Live Company raises £400,000 for 2020 build programme
By Iain Gilbert
Date: Friday 26 Jun 2020
(Sharecast News) - 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.
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.
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10 Lower Thames St,
London EC3R 6EN