Australia's Livetiles hits record low on restructure initiatives

Livetiles

10/10/2023 03:34

** Shares of Livetiles  LVT.AX  slump 22.2% to record low of
A$0.007
    ** The workplace software maker implements restructure and
cost-reduction program to achieve breakeven cashflow in H2, FY24
    ** Initiatives include departure of CEO 48 full-time
employees and fixed-term contractors being laid off
    ** Program could help save A$16.2 mln ($10.4 mln) in
annualised costs and A$8.4 mln in FY24
    ** Shares last down ~22%, set for worst day since May 3 
    ** Stock had already fallen ~69% this year, as of last close
 
 ($1 = 1.5567 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))