On June 14, 2016, Live Ventures Incorporated (the Registrant), through its wholly-owned subsidiary, Marquis Industries Inc. a Georgia corporation (Marquis), entered into
a Purchase and Sale Agreement, Loan Agreement, Promissory Note, and other transaction documents (the Agreements) with STORE Capital Corporation, a publicly traded net-lease real estate investment trust (REIT) that invests in
The transaction included a sale-leaseback of land owned by Marquis and a loan secured by the improvements on such land. The total aggregate proceeds received by Marquis from the sale of the property and the loan was approximately $10,000,000. In connection with the transaction, Marquis entered int o a lease with a 15 year term commencing on the closing of the transaction, which provides Marquis an option to extend the lease upon the expiration of its term.
The annual aggregate lease and loan payments by Marquis to STORE are approximately $925,000 per annum. The payments are subject to an annual increase.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As disclosed under Item 1.01, the Registrant, through its wholly-owned subsidiary, Marquis, entered into the Agreements with STORE. In connection with the transaction, Marquis entered into a lease with a 15 year term commencing on the closing of the transaction. The annual aggregate lease and loan payments by Marquis to STORE are approximately $925,000 per annum
Failure to timely make loan payments as required, could result in a default under the Agreement, at which time STORE may be able to accelerate payment of the aggregate principal balance and accrued interest under the loan.
The foregoing description of the Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement, a copy of which will be filed with the Registrants Quarterly Report on Form 10-Q for the quarter ended June 30, 2016.
Pursuant to the requirements of the Securities Exchange Act of 1934, we have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LIVE VENTURES INCORPORATED
/s/ Jon Isaac________________
Name: Jon Isaac
Title: Chief Executive Officer
Dated: June 21, 2016
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