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22nd May 2014
Dear paul,
Yesterday at 1:20pm EST, Vmoto our most recent stock research tip, went into a trading halt. Its announcement indicated it would emerge out of the halt before the market opens on Friday.
We spoke to Australian based director Olly Cairns this morning (22nd May) and he said that the ASX forced the company to go into the halt. The cause was the resignation of the company’s chairman Simon Farrell, which means that the company was reduced to one Australian based director, when the listing requirements are for two. The company's three other directors are based in China.
Farrell had some sort of disagreement with one of them, the company’s China based managing director Yiting (Charles) Chen. Chen’s interests control about 20 per cent of the company.
This has happened before. Only six months ago Vmoto was reduced to one Australian director, but then the ASX gave the group three months to find another one.
A possible reason for the ASX's harsher response on this occasion was the response to its handling of Padbury Mining (PBY), which announced in April that it had a 100 per cent equity funding to construct port and rail at Oakajee, which would cost in excess of $6bn. This turned out not to be the case.
In the case of Vmoto, the group is appointing an Australian based interim director and then will work out a longer term solution in the next three months.
Radar Takeout: The timing was unfortunate, but our Spec Buy rating remains. The stock should be trading again on Friday.
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1 | 36889 | 0.130 |
2 | 64000 | 0.125 |
3 | 31871 | 0.120 |
1 | 34652 | 0.115 |
Price($) | Vol. | No. |
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0.145 | 55000 | 2 |
0.150 | 889143 | 6 |
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