Live Company launches £2.2m placing to fund zoo expansion

Children's entertainment and education outfit Live Company intends to raise up roughly £2.2m via the issue of 2.08m ordinary shares and 1.29m subscription shares in order to fund the expansion of its Bricklive Zoo programme.

Live Company will price the shares at 65p each in the fundraiser, raising £1.36m from the placing shares and £840,000 from the subscription.

With seven Bricklive Zoo shows already scheduled for 2019, the AIM-listed firm now expects to add an additional seven shows to the roster across Europe and the United States this year.

Live Company told investors that the net proceeds from the fundraiser would be used to finance the expansion of its Bricklive Zoo programme to meet this demand.

Executive chairman David Ciclitira said: "With the success of our Zoo touring assets at Marwell Zoo and Twycross Zoo in the UK, we have seen significant levels of interest from other zoos across the UK, Europe and the United States."

"This funding will, therefore, allow the group to take advantage of these exciting opportunities and I'm personally delighted to be investing in the company at this time."

Elsewhere, Live Company confirmed that its revenues for the year ended 31 December 2018 were "broadly in line" with its guidance issued on 5 October.

As of 0830 GMT, Live shares had picked up 2.42% to 63.50p.