Parallel Media agrees reverse acquisitions of 'Lego Live' events

Event marketing and media agency Parallel Media Group has conditionally agreed to a reverse acquisition of Lego enthusiasts Brick Live and Parallel Live to create a new live entertainment events company with a market value of around £14.5m and renamd Live Company Group.

In order to fund part of the acquisition of two companies' shares in Brick Live Far East, valued at £10m, Parallel announced a £1.26m placing of 4.2m ordinary shares in the group at 30p each.

Brick Live is a network of partner-driven fan-based shows using content from BrickLive, an 100% owned interactive experience concept "built around the creative ethos of the world's most popular construction toy", Lego.

Parallel Live was founded by Ciclitira in 2015 and owns the rights to 'LEGO LIVE' in the USA as part of a three-year contract.

David Ciclitira, executive chairman at Parallel Media, said, "The acquisition of Brick Live and Parallel Live, and the bringing of BrickLive to the public market, couldn't come at a better time.

"Having just successfully launched three BrickLive shows on three continents simultaneously, this is a momentous point in a very successful year," he added.

PMG's directors believed the reverse takeover would assist the firm's growth strategy and support it in finding further high-quality licensee partners for events across the UK, South Korea, Japan, Switzerland, Brazil, China and the Far East.

"This transaction will give us the springboard we need to take our stand-out events to the next level; expanding into an even greater geographic and fostering an incredible learning environment for even more children around the globe, teaching them that there's no limit to their creativity," Ciclitira concluded.

As of 0920 GMT, shares were reinstated to trading on AIM, after being suspended at just over 20p in August, and rocketed as high as 97p before coming off to 57.5p after two and a half hours of trading, still a gain of around 150%.