VML
17/09/2015 17:20
GENERAL
PRICE SENSITIVE
REL: 1720 HRS VMob Group Limited
GENERAL: VML: Proposed Move to Main Board Delayed
VMob Group Limited [NZAX: VML]
Proposed Move to Main Board Delayed
Auckland, New Zealand - 17 September 2015
Introduction
VMob Group Limited (NZAX:VML) ("VMob") has, further to its pre-break
announcement on 1 September 2015 and clarification announcement on 3
September 2015, proposed to transition the quotation of its shares from the
NZX Alternative Market ("NZAX") to the NZX Main Board. NZX approved the
pre-break announcement and VMob released it to the market on that basis.
NZX Decision
NZX has the discretion under the NZX Main Board Listing Rules to consider
applications for listing on the Main Board for issuers with an anticipated
market capitalisation of less than $50 million. NZX has stated that it is
prepared to exercise this discretion in respect of VMob but it is also
concerned with the level of VMob's current market capitalisation (being
$21,518,000 at close of trading on 16 September 2015), as a company applying
for a new listing on the NZX Main Board, particularly given the target
constituents anticipated for listing on the NXT Market.
Accordingly, NZX has decided to approve VMob's listing on the NZX Main Board
subject to VMob satisfying the following conditions precedent to listing:
(a) VMob successfully completes the private placement to raise $5 million, as
announced to the market on 8 September 2015; and
(b) VMob attains a market capitalisation of at least $40 million, by no later
than 31 March 2016.
Once NZX is satisfied that these conditions have been met, and if VMob's
Board also decides having reflected on other alternatives that it wishes to
proceed, NZX would communicate its approval to VMob of its Listing on the NZX
Main Board and there would be a number of standard compliance and disclosure
matters for VMob to attend to at that time.
Private Placement
As previously announced at the Company's Annual Meeting on 11 August 2015 and
on 8 September 2015, VMob is in the process of undertaking a series of
presentations in support of a private placement to raise up to NZ$5.0 million
through the issue of up to 14,705,882 ordinary shares at an issue price of
NZ$0.34 per share (A$0.307). VMob previously announced on 8 September 2015
that the offer would close on 28 September 2015. This closing date was based
on the potential application of the NZX Main Board listing rules and now that
a potential move to the NZX Main Board is likely to be delayed VMob does not
face the same time pressure. Accordingly, there is now no closing date for
the offer and VMob will inform the market on progress with the offer at the
appropriate time.
For further information, please contact: Steve Allan, Chief Financial Officer
+64 27 480 9991 [email protected]
About VMob
VMob is an end-to-end mobile personalisation platform that lets retailers and
other customer-facing brands create highly personalised marketing campaigns
to reach customers at exactly the right time and place - resulting in much
higher conversion rates.
The VMob platform integrates with the brand's own smartphone app to
continuously collect and store a range of real-time data (including location,
movement speed, local weather and nearby events), combining it with
information on past transactions through its "Internet of Things" platform to
deliver a level of personalised content not possible with other media.
Offers, campaigns and content personalised with this data are delivered
within the smartphone app, and to other channels via API connections.
VMob was founded in Auckland, New Zealand and now has offices in San
Francisco, Chicago, New York, London, Tokyo and Sydney 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, 7-Eleven, Exxon, Anheuser
Busch, Heart of the City, Spark New Zealand, Telkom Indonesia, Loyalty New
Zealand, and Yellow Pages.
Visit www.vmob.com to learn more.
ENDS
End CA:00270342 For:VML Type:GENERAL Time:2015-09-17 17:20:02