Information Technology company, LiveHire Limited (ASX: LVH) announced that it has completed the issue and allotment of 25 million shares (Placement) to raise $15 million at $0.60 per share from institutional and sophisticated investors.
In addition to the abovementioned issue, the company also issued 600,000 performance rights convertibles into the same number of shares (“Performance Rights”) under the company’s employee incentive plan (“EIP”) as a long-term incentive to certain senior employees of the company. It comprised of the Performance Rights, which will expire four years from the date of issue (“Issue Date”), March 26, 2019. The Performance Rights will vest in three equal tranches on the first, second and third anniversary of the Issue Date and these rights will be issued under the EIP. Accordingly, terms of the EIP apply to the Performance Rights.
Further, 121,655 Performance Rights were issued in place of part-fee and as a short-term incentive arrangement to the Senior Manager. It comprised of the Performance Rights, which will vest on the six-month anniversary of the Issue Date, on March 26, 2019, provided that the senior manager remains an eligible employee. These rights will expire in four years from the Issue Date, and even though these rights have been granted outside of the EIP, the terms of the EIP applies to the Performance Rights. These rights were issued under LVH’s 15% placement capacity under ASX Listing Rule 7.1.
The company in its notification to ASX has ensured adhering to all the regulatory compliances. It issued the securities without disclosure under Part 6D.2 of the Corporations Act, and it will provide the notice under section 708A(5)(e) of the Act.
LiveHire has followed all the provisions of Chapter 2M as well as section 674 of the Corporations Act and has clarified that no information has been excluded from a continuous disclosure notice under the ASX Listing Rules. The investors and their professional advisors have all the requisite information provided by the company to take an informed assessment of the assets and liabilities, financial position and performance, profits and losses and prospects of the company or the rights and liabilities attached to the shares.
In a previous update, LiveHire announced about its advanced High-Volume Hiring (HVH) Product on its Talent Community Platform. Super Retail Group and Vodafone are its first client to go live with HVH. The platform’s functionality is integrated via APIs with SAP’s Human Capital Management (“HCM”) module. This will help the company to materially expand in both domestic and international markets.
On stock information, LiveHire Limited’s share last traded at $0.525, down -6.25% (AEST 04:00 PM on March 26, 2019) with the market capitalization of ~$151.42 million. Today, it made day’s high at $0.53 and day’s low at $0.51 with a daily volume of ~774,391. Its 52 weeks high was at $0.925 and 52 weeks low at $0.30 with an average volume of 265,579. Its absolute return for one year, six months and three months are -38.46%, -8.94%, and -0.88%, respectively.
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