17th Apr 2014 07:00
notice of agm
announcement 17 APRIL 2014
Annual General Meeting
Vmoto Limited ("Vmoto" or "the Company") (AIM/ASX:VMT) today announces that notice of its annual general meeting ("AGM") has been posted to shareholders and will shortly be available to view on the Company's website, www.vmoto.com. The AGM will be held at 10.00 a.m. (WST) on 20 May 2014 at The Park Centre, 45 Ventnor Avenue, West Perth, WA 6005.
Grant of Performance Rights
Resolutions will be proposed at the AGM to approve the issue of the following performance rights (the "Performance Rights") to directors of the Company ("Directors"):
Performance Rights | Share Price Vesting Condition |
Expiry Date
| Mr Charles Chen | Mr Simon Farrell | Mr Olly Cairns | Mr Ivan Teo | Mr Kaijian Chen |
Class J | $0.065 | 31/12/16 | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 |
Class K | $0.085 | 31/12/17 | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 |
TOTAL | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
The grant of the Performance Rights to these Directors is designed to encourage them to have greater involvement in achieving the Company's objectives and to provide an incentive to strive to that end by participating in the future growth and prosperity of the Company through share ownership.
The grant of the Performance Rights is subject to the approval of ordinary resolutions at the AGM and, if approved, will be issued under the Company's existing Performance Rights Plan which was approved by Shareholders at the Company's AGM on 31 July 2012.
Grant of Incentive Options
A further ordinary resolution will be proposed at the AGM to approve the issue of certain incentive options to Olly Cairns. As announced on 1 September 2011 and in accordance with the terms of Olly Cairns' appointment as a Non-Executive Director, Mr Cairns was entitled to elect an incentive shares or options package ("Incentive Options"), the agreed terms of which were announced at the time of his appointment. Subject to shareholder approval, Mr Cairns has elected to receive the options package and therefore the Company seeks Shareholder approval to issue 4 million Incentive Options to Olly Cairns or his nominee(s), on the terms and conditions set out below:
Incentive Options
| Quantity
| Exercise Price
| Vesting Date
| Expiry Date
|
Class G | 1,000,000 | $0.05 | Immediately | 5 years from date of issue |
Class H | 1,000,000 | $0.075 | 12 months from date of Issue | 5 years from date of issue |
Class I | 2,000,000 | $0.10 | 12 months from date of Issue | 5 years from date of issue |
TOTAL | 4,000,000 |
Directors' Interests
If the grant of the Performance Rights and Incentive Options is approved, the Directors will have the following interests in the Company:
Director | Shares | Options | Performance Rights |
Charles Chen | 43,937,306 | 13,221,5261 | 13,000,0002 |
Simon Farrell | 2,272,728 | 10,000,0003 | 5,000,000 |
Olly Cairns | 13,216,162 | 9,000,0001 | 13,000,0002 |
Ivan Teo | 5,783,728 | 2,425,0004 | 5,000,000 |
Kaijian Chen | 5,505,050 | 2,777,7771 | 5,000,000 |
Notes:
1. Listed Options exercisable at $0.04 each on or before 31 December 2014.
2. Comprising various Incentive Performance Rights, as approved by shareholders on 31 July 2012.
3. Comprising 5,000,000 Unlisted Options exercisable at $0.04 each on or before 23 May 2018 and 5,000,000 Unlisted Options exercisable at $0.08 each on or before 23 May 2018.
4. Comprising 1,000,000 Unlisted Options exercisable at $0.025 each on or before 1 September 2014, 1,000,000 Unlisted Options exercisable at $0.03 each on or before 23 November 2015 and 425,000 Listed Options exercisable at $0.04 each on or before 31 December 2014.
For further enquiries, please contact:
Charles Chen, Managing Director Olly Cairns, Non-Executive Director | +61 (8) 9226 3865 +61 (8) 9226 3865 |
Investors and Media
Ronn Bechler
Market Eye
P: +61 400 009 774
finnCap Ltd | +44 20 7220 0500 |
Ed Frisby/Christopher Raggett (corporate finance) Tony Quirke (corporate broking) |
About Vmoto
Vmoto Limited (ASX/AIM: VMT) is a global scooter manufacturing and distribution group. The Company specialises in high quality "green" electric powered scooters 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 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.
Related Shares:
VMT.L