- Live Company launched a new division, Live Company Sports and Entertainment, to focus on the fee-based promotion and organisation of global sports and entertainment events including motorsport, sailing, cycling, golf, music and lifestyle events.

The first of these events,the Pick n Pay cycle tour, was planned to take place in Cape Town in March 2021.

The strategy of the division would be to 'develop new global concepts for international events in addition to expanding the existing South African based events,' the company said.

The company plans to raise £0.6 million through a placing to develop the new division including the purchase E-Movement.

The company would pay £650,000 in shares to acquire Live Company Sports and Entertainment Pty; £500,000 in shares to transfer the contracts or events - due to take place in 2021 and 2022 - to LCSE's South African subsidiary from Worldsport South Africa Pty Limited.

The company would also pay £300,000 in cash for E-Movement for the right to sell sponsorship and the management for the upcoming Formula E race in Cape Town planned for December 2021.

At 10:06am: [LON:LVCG] Live Company Group Plc share price was 0p at 9.5p

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