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VDM Group Ltd Announces New Strategic Investor

Tuesday, 28 May 2013 07:10pm EDT 

VDM Group Ltd announced that it has entered into a binding Share Subscription Agreement under which H&H Holdings Australia Pty Ltd (H&H) has agreed to subscribe for 600 million new fully paid ordinary VDM shares to raise $15 million (Placement) at 2.5 cents per share, representing approximately 40% of the then issued share capital. The Placement is conditional upon receiving shareholder approval at a General Meeting proposed to be held in Perth by early August 2013 (Shareholder Meeting). Upon completion of the Placement, Dr Hua is to be appointed as Managing Director of the Company and H&H will have the ability to nominate two non-executive Directors to the Board. A condition of the Share Subscription Agreement is that, following completion, the Board shall comprise seven members, with at least four independent non-executive directors. Mr Michael Perrott shall remain as non-executive Chairman of the Company, while Managing Director Andrew Broad will step down from this role following completion of the Placement. The funds will put VDM in a stronger financial position to bid and execute additional engineering and construction contracts in its key markets including Western Australian and Queensland. 

Company Quote

23 Jan 2015