VML 0.00% 0.0¢ vmob group limited

Ann: GENERAL: VML: Market Speculation Regarding Recent Placements (NZAX: VML)

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    • Release Date: 29/01/15 08:49
    • Summary: GENERAL: VML: Market Speculation Regarding Recent Placements (NZAX: VML)
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    					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
    				
 
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