28th Feb 2013 07:00
VMOTO LIMITED
OPERATIONS REVIEW
6 MONTH PERIOD ENDED 31 DECEMBER 2012
HIGHLIGHTS
1. Successful dual listing on the UK's AIM market in conjunction with a share placement to UK institutions and sophisticated investors, raising gross proceeds of £1.6 million.
2. Placement of new ordinary shares in September 2012 raised gross proceeds of A$650,000
3. Manufacturing and Supply Agreement signed with E-Tropolis GmbH, a prestigious electric scooter company in Germany worth potentially $24m in sales over 3 years.
4. Implementation of Strategic Cooperation Agreement with Shanghai PowerEagle Co Ltd ("PowerEagle"), worth an expected $86 million in sales by end of 2015 if PowerEagle's forecast and demand is met. Production and delivery of approximately 6,300 units to PowerEagle by 31 December 2012. The Company remains on track to fulfil PowerEagle's scheduled production of 42,000 units by December 2013.
5. Post period end appointment of Directors - Simon Farrell as Non-Executive Chairman and Ivan Teo as Finance Director.
OVERVIEW
Vmoto Limited (ASX:VMT, AIM:VMT), the global scooter manufacturing and distribution group specialising in "green" electric powered scooters, provides the following commentary on its Appendix 4E - Preliminary Final Report to the ASX for the six month period ended 31 December 2012. The Appendix 4E follows.
The timing of this report reflects the change in the Company's financial year end from 30 June to 31 December, effective 31 December 2012, as announced on 13 August 2012. This change was made to bring in line the year ends of the Company with annual business planning of its customers and suppliers and to make the annual audit and reporting processes more efficient and less costly.
As a result of the Company's delivery on its production estimates, the Company's financial performance for the six month period ended 31 December 2012 was in line with market expectations.
Overall, the Company reports a net loss of A$1.2 million for the six month period ended 31 December 2012, which represents an 83% decrease in comparison to the net loss reported for the twelve month period ended 30 June 2012. The improved financial performance for the six months ended 31 December 2012 was mainly due to lower operating costs as a result of ongoing rationalisation and optimisation of the current operations and more streamlined processes.
In November 2012, Vmoto successfully dual listed on the UK's AIM market in conjunction with a share placement to UK institutions and sophisticated investors, raising £1.6 million (approximately A$2.4million). The Company paid a number of one off costs to its advisors with regard to professional assistances provided to Vmoto to dual list on the UK's AIM market.
OperatingFacility
As at 31 December 2012, the total operating facility drawn down was RMB26.9 million (approximately AUD4.2million) and the total undrawn operating facility was RMB7.1million (approximately AUD1.1million).
In January 2013, the Company repaid RMB13million (approximately AUD2million) and drew down RMB13million (approximately AUD2million) from its operating facility.
EXISTING CUSTOMERS
PowerEagle: On 3 July 2013, Vmoto signed a strategic Cooperation Agreement with PowerEagle, a Chinese company specialising in the manufacture and development of electric bicycles, electric scooters, electric motorcycles and go carts, selling domestically and into 30 countries worldwide, pursuant to which Vmoto has agreed to produce all of PowerEagle's electric vehicle models on an Original Equipment Manufacture ("OEM") basis.
The Company produced approximately 7,000 units of electric scooters for PowerEagle in 2012 and, as at 31 December 2012, approximately 6,300 units had been delivered to PowerEagle. Production for Power Eagle continued to ramp up during the period with the finalisation of Stage 2 of the Company's Nanjing manufacturing facility where all Power Eagle production lines are housed. With PowerEagle production now working efficiently the Company is confident about improving the production rates into the 2013 financial year.
E-Tropolis: On 7 November 2012, Vmoto announced it had signed a Manufacturing and Supply Agreement signed with E-Tropolis GmbH, a prestigious electric scooter company in Germany, to produce 3 of E-Tropolis' electric scooter models on an OEM basis, for a minimum of 15,000 units over 3 years, representing a total sales value of approximately $24 million over 3 years.
Manufacture of the E-Tropolis electric scooters remains on course and delivery of E-Tropolis scooters commenced in February 2013.
USA: During the period, Vmoto was pleased to take its first container order from new USA distributor, Tharo EV, part of Tharo Systems, which is a hi-tech company founded in 1982 with a very strong service ethic and a network across USA. The distributor exhibited Vmoto scooters at CES, the largest technology show in the world, in Las Vegas in January 2013.
South Africa: The Company, on the back of the very positive start made by our South African distributor has taken orders from several fleet customers for 120LD and 120LD+ models. Successful trials have taken place with the leading pizza delivery company in South Africa, Debonairs, with 400 stores and scooters from the container arriving Q1 2013 (all lithium powered delivery versions) have been sold to them.
Denmark: DAO Distribution continues to use their fleet of 230 Vmoto electric scooters 7 days per week, 365 days per year in their delivery of newspapers from 36 depots across Denmark. Customer feedback, by which they are judged and paid by the newspaper publishers, has been extremely positive with the silent and emission free deliveries in the early hours to residential areas. Agreement has been reached with partnering distributors to expand the roll out of our scooters in 2013.
Sweden: EON Sweden agreed to market Vmoto's range of electric scooters to 150,000 of its private customers and over 14,000 of its business customers with a special offer for the 2013 season.
Vietnam: The Company discontinued the supply of petrol scooters to its Vietnamese customer as the Company understands that the Vietnamese customer has ceased its scooter division. The Company will continue selling its existing petrol scooter stocks to other customers and have received a 200 units order from its Korean customer.
The Company has continued to supply, albeit in smaller numbers in the low season for our main markets, to our network of distributors across the world. The preparations for larger orders both to end customer and major fleets which have had successful trials have been made ahead of the 2013 season.
NEW AND POTENTIAL SIGNIFICANT CUSTOMERS
Brazil: The trials with Correios Brazil continued during the reporting period and the initial phase was completed in December 2012, with positive feedback from riders and technicians in the 5 cities where the trials took place.
Italy: Sailpost, one of the main Italian post operators, began trials with 120SD and 120LD+ models in Milan on 8th October 2012.
Netherlands: Vmoto's products are to be marketed as Nimoto Pro range. Nimag is a well established electric scooter distributor in Netherlands and has the no. 1 selling scooter there already. It is also the importer for Suzuki cars, motorcycles and marine and is part of the Louwmann Group, a multi-billion Euro turnover giant in the automotive sector.
Belgium: The 120LD+ model continued to take part in the testing for public tender of Belgium Post alongside 3 other electric scooter manufacturers.
NEW DISTRIBUTORS
The Company continued to expand its network of distributors during the period and now has distributors in a total of 27 countries, including:
Luxembourg: The distributor in Luxembourg is Electric Vehicle Luxembourg, the leader in the market and part of Group Louisiana which, for example, is the importer for Phillips and Samsung brands.
Norway: REEL AS is the leading distributor of 2 wheel electric and is already a supplier to fleets such as Posten Norge (Norway Post).
Slovakia: Elektromobility SK is a new company for distribution of EVs. It is part of a large automotive supplier group with existing sales through more than 50 dealer locations.
Egypt:SINTRAC, a large importing business with over 25 years experience in introducing interntional brands to the Egyptian market. Have purchased electric scooters, petrol scooter and Scartt 600cc from Vmoto in their first order.
NEW MODELS/VERSIONS
The Company completed the development of newer versions of its electric scooters including new version of 80L, 80S, 120S and 120L, which have more advanced and sophisticated settings, new lithium batteries pack that are inter-changeable with silicone batteries pack and will continue working on research and development to perfect the technology of electric scooters.
Compliance is underway in Australia for Vmoto's new E-Milan, an electric version of its popular petrol Milan scooter, which is expected to launch in Australia in Q2 2013, subject to compliance approval.
EXHIBITIONS
The Company showcased its products at a number of important exhibitions during the period.
Vmoto's Brazilian distributor participated in the "5th Edition of the ECO Business Exhibition" held in Sao Paulo, Brazil in August 2012. This year, the event was backed and supported by the major energy players in Brazil and South America. Vmoto's Brazilian distributor presented the Company's E-Max Electric Scooters at several stands with several major energy players including Compahia Energética de Minas Gerais, CPFL Energia, Eletrocell and Cegasa International as an invited guest. The Brazilian distributor also exhibited E-Max electric scooters with a franchise company for an electric-rent-a-scooter, using reformed containers as rental office and charging stations to be promoted in centres such as São Paulo, Florianópolis, Rio de Janeiro, Curitiba, Brasília, Porto Alegre, Natal and Salvador.
Vmoto exhibited at the international Post & Logistics Expo in Brussels in September 2012 in the EV section alongside brands such as Daimler. Several high level decision makers from new fleet customers were found and discussions continue.
Vmoto was a leading exhibitor with 100sqm in the "e-motion" hall of the Intermot show held in Cologne, Germany 3-7 October 2012, the largest motorcycle and scooter show in the world in 2012 with over 200,000 visitors. Vmoto held a distributor meeting with over 18 of our countries represented and also met potential new distributors.
Vmoto also shared a 90sqm booth with our partner, E-Tropolis, for the EICMA show in Milan 15-18th November 2012 which is similar in size and attendance to Intermot. Our booth was situated in the Green Planet Zone and a full 3 days of meetings with potential customers were held.
CORPORATE
On 27 September 2012, the Company completed a placement of 54,070,654 ordinary shares at an issue price of $0.012 per share and one free attaching listed option (exercisable at $0.04 and expiring on 31 December 2014) to raise approximately $650,000. The funds raised from the placement were and will be applied to fast track production lines for the Company's PowerEagle contract and general working capital.
On 9 November 2012, the Company successfully listed on the UK's AIM market. The purpose of the dual listing is to give access to broader equity capital markets and in recognition of the Company's current and globally expanding customer base.
In conjunction with the AIM listing, the Company completed a placement of 121,075,002 ordinary shares to UK institutions and sophisticated investors at an issue price of 1.3 pence (2 cents) per share, raising approximately £1.6 million. The placement was approved by Vmoto shareholders on 23 October 2012. The net proceeds of the placement were and will be applied to meet the Company's current order book from existing customers (including the significant PowerEagle Strategic Cooperation agreement), expand its product range, expand its distribution base across Europe and the rest of the world, increase its workforce, extend its programme to continuously improve quality control, improve after sales service and complete the fit out of Stage 2 manufacturing facility in Nanjing, China.
On 12 October 2012, following the successful capital raising completed in September 2012, Mr Blair Sergeant resigned as a non-executive Director.
On 29 January 2013 the Company announced the appointment of Mr Simon Farrell and Mr Ivan Teo as Non-Executive Chairman and Finance Director respectively.
2013 OUTLOOK
2013 will be another exteremly busy year for Vmoto as it looks to continue and improve on the significant operational and corporate events of 2012. With PowerEagle production now ramping up the Company's focus is to ensure those orders are met.
Maintaining good relationships with existing customers will be important as will the work behind the scenes to win new customers in China and around the world.
The continuous interest in Vmoto's manufacuring capacity and electric scooters by customers has demonstrated their confidence in Vmoto's infrastructure, capabilities and products. This progression bodes well for the Company and its position within the global electric scooter market.
AUTHORISED BY:
Charles Chen
Managing Director
For further enquiries, please contact:
Vmoto | |
Charles Chen, Managing Director Olly Cairns, Non-Executive Director | +61 (8) 9221 6175 +61 (8) 6267 9030 |
finnCap | +44 20 7220 0500 |
Ed Frisby, Corporate Finance | |
Christopher Raggett, Corporate Finance | |
Tony Quirke, Corporate Broking | |
Tavistock Communications | +44 20 7920 3150 |
John West | |
Simon Compton |
About Vmoto
Vmoto is a global scooter manufacturing and distribution group and has been listed on the Australian Stock Exchange (ASX) since October 2001 and the AIM Market of the London Stock Exchange since November 2012. The Company specialises in high quality "green" electric powered scooters and manufactures a range of western designed electric (and some petrol) scooters from its low cost manufacturing facilities in Nanjing, China, marketed in Europe through its operation in Barcelona, Spain and marketed outside Europe through its operations in Australia. Vmoto combines low cost Chinese manufacturing capabilities with European design. The group operates through two primary brands: Vmoto (aimed at the value market in Asia) and E-Max (targeting the Western markets, with a premium end product). As well as operating under its own brands, the Company also sells to a number of customers on an original equipment manufacturer ("OEM") basis.
Appendix 4E
1.1 Preliminary Final Report
to the Australian Stock Exchange
Part 1
Name of Entity | 2. Vmoto Limited |
ABN | 36 098 455 460 |
Financial Year Ended | 6 months ended 31 December 2012 |
Previous Corresponding Reporting Period | 12 months ended 30 June 2012 |
Part 2 - Results for Announcement to the Market
$'000 | Percentage increase /(decrease) over previous corresponding period | |
Revenue from ordinary activities | 4,603 | (44%) |
Loss from ordinary activities after tax attributable to members | (1,195) | (83%) |
Net loss attributable to members | (1,195) | (83%) |
Dividends (distributions) | Amount per security | Franked amount per security | |
Final Dividend | Nil | Nil | |
Interim Dividend | Nil | Nil | |
Record date for determining entitlements to the dividends (if any) |
3. Not Applicable | ||
Brief explanation of any of the figures reported above necessary to enable the figures to be understood:
This report relates to the 6 month period to 31 December 2012 as a result of the change in the Company's financial year end from 30 June to 31 December, effective 31 December 2012. As a result, comparatives are for the full 12 month period ended 30 June 2012.
Refer to the above Operations Review for further commentary on the results for the 6 month period ended 31 December 2012.
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Part 3 - Contents of ASX Appendix 4E
Section | Contents | |
Part 1 | Details of entity, reporting period | |
Part 2 | Results for announcement to the market | |
Part 3 | Contents of ASX Appendix 4E | |
Part 4 | Consolidated statement of comprehensive income | |
Part 5 | Consolidated accumulated losses | |
Part 6 | Consolidated statement of financial position | |
Part 7 | Consolidated statement of cash flows | |
Part 8 | Basis of preparation | |
Part 9 | Loss from ordinary activities | |
Part 10 | Commentary on results | |
Part 11 | Notes to the consolidated statement of cash flows | |
Part 12 | Details relating to dividends | |
Part 13 | Loss per share | |
Part 14 | Net tangible assets per security | |
Part 15 | Details of entities over which control has been gained or lost | |
Part 16 | Details of associates and joint venture entities | |
Part 17 | Issued securities | |
Part 18 | Segment information | |
Part 19 | Subsequent events | |
Part 20 | Information on audit or review | |
Part 4 - Consolidated Statement of Comprehensive Income
Half Year Ended 31 December 2012 $ | Year Ended 30 June 2012 $ | ||
Continuing Operations | |||
Sales revenue | 4,603,010 | 8,241,656 | |
Cost of goods sold | (3,530,274) | (6,757,714) | |
Gross profit | 1,072,736 | 1,483,942 | |
Other revenue from ordinary activities | 193,378 | 259,616 | |
Operational expenses | (718,745) | (1,893,592) | |
Marketing and distribution expenses | (692,335) | (366,308) | |
Corporate and administrative expenses | (824,901) | (1,471,653) | |
Occupancy expenses
| (43,186) | (240,479) | |
Other expenses from ordinary activities | - | (35,148) | |
Impairment of goodwill | - | (4,624,781) | |
Profit/(Loss) before finance costs and income tax |
(1,013,053) |
(6,888,403) | |
Finance costs | (181,879) | (273,726) | |
Income tax | - | - | |
Loss after tax from continuing operations | (1,194,932) | (7,162,129) | |
Loss after tax from discontinued operations | - | - | |
Total loss for the period |
(1,194,932) |
(7,162,129) | |
Loss attributable to members of the parent entity |
(1,194,932) |
(7,162,129) | |
Part 5 - Consolidated Accumulated losses
Half Year Ended 31 December 2012 $ | Year Ended 30 June 2012 $ | ||
Accumulated losses at the beginning of the period | (37,512,457) | (30,350,328) | |
| (i) Loss for the period | (1,194,932) | (7,162,129) | |
| (ii) Accumulated losses at the end of the period | (38,707,389) | (37,512,457) | |
| (iii) |
Part 6 - Consolidated Statement of Financial Position
31 December 2012 $ | 30 June 2012 $ | ||
CURRENT ASSETS | |||
Cash and cash equivalents | 1,834,894 | 1,231,258 | |
Trade and other receivables | 2,061,869 | 1,716,318 | |
Inventories | 3,150,649 | 2,484,560 | |
Other | 973,657 | 628,254 | |
Total Current Assets | 8,021,070 | 6,060,390 | |
NON CURRENT ASSETS | |||
Property, plant and equipment | 5,913,869 | 5,867,243 | |
Intangible assets | 3,588,532 | 3,282,099 | |
Total Non Current Assets | 9,502,401 | 9,149,342 | |
TOTAL ASSETS | 17,523,471 | 15,209,732 | |
CURRENT LIABILITIES | |||
Trade and other payables | 2,666,984 | 1,873,753 | |
Interest bearing loans | 4,158,486 | 3,535,260 | |
Total Current Liabilities | 6,825,470 | 5,409,013 | |
TOTAL LIABILITIES | 6,825,470 | 5,409,013 | |
NET ASSETS | 10,698,001 | 9,800,719 | |
EQUITY | |||
Issued capital | 51,100,700 | 48,603,643 | |
Reserves | (1,695,310) | (1,290,467) | |
Accumulated losses | (38,707,389) | (37,512,457) | |
TOTAL EQUITY | 10,698,001 | 9,800,719 | |
Part 7 - Consolidated Statement of Cash Flows
Half Year Ended 31 December 2012 $ | Year Ended 30 June 2012 $ | ||
Cash flows from operating activities | |||
Receipts from customers | 4,686,933 | 8,257,193 | |
Payments to suppliers and employees | (6,639,288) | (8,279,757) | |
Interest received | 3,301 | 1,919 | |
Interest paid | (181,738) | (253,567) | |
Other cash receipts | 29,853 | 66,774 | |
| (I) Net cash used in operating activities | (2,100,939) | (207,438) | |
Cash flows from investing activities | |||
Proceeds from sale of property, plant and equipment | - | 4,455 | |
Payments for property, plant and equipment | (280,847) | (1,168,297) | |
Payments for intangible assets | (40,593) | (8,260) | |
| (II) Net cash used in investing activities | (321,440) | (1,172,102) | |
Cash flows from financing activities | |||
Proceeds from issue of equity shares | 2,836,883 | 1,027,198 | |
Payments for share issue costs | (63,976) | (3,080) | |
Proceeds from borrowings | 1,349,176 | 4,154,938 | |
Repayment of borrowings | (1,066,021) | (3,252,856) | |
| (III) Net cash generated by financing activities | 3,056,062 | 1,926,200 | |
| (IV) Net increase in cash held | 633,683 | 546,660 | |
Cash at the beginning of the financial year | 1,231,258 | 701,599 | |
Effects of exchange rate changes on cash | (30,047) | (17,001) | |
Cash at the end of the financial year | 1,834,894 | 1,231,258 | |
Part 8 - Basis of Preparation
This preliminary final report has been prepared in accordance with ASX Listing Rule 4.3A and the disclosure requirements of ASX Appendix 4E. |
Part 9 - Loss from Ordinary Activities
The loss from ordinary activities before income tax benefit includes the following items of revenue and expense:
| |||
Half Year Ended 31 December 2012 $ | Year Ended 30 June 2012 $ | ||
2. REVENUEs and expenses OF CONTINUING OPERATIONS | |||
(a) Other income | |||
Interest income | 3,374 | 5,257 | |
Rent income | - | 28,000 | |
Net loss on disposal of plant and equipment | - | (14,532) | |
Contributions from customers | 102,066 | 127,214 | |
Net foreign exchange gain | 18,450 | - | |
Other | 69,488 | 113,677 | |
193,378 | 259,616 | ||
(b) Other expenses | |||
Increase in provision for impairment loss | - | 19,002 | |
Net foreign exchange loss | - | 16,146 | |
- | 35,148 | ||
(c) Employee benefits expense | |||
Wages and salaries costs | 657,283 | 1,723,589 | |
Superannuation costs | - | 71,205 | |
Increase/(decrease) in liability for annual leave | - | (17,440) | |
657,283 | 1,777,354 | ||
(d) Depreciation and amortisation | |||
Depreciation | 253,429 | 499,862 | |
253,429 | 499,862 | ||
Part 10 - Commentary on Results
Refer to the above Operations Review for commentary on the results for the 6 month period ended 31 December 2012.
|
Part 11 - Notes to the Consolidated Statement of Cash Flows
Half Year Ended 31 December 2012 $ | Year Ended 30 June 2012 $ | |||
(a) Reconciliation of cash: | ||||
For the purposes of the Statement of Cashflows, cash includes cash on hand, and in banks, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the statements of cash flows is reconciled to the related items in the Balance Sheet as follows: | ||||
Cash and cash equivalents | 1,834,894 | 1,231,258 | ||
Cash at bank | 1,834,894 | 1,231,258 | ||
(b) Reconciliation of net cash used in operating activities to loss after income tax | ||||
Loss after income tax | (1,194,932) | (7,162,129) | ||
Add non-cash items: | ||||
Loss/(gain) on sale of plant and equipment | - | 14,532 | ||
Depreciation and impairment | 253,429 | 5,124,643 | ||
Share based payment expenses | 3,075 | - | ||
(938,428) | (2,022,954) | |||
Changes in assets and liabilities: | ||||
(Increase)/decrease in receivables | (345,551) | (267,100) | ||
(Increase) /decrease in inventories | (666,088) | 992,516 | ||
(Increase)/decrease in other assets | (345,404) | 437,322 | ||
Increase/(decrease) in payables | 194,532 | 652,778 | ||
Net cash used in operating activities | (2,100,939) | (207,438) | ||
Part 12 - Details Relating to Dividends
Date the dividend is payable | 4. N/A |
Record date to determine entitlement to the dividend | N/A |
Amount per security | N/A |
| (A) Total dividend | N/A |
Amount per security of foreign sourced dividend or distribution | N/A |
Details of any dividend reinvestment plans in operation | N/A |
The last date for receipt of an election notice for participation in any dividend reinvestment plans | N/A |
Part 13 - Loss per Share
Consolidated | |||
Half Year Ended 31 December 2012
| Year Ended 30 June 2012
| ||
Basic loss per share | (0.16 cents) | (1.14 cents) | |
The Company's potential ordinary shares are not considered dilutive and accordingly basic loss per share is the same as diluted loss per share. | |||
Weighted average number of ordinary shares for the purpose of basic loss per share |
751,746,826 |
627,032,552 | |
Part 14 - Net Tangible Assets per Security
31 December 2012 | 30 June 2012 | ||
Net tangible asset backing per ordinary security (cents) | 0.79 | 0.90 | |
5. Part 15 - Details of Entities Over Which Control has been Gained or Lost
Name of entity | West Surfing Products (USA) Pty Ltd |
Date deregistered | 4 July 2012 |
Contribution of the controlled entity (or group of entities) to the profit/(loss) from ordinary activities during the period, from the date of gaining or losing control | Nil |
Profit (loss) from ordinary activities of the controlled entity (or group of entities) for the whole of the previous corresponding period | ($70,000) |
Contribution to consolidated profit/(loss) from ordinary activities from sale of interest leading to loss of control | Nil |
Name of entity | Vmoto Scooters & Motorcycles (NZ) Pty Ltd |
Date deregistered | 4 July 2012 |
Contribution of the controlled entity (or group of entities) to the profit/(loss) from ordinary activities during the period, from the date of gaining or losing control | Nil |
Profit (loss) from ordinary activities of the controlled entity (or group of entities) for the whole of the previous corresponding period | Nil |
Contribution to consolidated profit/(loss) from ordinary activities from sale of interest leading to loss of control | Nil |
6. Part 16 - Details of Associates and Joint Venture Entities
Ownership Interest | Contribution to net profit/(loss) | |||
31/12/12 % | 30/06/12 % | Half Year ended 31/12/12 $A'000 | Year ended 30/06/12 $A'000 | |
Name of entity | N/A | N/A | N/A | N/A |
Associate | N/A | N/A | N/A | N/A |
Joint Venture Entities | N/A | N/A | N/A | N/A |
Aggregate Share of Losses | N/A | N/A | N/A | N/A |
7. Part 17 - Issued Securities
31 December 2012 $ | 30 June 2012 $ | ||
Share capital | |||
896,087,712 (30 June 2012: 720,938,456) fully paid ordinary shares | 51,100,700 | 48,603,643 | |
The following movements in issued capital occurred during the period: | |||
Half Year Ended 31 December 2012
Number of Shares | Year Ended 30 June 2012
Number of Shares | ||
Balance at beginning of the period | 720,938,456 | 594,955,106 | |
Issue of shares at 2.0 cents each | - | 40,383,559 | |
Issue of shares at 1.2 cents each | - | 59,642,450 | |
Issue of shares at 1.2 cents each | - | 25,957,341 | |
Issue of shares at 4.0 cents each | 3,600 | - | |
Issue of shares at 1.2 cents each | 54,070,654 | - | |
Issue of shares at 2.0 cents each | 121,075,002 | - | |
896,087,712 | 720,938,456 | ||
Options | |||
The following options to subscribe for ordinary fully paid shares are outstanding at balance date: Ø 3,241,527 options exercisable at 9 cents each on or before 14 July 2013; Ø 8,500,000 ESOP options exercisable at 2.5 cents each on or before 1 September 2014; Ø 145,392,230 listed options exercisable at 4 cents each on or before 31 December 2014; and Ø 11,500,000 ESOP options exercisable at 3 cents each on or before 23 November 2015.
Performance Rights
The following performance rights are outstanding at balance date: Ø 6,000,000 incentive performance rights convertible to shares on or before 31 December 2013 (subject to performance vesting conditions); Ø 6,000,000 incentive performance rights convertible to shares on or before 31 December 2014 (subject to performance vesting conditions); Ø 8,000,000 incentive performance rights convertible to shares on or before 31 December 2015 (subject to performance vesting conditions).
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Related Shares:
VMT.L