GETM Getmobile

 

TIDMGETM 
 
RNS Number : 9193G 
Getmobile Europe PLC 
10 February 2010 
 

                              getmobile europe plc 
                         ("getmobile" or "the Company") 
 
Trading Update, Proposed Cancellation of AIM Quotation, Proposed Change of Name 
                            and Directorate Changes 
 
 
TRADING UPDATE 
 
The Company is pleased to advise that the performance for the year ended 31 
December 2009 has been broadly in line with market expectations and that the 
loss before tax and a goodwill impairment reported at the half year, is 
anticipated to fall in the mid range of the Company's brokers' estimates. This 
reflects both the impact of the disposal of the mobile phone contracts business 
on 31 December 2009 and its performance for the 12 months to 31 December 
together with the previously anticipated losses incurred by our early stage 
ecommerce subsidiaries Pauldirekt GmbH (90%) and Premingo GmbH (95%). 
 
The ecommerce companies have grown revenues in line with expectations; 
Pauldirekt has increased its turnover to circa EUR4.5 million from a nominal base 
in 2008, while turnover at Premingo has increased by over 350% to approximately 
EUR0.44 million. Our ecommerce associate Shirtinator AG (36.9%) continues to 
perform very satisfactorily and is ahead of our profit expectations. 
 
Our ecommerce service platform companies getperformance GmbH (100%) and 
getlogics Gmbh (64%) performed in line with expectations. 
 
Cash balances at 31 December 2009 amounted to EUR9.8 million resulting in net cash 
of EUR8.5 million following the drawdown of EUR1.3 million of long-term property 
finance by getlogics GmbH in the second half of 2009. 
 
Following the disposal of the mobile phone contracts business the Company's cost 
base has been substantially reduced.  The strategic focus is now on the 
development of the existing ecommerce portfolio, the enhancement of our 
established service platforms and the identification of suitable additional 
ecommerce investments. 
 
 The Company anticipates that it will announce its preliminary results for 
the year ended 31 December 2009 in the third week of April, 2010. 
 
PROPOSED CANCELLATION OF AIM QUOTATION 
 
The Company's shares are currently dealt on both the AIM market in London and 
the Entry Standard Market in Frankfurt.  The Company's business is based in 
Germany and it has become clear that the substantial majority of dealings in the 
Company's shares now take place in Germany, reflecting a growing German 
shareholder base. 
 
Taking account of the costs associated with the AIM quotation, the fact that the 
shares are primarily dealt on the Entry Standard Market, and the German-centric 
nature of the Company's business, the Board has concluded that it would be 
appropriate to seek to cancel the admission of the Company's shares to AIM. Such 
cancellation requires the approval of shareholders in general meeting and, 
accordingly, a circular convening the required extraordinary general meeting 
("EGM") will shortly be sent to shareholders. 
 
If approved by shareholders at the EGM to be held on 12 March 2010 it is 
anticipated that the cancellation of admission of the Company's shares to AIM 
will take effect on 19 March 2010. 
 
Once the cancellation of the AIM quotation has taken place, it is anticipated 
that non German based shareholders will continue to be able to hold their shares 
in either certificated form or in CREST and will be able to make arrangements 
via their stockbrokers to trade shares on the Entry Standard Market, a 
constituent market of the Deutsche Borse in Frankfurt. 
 
PROPOSED CHANGE OF NAME TO ECOMMERCE ALLIANCE PLC 
 
At the time of the announcement of the impending disposal of its mobile phone 
contracts business on 26 November 2009, the Company indicated that it would 
propose a change of name for the Company, reflecting a contractual requirement 
to do so following the sale of the getmobile domain name. 
 
In light of the Company's strategic focus on the ecommerce sector the board 
proposes that the Company's name be changed to Ecommerce Alliance plc and will 
put forward a resolution to this effect for shareholder approval at the EGM. 
 
CHANGE IN DIRECTORSHIP 
 
The Company is pleased to announce that Daniel Wild, who has been acting as an 
Executive Director of the Company during Tim Schwenke's absence on sick leave, 
has been appointed CEO with immediate effect and that Tim Schwenke has returned, 
as an Executive Director, with effect from 1 February 2010. 
 
The Non-Executive Chairman, Pierce Casey, and Brian Stephens, a Non-Executive 
Director, have informed the Company that they intend to resign from the Board on 
the cancellation of the AIM Quotation. 
 
 
ENQUIRIES: 
 
Daniel Wild, CEO getmobile europe plc                +49 89 242 095 123 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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