Melbourne software firm LiveTiles calls in receivers and managers
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The news: Workplace software company LiveTiles has appointed receivers and managers, following a turbulent few months.
The numbers: LiveTiles' share price has slid from $0.032 at the start of the year to $0.005, giving the company a market capitalisation of $6.47 million. Amid two CEO departures in the space of a year, the ASX-listed company implemented new measures to reduce costs by 36% in FY23, although operating revenue also dropped by 42% to $30.6 million.
The context: Backed by Australian VC OneVentures, LiveTiles named advisory firm KordaMentha's Michael Korda, Andrew Knight and Craig Shepard as the company's receivers and managers, taking charge of its assets, undertakings and operations, and seeking options to sell business assets or recapitalise. Trading of LiveTiles shares has consequently been suspended on the ASX.
The source: ASX announcement
