Live Company Group (AIM:LVCG ) said it has raised £0.4 million to fund the group’s planned build programme in 2020 and ‘to take advantage of post lockdown operating conditions.’
The media group raised £0.4 million via a share placing of 4,000,000 new ordinary shares at a price of 10p, a 20% discount to the company’s closing price of 12.5p on Thursday afternoon.
The group said it will also amend a £0.5 million loan from Executive Chairman, David Ciclitira, of which £0.25 million of the loan will be converted into shares at the same 10p placing price.
Following its conversion, £295,000 of the loan will remain outstanding, with all other terms of the loan remaining the same, this morning’s statement outlined.
Shares in Live Company Group closed at 12.5p on Thursday afternoon.
“The Placing puts us in a strong position to emerge from lockdown on the front foot and to continue with our growth strategy,” said Ciclitira.
Ciclitira said the reopening of zoos in the UK, which was given the green light by Boris Johnson for 15 June, included both zoos where the group operates or will soon be operating.
He also shares with investors that the group’s first zoo in the United States, JB Zoo in Michigan, has experienced “record numbers” during its opening weeks.
“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,” he added.
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