Morse said in April that it planned to spin off its Monitise mobile banking and payments subsidiary and list the business on the AIM.

In today's statement the vendor says it expects trading in Monitise to begin on AIM on 28 June. Morse shareholders will receive one Monitise share for every Morse share they hold.

Morse will raise £20 million in the flotation through a share placing and says the funds will be used to fund Monitise's ongoing investment requirements, which are expected to rise over the next 18 months.

Montise has been developed over the past four years in partnership with the Link ATM network. Contracts to implement Monitise's UK mobile banking service, called Monilink, have been signed with a number of banks, of which First Direct, HSBC, Alliance & Leicester have live services with customers, while the Royal Bank of Scotland is at the testing and implementation stage.

The unit has also inked agreements with each of the five major mobile networks in the UK and signed a US distribution pact with Metavante.

Alastair Lukies, chief executive of Monitise, says the proposed admission to AIM and subsequent placing "will provide the appropriate financial structure to exploit the unique position we hold in this high growth, global market".

Lukies told reporters that around 12 million consumers currently access Monitise's platform and he expects this to rise to 33 million by the end of the summer.

Following the spin-off Kevin Alcock, current chief executive of Morse's consultancy unit will become CEO of group. Current CEO Duncan McIntyre will become deputy chairman of the company, while Colin Tucker will cease to be a non-executive director of Morse and will become a non-executive director of Monitise upon completion of the demerger.