Mobecom Limited (ASX: MBM) is a full-stack customer engagement technology company that offers end-to-end technology solutions for businesses to engage effectively with their customers. It is primarily engaged in offering liquidity for digital assets via its two key offerings: Paid by Coins and airBux.
airBux, company’s direct to consumer mobile application service, is a digital currency platform (cloud-based currency at its core) that enables consumers to liquify their loyalty. Paid by Coins is a quicker and secure bill payments offering that enables the users to make bill payments via BPAY or pay directly to any domestic bank account using major cryptocurrencies.
Following the release of prospectus dated 10th May 2019, Mobecom has now disclosed a Supplementary Prospectus to the market, which has been issued and lodged with ASIC today after the consent of the company’s Directors. Through the Supplementary Prospectus, the company introduced certain amendments to the Prospectus, notifying two changes to the previous announcements in relation to two previously released announcements.
As per the first change, the Paragraph 1.2 on page 7 of the Prospectus in relation to the Company's announcements "Acquisition of 51% interest in AIRCRYPTO PTY LTD ACN 626 070 291" and "Private Placement and Appendix 3B" is amended to reflect the correct lodgement date. As per today’s update, the announcements were lodged on 13th May 2019, instead of the stated lodgement date of 10th May 2019. As per the second change, the defined term 'Consideration Shares' has been now changed to 'Payment Shares' pursuant to the announcement "Acquisition of 51% interest in AIRCRYPTO PTY LTD ACN 626 070 291".
Accordingly, the company has now updated the text in the prospectus with:
“The Company has also issued 9,945,650 Shares to Lakeba Ventures Pty Ltd (Payment Shares). For further information on this issue, please see the Company's announcements entitled "Acquisition of 51% interest in AIRCRYPTO PTY LTD ACN 626 070 291" and "Private Placement and Appendix 3B" lodged on 13 May 2019."
Mobecom’s MOU with Lakeba Group
Mobecom signed a memorandum of understanding (MoU) with Lakeba Group Pty Ltd on 13th May 2018 (amended on 19th Nov’18), for the development of the AirCrypto Platform, a blockchain and cryptocurrency exchange platform. Following the guidelines of the MoU, Lakeba recently completed the development of the AirCrypto Platform in a special purpose vehicle named as AirCrypto Pty Ltd (JVCo).
As per the terms of MOU, Mobecom has now utilised its right to acquire 51% equity interest in JVCo. The company has subsequently issued ~ 9.95Mn ordinary shares to Lakeba at an issue price of $ 0.101 per share along with the development fees ($1 million).
Subsequently, after the JV Interest is acquired, Mobecom and Lakeba are expected to enter into a formal agreement, jointly regulating the JVCo operations. The MoU also prescribes Lakeba to earn royalty fees of ~ 50% of the gross revenue that would be derived from the AirCrypto Platform. Meanwhile, Mobecom still holds the right to obtain the remaining interest in JVCo from Lakeba, within a period of 12 months from AirCrypto’s launch.
The IT player, Mobecom has a market capitalisation of AUD 17.72 million with ~ 253.12 million outstanding shares. The MBM stock settled the day’s trading at AUD 0.066 with ~ 90k shares traded till the end of market session on 21st May 2019.