News: LVT Livetiles Announces Restructure And Cost Reduction Program To Achieve Cashflow

Oct 10 (Reuters) - Livetiles Ltd (LVT) :

• RESTRUCTURE AND COST REDUCTION PROGRAM TO ACHIEVE CASHFLOW
• IMPLEMENTING FURTHER GLOBAL HEADCOUNT REDUCTION OF FORTY-EIGHT WITH A COMBINATION OF FULL-TIME EMPLOYEES AND FIXED TERM CONTRACTORS
• CEO DAVID VANDER HAS RESIGNED
• ACCELERATING EFFORTS TO REDUCE OPERATING COSTS INCLUDING EXITING OF NON- CORE OFFICE SPACE, IT COSTS AMONG OTHERS
• COST REDUCTION PROGRAM WILL ENABLE CO TO SAVE A$16.2M IN ANNUALISED COSTS AND A$8.4M IN FY24
• CHANGES WILL PROVIDE LIVETILES WITH ADDITIONAL OPERATIONAL LEVERAGE IN FY24