Parallel Media Group plc is to acquire Brick Live and Parallel Live, to create a new live entertainment events company – Live Company Group – and bring BRICKLIVE to London’s Alternative Investment Market (AIM).
The acquisition of the two companies and of partners’ shares in Brick Live Far East, are valued at £10m, and the company is raising £1.26m through a share placing at 30p. On completion, the enlarged group will have a market value of £14.5m.
To reflect the Enlarged Group’s new business focus it will be renamed Live Company Group plc (AIM: LVCG) on Completion.
The acquisitions of Brick Live and Parallel Live are part of the PMG’s strategic plans to expand its live entertainment offering. BRICKLIVE (Lego) events have been well-received globally and last weekend, BRICKLIVE shows were hosted simultaneously across three continents – Europe, Asia and South America.
The directors believe that the increased profile of being part of a public company will assist Brick Live’s growth strategy and support it in finding further high-quality licensee partners for events.
The Company’s strategy is to build on the success of BRICKLIVE partner-driven events in the UK, South Korea, Japan, Switzerland and Brazil to further extend the global footprint of these shows, with a focus on the Far East and China, in particular.
David Ciclitira, executive chairman at Parallel Media Group, said: “Since our Birmingham NEC show in October 2016, we have been on an amazing growth journey that is testament to both the talented BRICKLIVE team, and our phenomenal partners. 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. 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.”
http://www.parallelmediagroup.com
For comment from Mail Online click here
Stock Exchange Announcement: Admission is sought as a result of a reverse take-over in accordance with AIM Rule 14. Parallel Media Group plc (the “Company”) is a sports and live events agency which has been admitted to trading on AIM since August 2001. The Company is proposing to acquire Brick Live Group Limited (“BLG”) and Parallel Live Group Limited (“PLG”), for a total consideration of ?6.0m, and will also acquire the balance of Brick Live Far East Limited (“BLFE”) not currently owned by BLG for a consideration of ?2.95m, in each instance to be satisfied through the issue of new ordinary shares, calculated at 30p per share. The Company will also enter into arrangements to restructure its existing outstanding loans and corporate structure. Brick Live Group is an early stage business involved in fan based live events, under the BRICKLIVE concept, whose principal source of revenue is licensing fee income. Brick Live Group currently works with 9 licensee partners in different geographic regions around the world. Licensee partners are granted a licence to organise and stage BRICKLIVE events, providing further income streams from revenue sharing arrangements with the licensee partner and merchandising income. Brick Live Group supports and provides content, but does not, in the main, promote BRICKLIVE events on a regular basis. BRICKLIVE will have staged 17 shows in 2017 in UK, Belgium, Italy, Korea, Japan, Switzerland and Brazil. The number of shows is forecast to expand to 30 in 2018. Parallel Live has a licence with LEGO Systems Inc to stage LEGO LIVE Shows in the United States, the first of which is due to take place in New York in the first quarter of 2018. Parallel Live will act as promoter of the event.