VML
29/01/2015 08:49
GENERAL
NOT PRICE SENSITIVE
REL: 0849 HRS VMob Group Limited
GENERAL: VML: Market Speculation Regarding Recent Placements (NZAX: VML)
29th January 2015
VMob Group Limited - Market Speculation Regarding Recent Placements (NZAX:
VML)
VMob Group Limited (VMob) is aware of media and market comment about the
participation of certain VMob directors in its recent private placement
capital raising, the completion of which was announced to the market on 26
January 2015. This comment has speculated on inferred or actual allegations
of insider trading against the participating directors.
VMob and its directors are concerned about the ill-informed nature of these
comments. There is no question of insider trading by VMob or its directors
or anyone else in relation to the recent private placement. The Financial
Markets Authority (FMA) has confirmed this to VMob.
VMob received legal advice on the private placement process which, as
previously announced to the market on 11 December 2014, involved negotiations
with interested parties to raise the desired capital. Those parties were
mostly made up of high net worth individuals and institutions. Some of those
parties were keen that VMob directors also participate in the capital raising
to demonstrate their confidence in the company and further align their
interests with those of other shareholders.
The participation of directors in the private placements is entirely
appropriate. It is expressly allowed, and catered for, under the NZAX
Listing Rules. The new insider trading rules in the Financial Markets
Conducts Act 2013 do not apply to the issue of new shares by private
placement (refer clause 20 of Schedule 1 to the Financial Markets Conduct
Regulations 2014). This was also the case under the previous insider trading
rules in the Securities Markets Act 1988. The FMA has confirmed to VMob that
it is not investigating or making any enquiries of VMob regarding insider
trading involving the placements. The FMA has made some routine information
requests regarding the private placements and VMob will provide such
information.
VMob is entirely confident that it and its directors have complied fully with
all legal and compliance requirements, including under the Companies Act 1993
and the NZAX Listing Rules, regarding the undertaking and announcements of
the private placements.
VMob remains focussed on implementing the recently announced global agreement
with McDonalds and executing further deals in its pipeline as it continues on
its growth path. VMob will continue to keep the market informed of further
material developments in its business.
Phil Norman
Chairman, VMob
About VMob
The VMob mobile engagement platform uses in-store beacon functionality,
mobile vouchers and mobile loyalty to increase store traffic, improve
in-store experience and build loyalty. All app content is tailored
specifically to each shopper by our big data platform, running on the
Microsoft Azure network, using a combination of historic information and live
data points such as location, weather and nearby events. VMob is based in
Auckland, New Zealand and is listed on the NZX Alternative Market (NZAX:
VML).
VMob has already achieved success in worldwide markets with strong
partnerships and clients including McDonald's in the USA, Netherlands, Sweden
and Japan, Exxon, Anheuser Busch, Telecom New Zealand, Telkom Indonesia,
Loyalty New Zealand, and Yellow Pages.
Visit www.vmob.co for further information
Ends.
End CA:00260114 For:VML Type:GENERAL Time:2015-01-29 08:49:22