live company announced a subscription agreement with Byoung Goo (Jason) Lee on Friday, in addition to the subscription announced on October 7, under which Lee agreed to invest an additional £0.25 million in the company.
The AIM-listed company said 10 million new shares had been allotted to Lee, subject only to admission, at 2.5p per share.
He said the new shares would be subject to a two-year lock-up and could only be sold through the company’s broker.
Proceeds from the issue would provide an additional contribution to the group’s plans to meet its ongoing working capital needs, as it described in its semi-annual report.
Following the issuance, Lee would hold 20 million shares, representing 8.24% of its issued share capital.
In addition, Lee has agreed to subscribe for a further £0.75m at 3p per share, for a total of 25m new shares, in tranches between January and March next year, subject to the shareholder approval and a two-year freeze.
At the same time, Live Company announced that it has hired a new chief financial officer, John Miller, who joined the company on November 2.
He said the role will initially be a part-time, non-board seat, moving to a full-time role in January.
The intention was that, subject to the completion of all necessary due diligence, he would join the board next year.
Live Company has confirmed that Miller is a chartered accountant with “broad” experience as a chief financial officer, working for listed and private organizations including Transport for London, EY and Thomas Cook.
“I am delighted Jason Lee has increased his investment in the business and look forward to working alongside him as he assists me in the strategic direction of the KPOP and ART divisions,” said Chairman David Ciclitira.
“Our new Chief Financial Officer, John, brings a wealth of experience to the business and I am delighted to have him on board as we continue our growth story.
“I look forward to him joining the board in 2023 subject to the usual due diligence.”
At 13:41 GMT, shares of Live Company Group were down 4.72% at 3.14p.
Reporting by Josh White for Sharecast.com.