trategy expert and chairman Marc Stigter’s gone from Livetiles’ board - and not a moment too soon according to some of the group’s investors.
Fund manager Phil King’s not happy with Livetiles’ unwillingness or inability to progress takeover interest. AFR
Having blocked a potential takeover deals, investors are fuming with the company’s board and only too happy to see Stigter walk out on Thursday.
In fact, Street Talk can reveal Stigter’s resignation, announced on Thursday morning, came only hours after one of Livetiles’ biggest shareholders called for his head and that of the company’s other independent director.
Sydney’s Regal Funds sent its formal notice under section 230D of the Corporations Act, saying it would move resolutions to remove Stigter and fellow director Jesse Todd at a meeting of shareholders.
Regal chief investment officer Phil King confirmed the letter on Thursday - and also called out investment bank Credit Suisse, Livetiles’ adviser. Regal last disclosed a 6.8 per cent stake in September.
We have sought the removal of the independent directors of Livetiles because we don’t believe they or the company’s advisers Credit Suisse are acting in the interests of shareholders,” he told Street Talk.
“They have refused to engage with a genuine non-binding indicative takeover proposal that we believe is superior to their plan to delist the company that was defeated by shareholders.
“Subsequent to receiving this indicative takeover proposal they dilute existing shareholders by issuing more shares.”
King was referring to a bid fromfellow listed microcap Bigtincan Holdings, which found its way to Livetiles earlier this month. The offer valued Livetiles at 7¢ a share and was subject to due diligence and negotiation and implementation of a scheme of arrangement.
Livetiles has kept Bigtincan waiting. The company told investors that it “continues to carefully assess” the proposal on Thursday, three weeks after receiving it
“Following receipt of the Proposal, Livetiles has held preliminary discussions with other parties that have expressed interest in Livetiles. The Board remains committed to maximising shareholder value and will inform the market of any developments.”
The approach came after Livetiles scrapped unpopular plansto de-list from the ASX.
In the meantime, Livetiles signed a deal to acquire the remaining 80 per cent stake in climate advisory tech platform My Net Zero. The deal would start with Livetiles moving to a 55 per cent by issuing 68.3 million new shares (equivalent to about 7 per cent of the group).
Stigter’s now gone, effective Thursday, while co-founder and exective director Peter Nguyen- Brown also dropped off the board on Thursday. Todd, one of the two directors in Regal’s sights, was appointed interim chairman.
