LiveTiles, having seen its value plummet from about $350 million three years ago to $55 million, is understood to be arguing that investors would be better off if the company was acquired by an American group or headed to the Nasdaq’s friendlier waters - both of which would be easier to manage away from the ASX.Sources said it started making its pitch on Monday, having requested a trading halt and flagged that it was thinking about a de-listing.
Investors expect to see more detail in the coming days, once LiveTiles lodges its documents. Analysts weren’t convinced it was the right call, with the company just starting to gain traction after a dismal couple of years. It sets the scene for a potentially interesting tussle between the company and its shareholders. Anyone not convinced by the US takeover/Nasdaq reasoning could pretty easily think LiveTiles’ board is trying to take control of the company without paying a premium.The LiveTiles bulls would argue its interim results in February showed there was life in the company’s story and growth plans - and with another result or two it could win back the market’s support.
LiveTiles recorded $26.7 million operating revenue in the six months to December 31, which was up 32 per cent on the prior year. Total licences were up 59 per cent to 2.7 million. It’s not the first time investors have been down this path. Updater did a similar thing in 2018, gaining shareholder approval to de-list. Investors were happy with the move soon after - and