From what I understand, "{TIMEAMPM}" should have a value of either "AM" or "PM", which should also follow the time when using "{time}".
My Windows installation is set up to display time as 24 hours, which does not use AM/PM.
It would appear that whichever method is used by VoiceAttack for fetching data for the tokens, returns a blank result with this setting(the token is blank, at least).
Personally I don't use 12 hour time in my profiles, but if a user downloads an existing profile, this could become relevant.
EDIT:
Originally spotted in v1.5.8.18
Tested with v1.5.8.19, still in place.