18th Dec 2014 07:00
DIRECTORS EXERCISE 4C OPTIONS
ANNOUNCEMENT 18 December 2014
Vmoto Limited ("Vmoto" or the "Company") (ASX/AIM: VMT) is pleased to announce that all Directors who hold 4c listed options (due to expire on 31 December 2014) have today lodged applications to exercise 13,535,763 listed options over ordinary shares of no par value ("Ordinary Shares") (the "Exercise") in total, and have committed $541,430 to the Company.
The Exercise demonstrates the Director's stong belief in the future of Vmoto and the growth opportunities available to the Company.
New funds received from the Exercise will further strengthen Vmoto's balance sheet as the Company enters 2015 and looks to enhance business development momentum experienced over the last couple of years. The further strengthened balance sheet will facilitate more active progress regarding discussions with customers and potential joint venture partners that will drive long term shareholder value, as evidenced by the electric three and four wheel joint venture announced on 17 December 2014.
An Appendix 3B will be released in due course. The information required pursuant to AIM Rule 17 is provided in Annexure A.
For further information, please contact:
Vmoto
Charles Chen, Managing Director
Olly Cairns, Non-Executive Director +61 8 9226 3865
Investors and media
Market Eye Pty Ltd
Ronn Bechler +61 400 009 774
finnCap Ltd
Ed Frisby (corporate finance)
Christopher Raggett (corporate finance)
Tony Quirke (corporate broking) +44 20 7220 0500
About Vmoto
Vmoto Limited (ASX/AIM: VMT) is a global scooter manufacturing and distribution group. The Company specialises in high quality "green" electric powered two wheel vehicles and manufactures a range of western designed electric scooters from its low cost manufacturing facilities in Nanjing, China. 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.
ANNEXURE A
The options over Ordinary Shares will be exercised at a price of $0.04 per Ordinary Share. Following the Exercise the Directors' interests in Ordinary Shares is as follows:
Director | Number of Ordinary Shares held prior to the Exercise | Number of listed options exercised | Number of Ordinary Shares held following the Exercise | Percentage of issued share capital held |
Charles Chen | 45,270,639 | 6,610,763 | 51,881,402 | 3.96% |
Ivan Teo | 5,783,728 | 425,000 | 6,208,728 | 0.47% |
Oliver Cairns | 15,549,495 | 5,000,000 | 20,549,495 | 1.57% |
KaiJian Chen | 5,505,050 | 1,000,000 | 6,505,050 | 0.50% |
Shannon Coates | 250,000 | 500,000 | 750,000 | 0.06% |
Further to the Appendix 3B to be lodged with ASX on conversion, application will be made for admission of 13,535,763 Ordinary Shares to trading on the AIM Market of the London Stock Exchange. The 13,535,763 new Ordinary Shares will rank pari passu with the existing Ordinary Shares in Vmoto currently on issue and are expected to be admitted to trading on AIM on or around 24 December 2014.
Following admission there will be 1,310,246,002 Ordinary Shares in the capital of Vmoto on issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in Vmoto.
Related Shares:
VMT.L