Tuesday 6th September 2011
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VoucherMob, which lets people use their smartphones to access discounts from participating retailers, is looking at a back-door listing as it seeks to tap international markets.
The Auckland-based company has entered into a conditional agreement with NZAX-listed Velo Capital, where Velo will acquire VoucherMob for $4.36 million. Velo will pay $100,000 in cash, and issue 609 million shares at 0.7 cents apiece, giving VoucherMob shareholders 95% ownership of the listed company.
“VoucherMob is established in New Zealand and is about to launch its platform in a pilot in conjunction with a large Asian telco,” said Velo, the shell of former Forge Media Group, in a statement.
“Leveraging off this Asian reference site, VoucherMob plans to enter into partnerships in a number of offshore markets.”
As part of the deal, the two companies will look to raise new capital to fund the expansion.
VoucherMob was set up by chief executive Scott Bartlett last year, and has attracted McDonald’s Dominos, Hoyts, Bakers Delight and Civic Video on to its platform. Bartlett is a non-executive director of NZAX-listed Jasons Travel Media.
In July this year, Velo adopted its new name after shareholders approved the sale of its existing media design assets for some $744,000, which also let it pass on some $1.4 million of indebtedness. Velo shares last traded in July last year at 0.3 cents apiece, valuing the company at $861,000.
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