventories 502 283
Increase in receivables (195) (242)
Increase in payables 895 1,182
Cash used in operations (180) (110)
------------- -------------
Cash flow from investing activities
Acquisition of investments (1,000) -
Acquisition of property, plant
and equipment (151) (595)
Net cash used in investing activities (1,151) (595)
------------- -------------
Cash flow from financing activities
Issue of equity 1,500 -
Repayment of lease liabilities (29) (27)
Proceeds from borrowings 143 750
Repayment of loans (237) -
Interest paid (33) (27)
Share issue costs (90) -
Net cash generated from financing
activities 1,254 696
------------- -------------
Net cash outflow (77) (9)
------------- -------------
Cash and cash equivalents at beginning
of the period 168 98
------------- -------------
Net decrease in cash and cash equivalents (77) (9)
------------- -------------
Cash and cash equivalents at end
of the period 91 89
------------- -------------
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 30 JUNE 2021
Ordinary Share Reverse Forex and Merger Capital Option Retained Total
share premium acquisition other reserve redemption and earnings
capital reserve reserves reserve warrant
reserve
GBP.000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
January
2020 4,878 23,480 (24,268) 572 14,067 5,034 218 (10,309) 13,672
Loss for
the
period - - - - - - - (5,371) (5,371)
Changes
in fair
value
from
bricks
used in
product
sales - - - - - - - (168) (168)
Equity
settled
payments 16 216 - - - - - - 232
Warrant
charge - - - - - - 27 - 27
Options
charge - - - - - - 111 - 111
As at 30
June
2020 4,894 23,696 (24,268) 572 14,067 5,034 356 (15,848) 8,503
---------- ---------- ------------ ---------- ---------- ----------- --------- ---------- --------
As at 1 January 2021 5,165 25,004 (24,268) (1,580) 14,472 5,034 496 (18,554) 5,769
Loss for the period - - - - - - - (2,112) (2,112)
Shares issued for cash 300 1,200 - - - - - - 1,500
Equity settled payments 79 568 - - - - - - 647
Warrant charge - - - - - - 28 - 28
Options charge - - - - - - (106) 217 111
Currency translation - - - (3) - - - - (3)
Share issue costs - (90) - - - - - - (90)
As at 30 June 2021 5,544 26,682 (24,268) (1,583) 14,472 5,034 418 (20,449) 5,850
------ ------- --------- -------- ------- ------ ------ --------- --------
NOTES TO THE FINANCIAL INFORMATION
1. Basis of preparation
The condensed consolidated interim financial report for the
half-year reporting period ended 30 June 2021 are unaudited and
have been prepared in accordance with Accounting Standard IAS 34
Interim Financial Reporting and the same accounting policies and
methods of computation are followed in the interim financial report
as compared with the most recent annual financial statements. They
do not constitute statutory accounts as defined in section 434 of
the Companies Act 2006. The financial statements for the year ended
31 December 2020 were prepared in accordance with International
Financial Reporting Standards as adopted by the EU. The report of
the auditor on those financial statements was unqualified and did
not draw attention to any matters by way of emphasis of matter.
The interim report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this
report is to be read in conjunction with the annual report for the
year ended 31 December 2020 and any public announcements made by
the Live Company Group Plc during the interim reporting period.
1.1 Going Concern
The Directors have prepared trading and cash flow forecasts for
the Group up to and including the year ending 31 December 2025. The
forecasts incorporate a number of trading assumptions and show that
the Group has sufficient cash to meet its liabilities as they fall
due.
The Directors consider these forecasts to be realistic and they
have considered the continued impact of the COVID-19 pandemic, and
the measures taken to contain it. However, because the situation
regarding the COVID-19 outbreak and related containment measures is
constantly evolving, there can be no certainty in respect of these
cash flows, as tours and shows may continue to be delayed or
cancelled in the geographical locations in which the Group
operates. However, in the event that further funding is required
the Directors consider that both further debt finance or an equity
fund raise are viable options at the date of signing these
condensed consolidated interim financial statements.
2. Segment Information
The Group has three operating segments, namely: BRICKLIVE Tours
and Trails (previously Tours, Events, Shows, Licences and Content
rental fees), BRICKLIVE Models and Sets (previously Product and
Content Sales) and the new Sports and Entertainment division (LCSE)
formed in December 2020.
BRICKLIVE Models and BRICKLIVE Tours and Sports and Unallocated Total
Sets Trails Entertainment
Six months to 30 June GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2020
Revenue 233 735 - - 968
Cost of sales (195) (616) - - (811)
Administrative
expenses* (230) (726) - (563) (1,520)
Finance costs - - - (28) (27)
Exceptional items - - - (3,981) (3,981)
Segment loss for
period (192) (607) - (4,572) (5,371)
---------------------- --------------------- --------------------- ---------------------- ------------ --------
PXEBITDA (183) (244) - (542) (969)
---------------------- --------------------- --------------------- ---------------------- ------------ --------
BRICKLIVE Models and BRICKLIVE Tours and Sports and Unallocated Total
Sets Trails Entertainment
Six months to 30 June GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2021
Revenue 381 167 74 - 622
Cost of sales (554) (609) (1) - (1,164)
Administrative
expenses* (353) (154) (149) (709) (1,365)
Finance costs - - - (33) (33)
Exceptional items - - - (172) (172)
Segment loss for
period (526) (596) (76) (914) (2,112)
---------------------- --------------------- --------------------- ---------------------- ------------ --------
PXEBITDA (470) (205) (76) (598) (1,349)
---------------------- --------------------- --------------------- ---------------------- ------------ --------
* Other Administrative Expenses which are not directly related
to the running of the Plc are allocated to each segment in
proportion to recognised revenue.
The Group uses PXEBITDA as a measure to assess the performance
of the segments. This excludes discontinued operations and the
effects of significant items of expenditure which may have an
impact on the quality of earnings such as restructuring costs,
fundraising costs, legal expenses and impairments when the
impairment is the result of an isolated, non-recurring event.
Interest expenditure is not allocated to segments as this type
of activity is driven by the central treasury function which
manages the cash position of the Group.
3. Exceptional items
30 June 2021 30 June 2020
GBP'000 GBP'000
Share option and warrant charge 139 139
Transactional and reorganisational costs 33 345
Impairment of associate and intangible assets - 3,497
172 3,981
------------- -------------
Share option and warrant charge
The Group uses the Black-Scholes model to value its share
options and warrants. Certain judgement is required in determining
the assumptions such as the risk-free interest rate and standard
deviation rate used. The charge for the six months to 30 June 2021
is GBP139,000 (six months to 30 June 2020: GBP139,000).
In January 2021 4,075,000 warrants with an exercise price of 15p
were repriced to an exercise price of 10p, the variation did not
result in an additional charge to the condensed consolidated income
statement.
In May 2021 3,953,840 warrants with an exercise price of 80p
were repriced to an exercise price of 15p, the variation did not
result in an additional charge to the condensed consolidated income
statement.
During the six months to 30 June 2021 1,341,889 options lapsed
resulting in a reclassification of GBP217,000 from share option
reserve to retained earnings (six months to June 2020: GBPnil).
Transactional and reorganisational costs
Transactional costs relate to the acquisition of a minority
interest in Start Art Global Ltd and GBP1,500,000 placing in May
2021 (RNS Number : 3348X 04 May 2021).
Impairment of associate and intangible assets
The Directors have considered the carrying value of investments,
intangible assets and the share of net assets of associates in
light of the continued impact of COVID-19 and circumstances
prevailing in the markets in which the Group operates and have
determined no impairment is necessary at 30 June 2021.
4. Earnings per share
The basic loss per share is calculated by dividing the loss
attributable to equity shareholders by the weighted average number
of shares in issue during the period. In calculating the diluted
loss per share, any outstanding share options and warrants are
considered where the impact of these is dilutive.
Six months to Six months to
30 June 2021 30 June 2020
Loss for the period after tax (GBP'000) (2,112) (5,371)
Weighted average number of shares in issue (000's) 115,381 79,875
Basic and diluted loss per share* (pence) (1.8p) (6.7p)
* Diluted loss per share in both 2021 and 2020 are the same as
basic loss per share, as the options in issue had no dilutive
effect on continuing operations.
5. Dividends
No dividend was recommended or paid for the period under
review.
6. Property, plant and equipment
Show Content Other Total
30 June 31 December 30 June 31 December 30 June 31 December
2021 2020 2021 2020 2021 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- ------------ -------- ------------ -------- ------------
Cost
Cost at start 5,557 5,016 177 178 5,734 5,194
Additions 149 921 2 14 151 935
Disposals - (380) - (15) - (395)
5,706 5,557 179 177 5,885 5,734
-------- ------------ -------- ------------ -------- ------------
Depreciation
At start 1,488 971 102 71 1,590 1,042
Charge 366 705 19 46 385 751
Disposals - (188) - (15) - (203)
1,854 1,488 121 102 1,975 1,590
-------- ------------ -------- ------------ -------- ------------
Net book value
at end 3,852 4,069 58 75 3,910 4,144
Net book value
at start 4,069 4,045 75 107 4,144 4,152
7. Intangible assets
30 June 2021 31 December 2020
GBP'000 GBP'000
------------- -----------------
Cost
Cost at start 1,539 88
Additions - 1,451
------------- -----------------
1,539 1,539
------------- -----------------
Amortisation
At start 23 12
Charge 142 11
------------- -----------------
165 23
------------- -----------------
Net book value at end of the period 1,374 1,516
Net book value at start of the period 1,516 76
Trademarks
Trademarks are obtained for each show in each jurisdiction
around the world. Trademarks are amortised over their estimated
useful lives, which is on average 10 years. The carrying value of
trademarks at 30 June 2021 is GBP62,000 (31 December 2020:
GBP66,000).
LCSE
In December 2020 the Company acquired the entire issued share
capital of Live Company Sports and Entertainment Limited together
with its wholly owned subsidiary Live Company Sports and
Entertainment (Pty) Limited and 50% interest in K-Pop Europa
Limited for GBP650,000 and purchased certain contracts from World
Sport South Africa (Pty) Limited for GBP500,000 to create a new
Sports and Entertainment division (RNS Number : 3562H 03 December
2020).
In December 2020 the Company acquired the entire issued share
capital of E Movement Holdings Ltd for GBP300,000 (RNS Number :
3562H 03 December 2020).
The substance of these transactions is the acquisition of a
series of contracts rather than a business combination as defined
in IFRS 3 "Business Combinations". The transactions were therefore
accounted for as additions to intangible fixed assets of
GBP1,450,000. The acquired contracts are amortised over the period
of the rights acquired, where contracts are renewable and are
likely to be renewed for a further period such further period, but
no subsequent periods, is considered to be part of the period of
the rights acquired. The carrying value of such rights at 30 June
2021 is GBP1,312,000 (31 December 2020: GBP1,450,000).
8. Investments
30 June 2021 31 December 2020
GBP'000 GBP'000
------------- -----------------
Cost
Cost at start - -
Additions 1,000 -
------------- -----------------
1,000 -
------------- -----------------
Impairment
At start - -
Impairment - -
------------- -----------------
- -
------------- -----------------
Net book value at end of the period 1,000 -
Net book value at start of the period - -
In May 2021 LVCG acquired a 16.3% interest in Start Art Global
Ltd. (START.Art) for GBP1,000,000 (RNS Number : 3348X 04 May 2021).
David Ciclitira and Ranjit Murugason are directors of both LCVG and
START.ART and own the remaining 83.7% of START.Art. The Directors
of LVCG have assessed whether LVCG exercises significant influence
over START.ART and have concluded that it does not and thus it has
not been accounted for as an associate under IAS 28.
9. Borrowings
30 June 2021 31 December 2020
GBP'000 GBP'000
------------- -----------------
Loan due within one year 485 615
Loan due after one year 1,397 1,430
------------- -----------------
1,882 2,045
------------- -----------------
In May 2021 the Group agreed a variation in the terms of the
GBP250,000 CBILS loan agreement with NatWest Bank Plc such that the
principal became repayable by way of 54 monthly instalments
commencing November 2021, therefore the full amount remained
outstanding at 30 June 2021.
In June 2021 the Group agreed a variation and second partial
conversion of the GBP500,000 loan agreement with David Ciclitira.
At 30 June 2021, and following the conversion, the principal of the
loan outstanding was GBP90,823.
In August 2020 the Group entered into an agreement with Close
Leasing Limited whereby stock totalling GBP1,500,000 included under
Inventories in the Statement of Financial Position in these
condensed consolidated financial statements was sold to Close
Leasing Limited and purchased back under the terms of a Hire
Purchase Facility (HP Agreement) provided in conjunction with the
CBILS. At 30 June 2021 the principal outstanding under the HP
Agreement was GBP1,467,670.
Between March 2021 and April 2021 the Company entered into an
agreement with the trustees of the Live Company Group Employee
Benefit Trust (the EBT) whereby the EBT advanced a series of
unsecured non interest bearing loans to the Company totalling
GBP74,046 at 30 June 2021.
10. Share capital
During the six months to 30 June 2021 2,363,219 Ordinary 1p
shares were issued in satisfaction of GBP96,900 of salary and fees
due to employees, Directors and suppliers, an additional 5,500,000
Ordinary 1p shares were issued in satisfaction of deferred
consideration relating to the acquisition of Live Company Sports
and Entertainment Ltd and novation of contracts from World Sport
South Africa (Pty) Limited.
In May 2021 new equity totalling GBP1,500,000 was injected into
the Company via a placing of 30,000,000 new Ordinary 1p shares.
Shares issued Avg. Price per Value Nominal per Nominal Premium per Premium
share share share
No. '000 GBP GBP'000 GBP GBP'000 GBP GBP'000
February 2021 1,863 0.04 72 0.01 19 0.03 53
May 2021 36,000 0.06 1,985 0.01 360 0.05 1,625
37,863 0.06 2,057 0.01 379 0.05 1,678
-------------- ----------------- -------- ----------------- -------- ----------------- --------
Issued share capital as at 30 June 2021 is comprised as
follows:
No. of shares GBP'000
Ordinary shares of 1p 146,001,763 1,460
Deferred shares of 51.8p 2,047,523 1,061
Deferred Ordinary shares of 0.5p 199,831,545 999
Deferred B shares of GBP19.60 103,260 2,024
347,984,091 5,544
-------------- --------
The Deferred shares do not entitle their holders to receive
dividend or other distribution nor do they entitle their holders to
receive notice, attend speak or vote at any General Meeting of the
Group. The rights of Deferred shareholders are set out in full in
the financial statements for the year ended 31 December 2020.
11. Related Parties
The following amounts were owed to/(due from) Directors of the
Group:
Unpaid balances 30 June 2021 31 December 2020
GBP'000 GBP'000
David Ciclitira* 72 318
Serenella Ciclitira 18 8
Ranjit Murugason 66 20
Bryan Lawrie 9 11
Trudy Norris-Grey (resigned 14 February 2021) - (15)
Mark Freebairn (resigned 14 February 2021) 12 10
Simon Horgan (resigned 17 February 2021) 12 10
189 362
------------- -----------------
*Includes the outstanding loan balance of GBP90,823 as detailed
in Note 9.
Remuneration Six months Six months
30 June 2021 30 June 2020
GBP'000 GBP'000
David Ciclitira 136 248
Serenella Ciclitira 10 5
Ranjit Murugason 47 10
Bryan Lawrie 11 60
Trudy Norris-Grey (resigned 14 February 2021) 15 12
Mark Freebairn (resigned 14 February 2021) 2 5
Simon Horgan (resigned 17 February 2021) 2 5
------------- -------------
223 345
------------- -------------
David Ciclitira
During the period David Ciclitira agreed to accepted 600,000 new
Ordinary 1p shares, in settlement of GBP30,000 of the loan facility
detailed in note 9.
David Ciclitira injected funds during the period as set out
below:
Six months Six months
30 June 2020 30 June 2020
GBP'000 GBP'000
Loan conversion (RNS Number : 4199A 01 June 2021) 30 -
Loan facility (RNS Number : 6990J 15 April 2020). - 500
Salary shares (RNS Number: 9396L 05 May 2020) - 28
30 528
------------- -------------
David Ciclitira received payments during the period as set out
below:
Six months Six months
30 June 2021 30 June 2020
GBP'000 GBP'000
Business expenses and healthcare costs 7 7
Rental arrangements for use of Venturi Formula E Car - 17
Fees and interest in relation to the provision of loan facility described in Note 9 15 72
Settlement of certain historic creditors (RNS Number : 6990J 15 April 2020) - 29
Partial repayment of loan facility (includes GBP30,000 partial loan conversion (RNS 204 -
Number
: 4199A 01 June 2021)
226 125
------------- -------------
12. Other
Copies of the unaudited half-yearly results have not been sent
to shareholders, however copies are available at
www.livecompanygroup.com or on request from the Company's
Registered Office.
13. Approval of Half-Yearly Financial Statements
The half-yearly financial statements were approved by the Board
on 16 September 2021.
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END
IR FIFFTASIDLIL
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September 17, 2021 04:27 ET (08:27 GMT)
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