Live Company raises £400,000 for 2020 build programme
Media firm Live Company raised £400,000 on Friday as part of a placing of 4.0m new shares at a price of 10.0p each, representing a 20.0% discount to the group's closing price on Thursday.
FTSE AIM All-Share
754.87
17:14 23/04/24
Live Company Group
0.55p
16:55 23/04/24
Media
11,966.12
16:59 23/04/24
Live Company said the placing was part of an attempt to fund its planned build programme for 2020 and "take advantage" of post-lockdown operating conditions.
Elsewhere, the AIM-listed firm agreed to amend a £500,000 loan provided by its executive chairman, David Ciclitira, through which £205,000 of the loan will be converted into shares at the placing price, while £295,000 of the loan will remain outstanding.
Ciclitira said: "The placing puts us in a strong position to emerge from lockdown on the front foot and to continue with our growth strategy.
"I am also pleased to convert approximately 41% of my loan into shares at the same price as the placing is being undertaken, as I remain a strong believer in the equity story of our business."
As of 1345 BST, Live Company shares had slumped 16.96% to 10.38p.