Proposed Move to Main Board Delayed
VMob Group Limited [NZAX: VML]
Proposed Move to Main Board Delayed
Auckland, New Zealand – 17 September 2015
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 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.
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]
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.