Vmoto Limited Notice of Cancellation of AIM Listing (3420C)
October 15 2015 - 2:00AM
UK Regulatory
TIDMVMT
RNS Number : 3420C
Vmoto Limited
15 October 2015
NOTICE OF CANCELLATION OF AIM LISTING
ANNOUNCEMENT 15 OCTOBER 2015
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
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Attn: Matthew Giles Attn: Cameron Murray
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Phone: +44 20 7382 8350 Phone: +61 8 9488 1440
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Email: newaccountdesk@beaufortsecurities.com Email: cmurray@euroz.com
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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.
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 +86 1391 3388 886
charles@vmoto.com.cn
Olly Cairns, Non-Executive
Director +61 8 9226 3865
finnCap Ltd (Nomad & Broker)
Christopher Raggett/Simon Hicks
(corporate finance)
Tony Quirke/Mia Gardner (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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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