VMOTO LIMITED Vmoto Limited (ASX/AIM: VMT) ('Vmoto' or the 'Company') announces that the Company has decided to cancel the admission of its ordinary shares to trading on AIM (the 'Cancellation') with effect from 7.00am (GMT) on 19 November 2015 (the 'Cancellation Date').
The last trading day on AIM will be 18 November 2015. Up to and until this date, the Company's shares will continue to be traded on AIM and the Australian Securities Exchange ('ASX') on an uninterrupted basis.
This decision has been made following a review of the Company's AIM listing by the Board. Given the Company's shareholder base is predominantly Australian, as well as the relatively low volume of trading in shares on AIM, the Board has concluded that the costs incurred in maintaining a secondary listing on AIM, exceeds the benefits obtained from the listing. On this basis, the Board considers it in the best interests of the Company and all shareholders to seek a cancellation of its shares from trading on AIM.
Vmoto will continue to maintain its listing on the ASX and shareholders wishing to trade the Company's shares after the Cancellation Date will be able to do so on the ASX and the Company has no intention of cancelling this listing. Accordingly, the Cancellation is not subject to shareholder approval.
The Company has approached UK based broker, Beaufort Securities Ltd and Australian based broker, Euroz Securities Limited, who can be contacted by shareholders on the UK register who do not have an account with a broker to trade their shares on the ASX with relative ease. As a result, shareholders currently on the UK register should not be materially prejudiced as a result of the delisting. Relevant contact details are set out below:
Beaufort Securities Ltd | Euroz Securities Limited |
Attn: Matthew Giles | Attn: Cameron Murray |
Phone: +44 20 7382 8350 | Phone: +61 8 9488 1440 |
Email: newaccountdesk@beaufortsecurities.com | Email: cmurray@euroz.com |
Further Information
Following the cancellation of admission of the Company's Ordinary Shares on AIM, the Depositary Interests ('DI') which have been trading on AIM will be cancelled and holding statements will be issued to current DI holders. The Company will continue to be admitted to the Official List of the ASX and the Company's securities will continue to be traded on the ASX.
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Computershare, as the Company's registrar, will shortly be writing to each DI holder on the UK register to advise them of the process in more detail.
If DI holders do nothing with their existing holdings, the transfer to the Australian register will happen automatically. Your shareholding interest in the Company will be transferred to the Australian based share register maintained by Computershare and an updated holding statement will be issued to you in due course.
For those not familiar with the Australian securities system, public information on the Company can be accessed through www.asx.com.au, an independent website on which all regulatory filings must be made.
For further information, please contact:
Vmoto | |
Charles Chen, Managing Director Olly Cairns, Non-Executive Director | +86 1391 3388 886 charles@vmoto.com.cn +61 8 9226 3865 |
finnCap Ltd (Nomad & Broker) Christopher Raggett/Simon Hicks (corporate finance) Tony Quirke/Mia Gardner (corporate broking) | +44 20 7220 0500 |
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.
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