Client Success

Supporting the Growth of Our Clients

LiveTiles’ $25M capital raise – how Automic Group helped make it happen in just 2 days

The Company

LiveTiles Limited (LVT) is an ASX listed global technology company headquartered in Manhattan, New York, with offices in the UK and Australia. LiveTiles offers digital workplace solutions for the commercial and education markets and is a Microsoft Partner. LiveTiles has a range of branded software products that encompass design, AI, complete enterprise solutions and company directory assistance.

The Challenge

Automic Group’s equity capital markets legal team was instructed, on short notice, that LiveTiles was considering a material capital raise. The timeframe for this capital raise was aggressive, with LVT seeking a trading halt of its securities to launch the capital raise within days of Automic Group receiving instructions.

In addition, leading up to and during the trading halt, LiveTiles considered different types and sizes of capital raisings and structures, all of which had to be carefully navigated to ensure compliance with the Corporations Act and ASX Listing Rules. In particular, LiveTiles announced a share purchase plan, which would have been its 3rd in an approximate 12‑month period.

How the Automic Group Delivered

The situation was complex, fast paced and required bespoke ECM legal advice that considered the company’s previous history of capital raising within the market.

Automic Group was able to provide timely and accurate advice, which allowed the terms of the capital raising to be finalised in an efficient manner. This resulted in LiveTiles being able to confidently emerge from trading halt only one day after the request being made, with the originally planned placement being increased by 25% and an accompanying share purchase plan.

The Automic Group team assisted us with a whirlwind capital raise, ensuring that we met all of our regulatory and governance obligations while successfully exceeding the initial equity target set. The raise was executed over two consecutive working days, meaning that there was no margin for error, with everyone involved working under extreme pressure. We were very happy with both the outcome of the raise and the counsel provided by Automic.
– Matt Brown, CFO and Executive Director, Livetiles

The Results

LiveTiles successfully raised $25m from new and existing domestic international institutional investors, which was within days of Automic Group being instructed in the matter.

Following despatch of the share purchase plan booklet, LiveTiles successfully completed its capital raising of $2m from existing eligible shareholders, which was significantly oversubscribed with applications for more than double the capped amount being received by the company.