23rd May 2014 10:21
SECONDARY TRADING NOTICE
ANNOUNCEMENT 23 MAY 2014
Vmoto announces that 6,519,166 ordinary shares of no par value ("Ordinary Shares") will be issued following the exercise of 1,750,000 ESOP options exercisable at $0.025 each on or before 1 September 2014; 2,100,000 ESOP options exercisable at $0.03 each on or before 23 November 2015, 2,500 listed options exercisable at $0.04 each on or before 31 December 2014 and the vesting of 2,666,666 Class G Incentive Performance Rights.
Application has been made for admission of 6,519,166 Ordinary Shares to trading on the AIM Market of the London Stock Exchange. The 6,519,166 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 or around 27 May 2104.
The Ordinary Shares to be issued pursuant to the vesting of the Class G Performance Rights are being issued to Charles Chen and Olly Cairns who will receive 1,333,333 Ordinary Shares each for nil consideration. Following this issue, Charles Chen will be interested in 45,270,639 Ordinary Shares representing 3.67% of Vmoto's issued share capital and Olly Cairns will be interested in 15,549,495 Ordinary Shares representing 1.26% of Vmoto's issued share capital.
Following admission there will be 1,234,426,675 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.
Further, following approval of various resolutions at the Annual General Meeting of the Company yesterday, the Company has issued the following Incentive Performance Rights as set out in the Notice of Annual General Meeting and announced on 17 April 2014:
Performance Rights | Share Price Vesting Condition |
Expiry Date
| Mr Charles Chen | 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 |
Class K | $0.085 | 31/12/17 | 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 |
In addition, Mr Olly Cairns was issued 4,000,000 Incentive Options following approval at the Annual General Meeting.
Accordingly, following these issues, the Directors have the following interests in the Company:
Director | Shares | Shares as percentage of issued share capital | Options | Performance Rights |
Charles Chen | 45,270,639 | 3.67 | 13,221,5261 | 11,666,6672 |
Olly Cairns | 15,549,495 | 1.26 | 9,000,0003 | 11,666,6672 |
Ivan Teo | 5,783,728 | 0.47 | 2,425,0004 | 5,000,000 |
Kaijian Chen | 5,505,050 | 0.45 | 2,777,7771 | 5,000,000 |
Notes:
1. Comprising 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 Listed Options exercisable at $0.04 each on or before 31 December 2014, 1,000,000 Unlisted Options exercisable at $0.05 each on or before 21 May 2019, 1,000,000 Unlisted Options exercisable at $0.075 each on or before 21 May 2019 and 2,000,000 Unlisted Options exercisable at $0.10 each on or before 21 May 2019.
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.
Secondary Trading Notice Pursuant to Paragraph 708A(5)(e) of the Corporations Act 2001 ("Act")
The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A of the Act. By giving this notice, a sale of the Shares noted above will fall within the exemption in section 708A(5) of the Act.
The Company hereby notifies ASX under paragraph 708A(5)(e) of the Act that:
(a) the Company issued the Shares without disclosure to investors under Part 6D.2 of the Act;
(b) as at 23 May 2014, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act; and
(c) as at 23 May 2014 there is no information:
(i) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and(ii) that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of: (A) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or(B) the rights and liabilities attaching to the relevant Shares.
For further enquiries, please contact:
Vmoto Limited
Charles Chen, Managing Director Olly Cairns, Non-Executive Director | +61 (8) 9226 3865 +61 (8) 9226 3865 |
Investors and Media
Market Eye Pty Ltd | P: +61 400 009 774 |
Ronn Bechler |
Nominated Advisor and Broker
finnCap Ltd | +44 20 7220 0500 |
Ed Frisby/Christopher Raggett (corporate finance) Tony Quirke (corporate broking) |
About Vmoto
Vmoto Limited (ASX: 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