From the release notes draft:
 
(VM) The WWW  interface is not currently available for  VM because L-Soft
does  not want  to  invest  in a  solution  for  the currently  available
(single-connection) web servers. L-Soft  believes that these servers will
become obsolete  as soon as  web servers supporting  multiple connections
become  available for  VM,  and that  it  is  not a  good  use of  L-Soft
resources  to invest  in the  development of  a single-threaded  REXX CGI
stage at  this point. However, the  VM version of LISTSERV  does have the
necessary programming to  support the web archive  interface; the missing
component is  the CGI stage.  Please contact L-Soft if  your organization
would be interested in developing this function through a joint study.