NZX 'assessing' Plexure trading after shares soar ahead of announcement
The shares sold at 19c on December 22 and rose to 32c after announcing a deal in Latin America and the Carribbean.
NZX is "assessing" Plexure's recent trading after the stock soared 26% a day before announcing an agreement with the biggest McDonald's franchisee in Latin America and the Caribbean.
Plexure Group [NZX:PLX], the digital advertising firm formerly known as VMob, announced the deal today, sending the shares up a further 33% to 32c. The stock sank to a record low 19c on December 22, and has dropped 46% this year.
The deal with Arcos Dorados has a contracted starting fee of about $1.1 million of annualised committed monthly revenue (ACMR), Plexure says. The company rebranded in July to shift away from the idea it's solely focused on mobile devices and to reflect the role it plays for global brands including McDonald's and Ikea.
"NZX is aware of the movement in Plexure's share price over the past two days, and Plexure's announcement today regarding the entry into of contractual arrangements with Arcos Dorados," the exchange operator told BusinessDesk in an email.
"In accordance with NZX’s routine surveillance processes, trading ahead of such a price sensitive announcement will be assessed in detail. NZX has no further comment on the matter at this time."
Plexures's ACMR – a favoured revenue measure for software-as-a-service companies – was $6 million in the six months to September 30, up 25% from the same period a year earlier, according to the first-half results released in November.
In September, chairman Phil Norman told shareholders ACMR was about $7.1 million, and the company was targeting $10 million in ACMR by the end of calendar 2016, guidance Plexure first gave in December 2015.
Plexure raised $3.2 million in the first half via a private placement, and said it wanted to raise up to $3.5 million more through a further private placement. The company sold 1.25 million shares at 24c on December 20, bringing in $300,000.
(BusinessDesk)
Sophie Boot
Fri, 30 Dec 2016
Fri, 30 Dec 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZX 'assessing' Plexure trading after shares soar ahead of announcement
64144