LiveHire Completes Entitlement Offer, Raising Over $3 Million
LIVEHIRE LIMITED (LVH) Share Update November 2024 Wednesday 20th
LiveHire Completes Successful Entitlement Offer
LiveHire Limited (ASX: LVH) has successfully completed its entitlement offer, raising over $3 million to support its growth and expansion plans.
Instant Summary:
- LiveHire raised approximately $3.036 million from the entitlement offer.
- The offer was a 1 for 4.2 pro rata non-renounceable entitlement.
- Humanforce Holdings Pty Ltd increased its stake to 87.76%.
- New Shares are set to commence trading on 22 November 2024.
Entitlement Offer Details
LiveHire Limited has announced the successful completion of its 1 for 4.2 pro rata non-renounceable entitlement offer, raising approximately $3.036 million. The offer was priced at $0.039 per New Share and closed on 14 November 2024.
The entitlement offer saw applications for 77,844,062 New Shares, with an additional 757,359 New Shares allocated to MA Moelis Australia Securities Pty Ltd as nominee for ineligible shareholders. This strategic move is expected to bolster LiveHire's financial position and support its ongoing growth initiatives.
Major Shareholder Participation
Humanforce Holdings Pty Ltd, LiveHire's largest shareholder, fully participated in the entitlement offer, maintaining its strong support for the company. As a result, Humanforce now holds 87.76% of the company's shares, indicating confidence in LiveHire's future prospects.
Market Implications
The New Shares will be issued on 21 November 2024 and are expected to commence trading on the ASX the following day. These shares will rank equally with existing shares, providing shareholders with consistent value and potential for future growth.
The successful completion of the entitlement offer is a positive development for LiveHire, providing the company with additional capital to pursue its strategic goals. The increased stake by Humanforce Holdings Pty Ltd demonstrates strong shareholder support, which may boost investor confidence. However, the dilution effect of new shares could have a mixed impact on the stock price in the short term.
Investor Reaction:
Analysts are likely to view the successful capital raise as a positive step for LiveHire, reflecting confidence in the company's business model and growth potential. The substantial participation by Humanforce Holdings Pty Ltd is seen as a vote of confidence, although some investors may be cautious about the dilution effect.
Conclusion:
LiveHire's successful entitlement offer marks a significant milestone in its growth journey. Investors should consider the potential for long-term value creation as the company utilizes the raised funds to enhance its platform and expand its market presence. Staying informed on LiveHire's progress and strategic initiatives will be crucial for investors looking to capitalize on future opportunities.