Also how/when do they decide the listing price on the ASX? If I buy 25 shares at $0.019 and those 25 shares are consolidated into 1 share, I paid $0.475 for that one share. What happens if the listing price for ASX is NZD$0.4? Do I then lose value?
Printable View
Also how/when do they decide the listing price on the ASX? If I buy 25 shares at $0.019 and those 25 shares are consolidated into 1 share, I paid $0.475 for that one share. What happens if the listing price for ASX is NZD$0.4? Do I then lose value?
VML will pick a price for its ASX listing.
On opening day, the market will decide what it's worth.
For instance, MJP.ASX was selling pre-IPO shares for $3.00NZ each. They did a 1:10 dilution to make the price more attractive for the IPO. The IPO price was 40AU cents per share. On listing day, it traded briefly below 40 cents then went up to about $3.15 over a week or so.
There was no reason for such a jump - just goes to show, the market decides what it trades at after listing :D
Oh dear, looks like Wallace and BaaBaa have arranged for all their posts to be deleted. Shame
Methinks they have been approached by VMob to participate in the next cap raising and as now they are 'insiders' they thought it prudent to wipe the slate clean
Got to be careful on anonymous Internet forums. One day they're there, nek minnit they're gone.
Maybe they finished selling into all of this great news, to take advantage of that placement...
:D
And their gone.....
OK back to the tape, someone is selling at 2c and someone else is buying, this has been happening for some time now, it doesn't look retail on either side. The seller is too patient and the buyer knows the game.
Its great that you have dedicated your life to this board and saving people from the impending doom of a possible pump and dump Robbo. If Robbo decides to delete his hourly service to the great uneducated / unsuspecting / unwashed we will be back down to a few pages of posts based on market news and chart analysis, wow imagine that. Remember its all built into the chart and the tape never lies.
One thing I've learnt in years of being on forums; never ignore the posters who argue against an investment.Sure some are obvious downrampers and many holders are uprampers(its human nature). Posters with money invested tend to look for views that support their view and disregard opposing views so can become biased and sometimes pawns to people with other agendas e.g. wanting to influence the s/p,have little power trips, or are employed by the company in question for example.
Im not saying this is happening here( more on another forum i go to) but who knows. Ignoring posters often means you are getting a biased picture and one can miss warning signs.
This is general rant and not aimed at VML but a response to montys reaction.
As do I. I can understand it can be confusing for people when people are on opposite ends of the spectrum.
This cahoots deleting of posts hardly adds any value to a now disjointed thread, so I don't know about that -- perhaps if too much unrelated banter wasn't entered into in the first place none of that would have been deemed necessary.
Anyway, Joshuatree I think that is important to note. I recall Pacific Edge dropping from $1.70 to $0.65 all whilst similarish thoughts were being voiced; downrampers "attacked in the street" type behaviour. Not cool.
Deleting their posts in tandem is fairly good proof that they were working in tandem for some purpose. Deleting their posts is probably an inference that the plan is over.
Anwyay, VML's placement advertising has been released: https://nzx.com/files/attachments/212023.pdf
I think it's interesting that VML disclosed some of the spin-off information of their highly confidential contract with McDonalds:
However, I am saddened that they would disclose this information one day earlier (28 April) to their potential placement punters than they did to the market in general.Quote:
McDonalds Global Contract
Example potential of VMob in one global account
- Total McDonald’s Stores Globally – 33,500
- Countries 119
- Customers per day 68 million
- VMob currently deployed in 3 markets / 3,800 stores
12% of stores globally
- US has 13,500 stores so total will be 17,300 or 52% of global
stores when VMob goes live in US in 2015
I also see they've decided to do a SPP for existing investors - another strange twist in the VML saga. From "pre-IPO" to "private placement" to "private placement and SPP."
:D
And in the meantime the VMob good news train just rolls along.
at the @icomglobal awards dinner VMob has been the category winner for
data creativity mobile award
data venture challenge mobile award and
Data venture challenge overall award.
none of this will impact on share price and will probably go well under the radar, but these awards add to the growing list of achievements. Many here remain cynical of VMob. That is fine, but the industry and the growing list of companies who are part of the VMob story see it otherwise.
Both Baa and Wallace D are still on the members list so haven't actually disappeared unlike Moosie aka BFG( Actually there was a post from The Moose on a NBR article on the CFO of Xero resigning so he's still around but not on here)
I have been in touch with Baa
he ( or she) advises that he /she is alive and well and that absence is only a technical hitch and will be back as soon as problems are sorted. Don't fret the debate can continue.
Thanks Monty, I can see everything that's going on and post as well, but apparently no one can see it, except me. I can't see Wallace's posts either as it happens. Hopefully STMod can sort it out.
And when this post is revealed, I can categorically state and re-assure everyone that I have absolutely no association with VMob except for being a shareholder, and a happy one at that.
Thanks to all the lovely members for your kind thoughts. :)
BAA
I think that McDonalds info was already known information as they already said they were commencing immediate deployment in the US which has 14,267 restaurants according to Wikipedia.
I found their points around their relationship with Microsoft as interesting as I never knew this and wonder if it ever was announced, or perhaps it is something new as a result of that price sensitive announcement yesterday titled Collaboration Plans with Microsoft but:
I don't know about the second part of the first point, and I think they mean "way" not "was" in the second one but it's very interesting. Also the barrage of capital they seem to want to raise this year:Quote:
- VMob is one of Microsoft’s largest global Azure partners – multi million dollar Azurerevenues from global Enterprise clients (EPG)
- Microsoft account managers get credited with selling VMob in the same was as sellingany core Microsoft product like Office365
I hope that they can raise a very decent amount such that it would actually add to the current market capitalisation in a meaningful way, which doesn't seem like too harder of a task.Quote:
- Pre IPO round May 2015 and SPP to existing NZ investors
- Capital raise at IPO to further accelerate global opportunity
Fret if you fell into the VML honey trap. Never know who could be lulling you into buying their shares... :D
But hey I guess those buyers can always turn back to the great analysis on this thread by the tireless altruistic bulls. Oh wait, it's gone :D So have they :D
I'm sure there's a great story where I am the villain. Or is it something to do with this upcoming placement?
Well I hope this all becomes clear fairly soon.
First point, I've never sold a single VML share and don't intend to anytime soon. I've been accumulating as best I can afford to.
Secondly, yes, I do think VML is a success in the making, I don't really mind much about whether anyone else is convinced, all I do is post my views and whatever info I think helps people make up their own minds.
Lastly, I've said it before but apparently you can't see it at the moment, that I have nothing to do with VMob except owning their shares, and I'm happy about that, very happy actually.
Just a happy shareholder.
BAA
Members,
Subtle reminder, - Exercise caution in dealing with people you don't know offering advice and people who don't clearly advise or disclose who they work for.
Vince
Great news everyone, I managed to use Google Cache to dig up all of Baa Baa and Wallace's posts! All 70-odd pages of them! Woo-hoo!
They will be freely available this evening once I upload them to some webspace.
If we all work together we can overcome the technical difficulties that led to them asking for all their posts to be deleted. :D
This expo stuff costs big money Great that someone else is helping pay the bill, and Microsoft will have a well located stand in the main hall, not a small booth in hall 9. :D
Microsoft will also provide additional assistance including a joint presence at several key international events including the Mobile World Congress (Spain), Retail Live Week (UK), Inside Retail (Australia), NRF (US) and Consumer Electronics Show (US).
I wonder how Anheuser–Busch are going to use the platform, beer purchases are a recurring purchase well suited to mobile advertising and voucher redemption. Anheuser–Busch have developed some engaging i-phone/android phone apps around sports events that they sponsor,
Loving it :D
Welcome back BaaBaa and Wallace. It was getting a little quiet around here without you.
VML seems to be taking a hammering.
With 1.4bn shares on offer, and a large recent placement at 1 cent, there is people sitting on cheap shares everywhere.
Makes me think of a few possible scenarios:
1) Holders selling down at high prices to take advantage of the placement which will invariably be at a discount.
2) Holders know what the placement price is/will be so they are taking profits to buy back shares at a discount.
3) Market thinks the shares are overvalued, a race to get out the door.
4) Buyers have seen through the consolidation guise and are not interested in buying VML.
Be careful out there :D
I wonder qhat their losses are since they've been ramping up salese tc.they should throw in a few negative comments in their annpuncements or at leastsomemore numbers to balance things out a bit. Surely it can't be all positive news. Seems a bit smoke and mirrors at the moment.they really need to balance out all their positive anouncements or provide more details.The market doesnt react poositively to these recent announcements. So most people must be a bit suspicious. i get a feeling of smoke and mirrors too.
Time will tell i will hang in there though not selling at this point. Famous last words.
See what you mean Mule.Down re 16% to 1.6c on all this positive news?
W would all love more information mule. As a shareholder it is frustrating that the details are not known. Therefore all share purchases to date are purely speculative based on the good Niels stories that are streaming. We all undertake our purchase decisions based on a variety of factors and weigh tings on those factors. Some place decisions on the financial information that is available ( very limited) and others on the contract announcements such as McDonalds and Microsoft, seven-11 etc.
what I am hoping for is solid information in the upcoming financial year end, and the prospectus for the listing on the ASX between July and October this year.
A few few of us here have been to investor presentations and read everything that is publically available on VMob. Our investments are based on the potential and faith. I am comfortable that I have bought as many shares as I can afford, but I will now hold pending some solid information being released.
it seems all buses have abandoned VMob pending solid information inspite of the recent spate of positive announcements. Maybe I should purchase a few more while the price is so low ( inspite of being a bit overloaded already
NOt ruling out 3 and 4 but 1 and 2 happen every time a SPP is proposed (not just for VML). The big issue with SPP is whether people will be able to buy back the same amount (at a discount) that they sold at 'market' price, or as more often happens, the SPP is scaled.
Hey Robbo - have you managed to get in as price has dipped? :D
I read that you like charts, we are at the 20 week SMA, and just above the McD's price gap from 1.4c its a great technical entry right here, if you dont agree at what level would you buy in?
I assume that you are not just here out of the goodness of your heart and that "at the right price" you would own vmob "again" not that i am looking to front run your order :D
Global Recognition for VMob at I-COM Awards
http://www.scoop.co.nz/stories/BU150...com-awards.htm
Interesting Bid of 10,000,000 at $0.001
The M word comes to mind.
Its Quiet round here, too quiet... is everyone long now? Can we all hold hands and sing Kum ba yah?
Month end and approx 25mil shares transacted for April, only about 1.7% of float. I think this may change once Aussie listing goes through, if the big boys "got to get out of this place" they need more liquidity. :D
Are It- guy and Wallace the same. I guess they aren't because nothing has been disclosed.
5) A few holders not wanting to be locked in for a week or so during the consolidation trading halt. Could be a bit weak tomorrow also, providing a buying op if you're into buying before consolidations.
I'm holding and would normally be out during a consolidation but in this case happy to stay in pending any possible upside announcements prior to post consolidation trading.
A week is a long time in this space.
6) the lower the share price the lower the placement could price and still look respectable, only 56k nzd turnover, not much if you believe this puppy will be higher later and you want to get more for your 100k ..... key here is they have to get out and they can only do this if they can get the price and liquidity up. the entire 25mil shares traded this month is only 500k nzd, total market cap is 26mil less after dilution, doesn't look like the pump (before the dump) has happened yet to me.
That said there have been some reasonable sized blocks selling/buying this last month, perhaps 5 insiders managed to get 100k out each... I don't see it, who was doing ALL the buying down at 1.2c there was a lot of buying down there.
7. I went to ask Wallace D for some disclosure on his "Just ask Wallace" thread (what f'ing arrogance....) only to find it's all over. On that basis, reason #7 will be the blue-eyed brigade have realised it was all a pump, and are selling out.
listen to the advice of uncle Vince......#1089
Maybe the big boys who are not intimately involved with the company would rather see a listing price on the ASX closer to .30 cent than 50 cent. The listing price has to be attractive to the Aussie market. This is not buy sell or hold advice. After all, nobody really knows what the shareprice will do. It could go up down or sideways :)
Just a note, - Baa Baa has done nothing wrong just to clear the air on that!
Vince
To think, today could be the last day to get in before the CONSOLIDATION ROCKET SHIP blasts off!! :D:D:D:D:D:D
haha some Muppet is front running the Muppets' order
nah I think its just that brokers like ASB now allow Muppets to enter digital orders on the NZX Alternative Market.....
Don't you see? Can't you tell? By reducing the number of shares it sweeps under the carpet evidence of capital raisings in the past.
The Institutional Muppets know this, they are going to find you:D
ouch never did understand how Arria managed to work their magic.... at least I can understand how vmob works. Still it points to the fact that investors can be wise to exit JUST AFTER A FLOAT.....
http://www.nzherald.co.nz/business/n...ectid=11441732
Arria listed on AIM, the London Stock Exchange's international market for growth companies, in December 2013.
Its shares swiftly rocketed to a high of 282.5p after the float, before slumping to 73.5p by March 2014.
The stock fell more than 72 per cent to close at 8.5p, giving Arria a market capitalisation of less than 9 million pounds, following yesterday's announcement about the Shell contract.
So that's it for the penny share, $0.017 close and the queue is erased, RIP phase one of VMob's future, it's be an exciting ride so far.
@ 25 times consolidation holders have 25x less stock next week, but logically @ $0.425 for the open on Thursday 7th May, the new queue will be interesting to watch when and as it develops prior to open.
Along with all the amazing good news this week, which the nervous nellies and the down-rampers have largely negated, I would expect a stream of more good news starting early next week and leading up to the pre-IPO capital raising and SPP, maybe signing some new customers, posting some implementation results, maybe even some new revenue/ACMR numbers.
It will be a test of confidence in the future of VMob. I'm on board for sure, this company has success written all over it.
Cheers
BAA
There's another way for stocks to shake off "penny dreadful status" - that is when the market decides the share is undervalued and bids up the share price. This has not occurred with VMob. They call it "institutionalisation" but in reality its "sweeping years of shareholder neglect under the carpet" :D
Guess when the time comes I'll have to switch onto ASX forums and start educating the masses over there.
Perhaps I could reference some of the bullish information flying around here over the last few weeks - esp those buyers hoovering up shares in the mid 2 cent range :D
Certainty is your word Josh. VML also aren't trying for a precedent licence from a dysfunctional EPA to vacuum the ocean floor, so I don't see the relevance of your comparison with CRP.
I do think VMob are and will be very successful, they have broken through into revenue generation, their ACMR is growing quickly, they have an A-List of customers and great prospects, they have been recognised by IT and Retail sector awards as best in class, they have tremendous support from Microsoft, and are positioning for growth and listing on the ASX. As a shareholder I'm excited about their success and prospects for the future.
"This company has success written all over it"; because baabaa has bought shares in it.:). Sounds pretty "certain" alright.More relevant than ever. Some posters when they buy into a stock will say anything to get it over the line; including ,ramping;pulling people who want someone to follow, promoting it big time(CRP). Mixing facts with normalising a sure thing. Its a shame because their facts are intermingled with crosby/textor speak and makes the whole post suspect; when it isn't. Great promotion there baabaa , blindspot intact.
I had to Google what you meant by crosby/textor speak - a very apt observation, Joshuatree:
:DQuote:
An unmatched pedigree
The C|T Group is the creation of campaign strategists, Lynton Crosby and Mark Textor. We offer an unmatched pedigree combining comprehensive experience in market research, strategic communications and campaign execution.
The C|T Group delivers powerful, targeted solutions built on the foundation of research and insights into the highest levels of business, capital markets, government, bureaucracy and the media.
We appreciate the impact of timely information and the need to identify and focus resources on your most persuadable 'swing' targets and stakeholders.
Combined with understanding the elements of effective corporate leadership and the power of values-based communication, these lessons have been applied, with great success, for corporate clients, industry associations, investors and governments.
What as a matter of interest would your assessment be of the alternate behaviours here be, it's been really horrible being on the receiving end of it.
I'm interested in hearing others views on last weeks investor presentation, it would be good to have some rational discussion. Is there anything you've picked up on?
I didn't find out anything material (no surprise you aren't meant to....) but I was surprised by how many McD's stores where not yet online. The monthly forward numbers are not real revenue they are projected and it would be easy to bias this upwards and then just be able to say (they where subject to contract cancels etc etc etc), easy legal out.
I liked fact Microsoft want them on the booth. VMOB does have the look of a bunch of sharks made good... I don't see any offloading or dumping going on, the daily turnover seems pretty low in $ for anyone big to be exiting. The ponzi continual private placements and options don't impress me BUT I am willing to hold for now. Highly speculative play but could turn a big trading opportunity. I can't see how these boys are going to exit to institutional investors without some hard $$$ rolling in on the revenue side.
Everyone turn your mid-2-cent-range hoovers off for the time being:
:DQuote:
VMob Group Limited (VMob) announces that it is about to undertake a placement to raise up to NZ$3.0 million through the issue of up to 187.5 million ordinary shares at an issue price of NZ$0.016 per share (or 7.5 million ordinary shares at an issue price of NZ$0.40 per share post consolidation). The placement will be made to wholesale investors in New Zealand andsophisticated investors in Australia.
Consistent with the advice set out in the Company's investor presentation released to the market on 29 April 2015, VMob also confirms its intention to offer its New Zealand shareholders the opportunity to participate in a Share Purchase Plan (SPP), which will be launched later this month. The target raising from the SPP will be NZ$500,000 but the Company will reserve theright, at its discretion, to accept over-subscriptions. Pricing for the SPP will be the same as the pricing offered to those parties participating in the private placement.
But the great thing is there is a public pool!
But at $500k that is only about $500 for each shareholder.
The capital raising(s) are only marginally dilutive given the amount raised. The bigger picture is VML having money to fund any cash burn during its ramp up/growth phase. There's some real haters on here. I'm indifferent. I just think the long game is important.....now I'll wait to be lambasted.
I'm not convinced the cash will last that long.
They did a PP in late January of $2.17m. I'm not sure how much money they had before that placement but they have announced that they have got $900k left. Money is being spent pretty quickly.
Best case, they have spent $1.3m in 3 months although it is probably much more. So, the $3m (or $3.5m including SPP) will only last 8 months. And that's the best case. I'd be expecting another capital raise by the end of the year.
Will be problematic if they don't manage to place the issue at 1.6c pre-consolidation.... on a positive side insto will be paying more then retail did pre the McD's announcement.
They seem to be expanding sales team in US/Europe and team in NZ, pretty expensive to do all this but necessary if you want to win the big spender accounts.
If they can convince Insto to get in at 1.6c I am well happy with my lot.
I read today reports that McDonalds Global are looking at a restructure to boost flagging sales. The Herald reports Mcdonalds will "restructure its global empire, slash costs and spruce up its menu in a turnaround plan released today called "a modern, progressive burger company."
The modern progressive burger company got my attention. There is also a plan to cut $300m in spending. Worth noting that this is a drop in the bucket of the $35b in sales in the USA.
I can't help but think that VMob will be a part of the future of McDonalds as they think of different and more effective ways of doing things.
So when I get the chance I will increase my modest holding just a little more and maintain the support I have had for VMob over the past couple of years. I am looking forward to the listing on the ASX later this year. But right now im looking forward to the investor disclosures that may accompany the next round of capital raising
They (McD's) need to make real bloody burgers mate... like burger fuel or the Tokoroa takeways..... the current little crop of so called food which is the same in every country doesn't cut it in the new NZ gourmet burger economy... that said those high end buyers are well connected to facebook offers etc etc. I see facebook as one of vmob's biggest competitiors.... MoD is one of the biggest property owning companies in the World, they will redesign the menu, suck it up and move forward.
I do agree re the blandness of the McDonalds Burgers. And I prefer them done on the BBQ. Actually I prefer Burger King (much tastier) out of the American stable of mass produced fast food stable. But saying that McDonalds does sell $35b in the USA per annum. They do have 36,000 outlets world wide. They feed 1% (or 68m people) of the world population everyday and they are the biggest.
That is not a bad client to have.
And hopefully VMob are signing up other significant clients as they expand. but I want to see the money. ACMR growth at 1600% is good but now last years news. what is the ACMR projections going to be on 1 July 2015, 1 October 2015 and 1 Jan 2016. We need the income projections and the detail in the information. Hopefully the upcoming listing on the ASX will mean much information will be provided, or they may have some difficulty raising the money they want.
And on the topic of capital raising, VML says:
So, now VML are lining themselves up for more discretionary capital raisings.Why, knowing that they would do a pre-IPO capital raising and IPO capital raising, did they issue shares to themselves at such a discount? WHY? Not that the reason matters, because now when it's time to do a capital raising to the public (at an inflated price to what they paid) they need shareholder approval to do it because they've nearly reached their limit :D:D:DQuote:
Formal meeting matters
1. Ratification of Previous Share Private Placements
To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Company:
“That the 8,205,511 ordinary shares issued by the Company for private placement capital raising without shareholder approval since the last Annual Meeting, as allowed under NZAX Listing Rule 7.3.5, be ratified with immediate effect under, and for the purpose of, NZAX Listing Rule 7.3.5(a)(iii).”
...
The Company may wish to raise further capital for growth in the short term and wishes to ensure that it has the flexibility to do so without exceeding the 25% threshold described above. NZAX Listing Rule 7.3.5(a)(iii) allows further headroom to be created for this threshold if previous share issues within the last 12 months are formally ratified by the shareholders by way of an ordinary resolution. Accordingly, the Company is seeking that Resolution 1 is passed in order to allow the Board the flexibility to decide on any such further capital raising.
Oh man this company just gets better and better - how they make me laugh and bring joy to all the kid's faces! :D:D
They have to keep raising money because they are a start-up - and are still in the burning cash game. Its an unusual situation to be listed at this point in the game, normally a start-up business is going out to Vulture caps, having initially been angel funded, AND is a non listed entity at this point. Normally Listing or acquisition is the exit plan. Standard expection is a 20x return as many DONT MAKE IT.
At such an early point in any new tech space (this one being real time geo-location based client engagement) you don't expect profit, rather growth and attempt to become 1 of the dominate 3 in the global game. in fact retail normally don't even know the numbers as they are private companies at this stage ... normally.
There is no real issue with this as long as they keep extending the runway based on client onboarding.... SaaS is expensive to setup, Xero don't turn a profit and there is not much bleating so you can turn the no profit bleat off /NO_PROFIT_BLEAT=OFF :D:D:D:D:D:D:D:D:D:D
Voucher marketing is a huge business globally, still early days.
VCs expect to fund a 2nd and a 3rd round of funding in a normal start-ups life....
Robbo just as Baa is a constant up-ramper you are a constant down-ramper can you see no future in the geolocation based client engagement space? then sell up and go invest somewhere else?
Its a great civic duty , reminding us of the individuals behind VMOBs past, your a bloody legend.
Directors selling shares to themselves at 1 cent a pop, dancing a merry-ho jig about a contract they knew about, then following up with a further capital raising at a 60% premium a month or two later isn't normal startup/cash burn behaviour. VML burns cash and is relatively low on money, I get it, but selling cheap shares to yourself with insider information then trying to hock off the same deal to others at a 60% premium down the track is a bit... A bit... A bit fresh, isn't it? :D
You mention XRO, just imagine if the XRO directors did that. There would be blood in the streets. :D
Not sure there is any advantage in participating in the upcoming capital raise as the IPO on the ASX may offer discounts on this price and the SP may track down. Hard to judge what will happen over the next 6 months but I would be asking for more certainty around bothering with a 6% discount which isn't relevant to me at this stage because the SP could track down 20%.
Robbo24's intuition card reads:
- Between now and ASX raise VML will release another shockingly amazing contract announcement.
- The ASX listing will be at a premium (albeit a small one) to the placement/SPP because otherwise it would be harder to sell an illiquid stock to placement investors.
ASX listing is meant to be all fancy and beautiful, hence the consolidation.
Now to ponder how shockingly amazing the contract announcement will be. :D
Yes I have been waiting for one of these to justify investing further funds. It reminds me of the have to buy now advertising retailers do when you can actually wait....
Oh you meant like this? :D
Attachment 7332
First rule of sales is to create urgency
Robbo - where are the insider share sale notifications?
https://www.nzx.com/companies/VML/announcements/260144
the link was from the nzx here they are again
https://www.nzx.com/files/attachments/207266.pdf
https://www.nzx.com/files/attachments/207305.pdf
https://www.nzx.com/files/attachments/207324.pdf
three major insiders declaring increased ownership of VMOB as required by NZX.
Mike Corden 4.3-> 8.1 mil
Scott Bradley 415 -> 432 mil
Phil Norman 50 -> 78 mil
Collectively an increase of 48 million shares, who exactly is doing all the "selling you refer to", they have to be reported sales on the NXZ even if after hours? and the insiders will under general ongoing disclosure have to declare the sales.
Unless you know a super sneaky selling method? please tell us and the regulators how they are doing so?
Relevant interest
Both the D&O and SSH disclosure requirements refer to ‘relevant interest’. The meaning of ‘relevant
interest’ is set out in sections 5 – 5B of the Act and includes registered ownership, beneficial
ownership and the power to exercise control over a security.
Method of Disclosure
Both D&O and SSH disclosure notices must be provided to NZX for release to the market, by using
MAP or by emailing NZX at announce@nzx.com. Announcements are published under the public
issuer’s listing code between 8.30am and 5.30 pm on trading days.
SSH disclosures must be sent to NZX in both PDF and Word format. Documents which are illegible,
for example due to very small print, or cannot be published in a legible format, will not be released
by NZX.
Standard template forms for disclosure can be downloaded from the MAP website,
https://map.nzx.com/static/forms.
Penalties
The potential consequence of failing to comply with either the D&O or SSH disclosure obligations is a
fine on summary conviction of up to $30,000, as well as civil remedies that can include forfeiture of
shareholdings or removal of voting rights.
Directors’ & Officers’ Disclosure
Directors and officers of public issuers have statutory disclosure obligations when they hold or
transact in securities of the public issuer of which they are a director or officer.
The basic D&O disclosure requirements are:
directors and officers must disclose relevant interests and dealings in relevant interests,
within five trading days of becoming a director or officer or transacting in securities
a director or officer has up to 30 days to disclose an acquisition or disposal of a relevant
interest that was provided under a share top-up plan, a dividend reinvestment scheme, or
an employee share scheme
disclosure must be made to NZX and recorded in the interests register of the issuer
the obligation to disclose continues for six months after ceasing to be a director or officer.
Sections 19T – 19Y of the Act contain the full disclosure requirements and should be read in
conjunction with:
the Securities Markets (Disclosure of Relevant Interests by Directors and Officers)
Regulations 2003 (the D&O Regulations) which provide the framework on how disclosures
must be made
the Securities Markets Act (Disclosure of Relevant Interests by Directors and Officers)
Exemption Notice 2004, which provides for certain exemptions or variations from the
regime, for example by allowing an extended period of time (30 days) in relation to the disclosure of relevant interests obtained via share top-up plans, dividend reinvestment
schemes and employee share schemes.
Ah selling new shares not there own... mmm so you are just pissed you cant buy shares on the private placements, hell just ask they will sell you some you just have to want enough....
and I would go easy on the insider info stuff FMA have looked at this and I don't see notice of a prosecution. does it look dogey ... yes. can anyone prove it, probably not...
sure these guys get paid salaries and if the runway runs out they are out of a job... but they seem happy to stump up cash right now, I wonder why? what do they know as insiders, that makes them want more shares?? insiders buying more shares is one of the best indicators for retail to follow and buy a stock and there is NO disclosures (as required by LAW) that they (insiders) are selling ANY OF THEM YET.
the pump is just beginning - the insiders are still buying stock.
Thanks for your fine legal analysis. They admitted it constitutes insider trading but for a short term exemption. Make hay while the sun shines, as they say.
http://www.sharetrader.co.nz/showthr...l=1#post528166
Heads they win, tails you lose as Balance would say. :D
Robbo, I appreciate your constructive criticism, but those are some pretty big accusations. Ill point out that the offer was open to "eligible persons" in NZ and "sophisticated investors" in Australia (https://www.nzx.com/companies/VML/announcements/258789). Its certainly cheaper to make such an offer. Most Securities Act requirements that apply when securities are offered to the public will not apply if the only persons who are eligible to invest, and do invest, under an offer are 'eligible persons'. No prospectus or investment statement is required for such an offer - which is why it is cheaper faster and more risk for the investor - No prospectus means just that. No indications , no promises.
At the time the price was set, - VMOB was trading in the range .009 -.011 for quite a prolonged period. The shares were not really cheap. They were at a slight discount (9.9 %) to market rate which is standard practice. The fact that that the share price was trading so low and they discount to the next available price point. For example, NTL did a capital raise (Trading at .010 - discounted to .008) (thats 20% discount) . Only difference, they produced a prospectus and offered to all NZ shareholders (and possible Aus ones too). So in "HINDSIGHT" the may appear cheap now. But everyone who plays the sharemarket wishes they had "hindsight" before they made that particular trade....
VMOB have made no secret of cash burn, the need to raise funds, the pursuit of new customers etc, expected time to profitability. People just have to go back an read the seemingly boring announcements.
The part of the Securities Act you refer to is about offers to the public. Those parts are irrelevant to what I am talking about. That is, people with insider information whether they are sophisticated or not. Otherwise you would be suggesting its ok for insiders to trade so as long as they are sophisticated investors. I am familiar with the legislation and regulations. VML openly said in their announcement that they made use of a section that temporarily allows insiders to trade if by way of placement. The section temporarily exempts them from the prohibition on insider trading. That means the conduct is still insider trading but through that exemption it is not illegal - until next year.
So, in summary they placed themselves bottom barrel 1 cent shares when as directors they knew or ought to have known about the big contract announcement. Now they want you to quack quack quack 3 months later at a 60% premium.
Insider trading, yes. Illegal in the circumstances, no. Right thing to do to give the market confidence in your NZAX listed company claiming a want for "institutionalisation"? No no no no no no I am afraid not, not in my opinion. :D
Whats up with the buyer at 55c?! Orders been there for a few days...
I think VML explained the involvement of the directors well with this "VMob received legal advice on the private placement process which, as previously announced to the market on 11 December 2014, involved negotiations with interested parties to raise the desired capital. Those parties were mostly made up of high net worth individuals and institutions. Some of those parties were keen that VMob directors also participate in the capital raising to demonstrate their confidence in the company and further align their interests with those of other shareholders."
When someone asks me to invest in their business, the first thing I want to know is how much have they invested and why are they not putting in more now. What risk are they taking on or are they just offloading that risk to others. The fact the directors put their money in gives me a certain level of comfort. They do point on in their release that the insider trading rules do not apply to private placements, but that was only to defend themselves against accusations.
I'm not worried and only small amounts involved anyway. I assume once listed in the ASX there will be tighter regulation anyway, so for those concerned about all this then the ASX listing must be good.
What if they answered with:
(1) We know about negotiations of a secret contract with a big company.
(2) We are going to put in some of our own money at 1 cent.
(3) The announcement is going to follow soon after the completion of the placement to us.
(4) It is foreseeable to us and general market principles that the big contract announcement will make the shareprice go higher.
(5) Then we are going to do a capital raising for a 60% premium, 90 days or so later.
When they ask you to invest at 1.6/40 cents in their business, how do you respond?
The difficulty here is the lack of transparency of the contracts. This may be for valid commercial reasons or not but it makes any sort of valuation here impossible.
To compare with XRO, they can announce the number of paying customers and revenue. The value of each XRO customer can easily be evaluated by going to their website and seeing that it costs maybe $30 per month to be a customer. Lots of customers, each paying a low amount. Highly transparent revenue model for someone outside the tent.
VML is completely different. Small number of customers. Just a couple of dozen, isn't it? Contracts are secret so we don't know what they are charging, what sort of volume of transaction each contract is worth, what it costs VML to fulfil their obligations. Nothing. Also losing or gaining a large customer could be a big deal but we've got no deals.
VML could announce a contract tomorrow with Visa and notify NZX of price sensitive information. But it could just be VML issuing company credit cards to all their staff. Or it could be worth $1 million per month. We've got no way of knowing.
Even some transparency around the value of the capital raising would be useful. Is it even related to the current SP? Or just the amount of money sitting the directors' bank accounts divided by the number of shares they want to issue?
Having the one big contract McD's is holding the value down, high risk if they lose it etc etc, another 2-3 contracts the same size and suddenly you have a diversity of incoming revenue and a trend.
No doubt at that point robbo will complain that they knew these where in the pipeline but didn't disclose it.... of course they know what meetings they are in, sales presentations etc etc so do their staff who have access to 34mil options at a pre consolidation strike price of 1.8c... not very motivational if you think this is puppy will still be at 1.8c in 24 months aye...
By then VML will be much higher, alternatively they don't deliver and loose McDs and VML will be much lower , place your bets... the combined 48 million shares the insiders purchased last placement would have been an inward flow of around $480k from the three insiders I linked above.
VMOB have to execute, Robbo will sell doubt on this issue as he can't short he can only buy lower.... he has , I believe, been long before, strange for one who hates the company directors actions so strongly
I checked my portfolio this morning and it said I had made $112,000 on Vml, It appears my shares haven't been exchanged 25/1. Is it the same for everyone else?