Issue of Equity, Loan Conversion & Fee Conversion

RNS Number : 7863M

MobilityOne Limited

21 September 2012

 



21 September 2012

MobilityOne Limited

("MobilityOne" or the "Company")

Issue of Equity, Loan Conversion and Fee Conversion

E-commerce infrastructure payment solutions and platform provider MobilityOne (AIM:MBO) is pleased to announce that the Company has raised £105,000 through the subscription for 3,000,000 new ordinary shares in the Company (the "Subscription Shares") by Datuk Yahaya bin Mat Ghani at a price of 3.5p per share (the "Subscription"). The proceeds of the Subscription will be used by MobilityOne for general working capital purposes. The Subscription price represents a premium of 3.7 per cent. to the closing mid-market price of 3.375p per ordinary share on 20 September 2012.

In addition, Dato' Hussian A. Rahman ("Dato' Hussian"), CEO of the Company, has agreed to convert outstanding director's fees due to him from the Company for the period from January 2010 to September 2012, totalling £77,000, into 2,200,000 new ordinary shares in the Company (the "Fee Conversion Shares") at a conversion price of 3.5p per share (the "Fee Conversion"). LMS Technology Distributions Sdn Bhd ("LMS"), a company of which Dato' Hussian is a director and major shareholder, has agreed to convert outstanding loans made to the Company totalling £263,334 into 7,523,829 new ordinary shares in the Company (the "Loan Conversion Shares") at a conversion price of 3.5p per share (the "Loan Conversion").  The outstanding loans were granted to MobilityOne by LMS between 2010 and 2012 and carried no interest. Following the Loan Conversion, LMS intends to transfer all of the Loan Conversion Shares to Dato' Hussian (the "Transfer").

Application has been made for the Subscription Shares, Fee Conversion Shares and Loan Conversion Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will take place on or around 24 September 2012.  Following Admission, the Company will have 106,298,780 ordinary shares of 2.5p each ("Ordinary Shares") in issue.  This figure may be used by shareholders in MobilityOne 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, the share capital of the Company under the Financial Services Authority's Disclosure and Transparency Rules.

Following Admission and the Transfer, Datuk Yahaya bin Mat Ghani will have a total beneficial interest in 13,500,000 Ordinary Shares, equivalent to 12.70% of the Company's enlarged share capital and Dato' Hussian will have a total beneficial interest in 40,385,724 Ordinary Shares, equivalent to 37.99% of the Company's enlarged share capital.

By virtue of Dato' Hussian's role as a Director of the Company, the Loan Conversion constitutes a related party transaction under the AIM Rules for Companies.  Accordingly, the Directors of MobilityOne (excluding Dato' Hussian) who are considered to be independent for these purposes, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider the terms of Loan Conversion to be fair and reasonable insofar as shareholders of the Company are concerned.

For further information, contact:

MobilityOne                                                                                                    [phone]

Dato' Hussian A. Rahman, CEO                                                                  www.mobilityone.com.my

[e-mail]

Allenby Capital Limited (Nominated Adviser and Broker)                     [phone]

Nick Athanas /James Reeve

Newgate Threadneedle                                                                                 [phone]                                        

Robyn McConnachie/Alex White                                                                                                                    

About the Company:

MobilityOne is the holding company of an established group of companies  that provide e-commerce infrastructure payment solutions and platforms through its proprietary technology solutions, marketed under the brands MoCSand ABOSSE.

The Group has developed an end-to-end e-commerce solution which connects various service providers across several industries such as banking, telecommunication and transportation through multiple distribution devices including EDC terminals, mobile devices, automated teller machines ("ATM") and internet banking.

The Group's technology platform is flexible, scalable and designed to facilitate cash, debit card and credit card transactions from multiple devices while controlling and monitoring the distribution of different products and services.

For more information, refer to our website at www.mobilityone.com.my

 

END

 

 

MSCPGUCWBUPPGCU