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Monitise share subscription raises £5.1m

20 July 2009  |  1590 views  |  0 Source: Monitise

Monitise ( "Monitise" or the "Company" LSE:MONI.L), the mobile money specialists, announces that at a General Meeting of the Company earlier today, all resolutions in connection with the subscriptions for 73.2 million new ordinary shares at 7p each were duly passed.

The issue price represents a 33% premium to the closing price on 29 June 2009.

Subscription agreements entered into by Visa International Service Association ( "Visa International"), a subsidiary of Visa Inc., the world's largest retail electronic payments network, and others were announced on 30 June 2009 alongside a five year Global Alliance Agreement, with a contract value of $13 million, between Visa International and Monitise.

Visa International is a new investor. Existing investors, UBS Global Asset Management (UK) Ltd and The Capital Group are also participating in the subscription on the same terms.

Subscription monies amount to £5.1m (before expenses), giving the Company a cash position post subscription of approximately £15m. The directors believe that this will provide additional flexibility for the Company to continue to implement its development strategy and grow its business across a number of international territories.

Application for admission of 73,236,943 ordinary shares (representing 17.7% of the Company's enlarged issued share capital) has been submitted to the London Stock Exchange and it is expected that trading of the new shares on AIM will commence on 21 July 2009. The number of ordinary shares in issue immediately following Admission will be 413,351,068.

As notified in the pre-close trading update issued on 30 June 2009, preliminary results for the year ending 30 June 2009 will be announced on 25 August 2009.

Duncan McIntyre, Chairman, Monitise commented: "We are delighted to have the support of our shareholders for the Subscription, which gives us a strong position for our next phase of development. Our Mobile Money Manager is a unique platform on which to build our business. We will provide an update on our discussions with our partners globally at our full year results."

Alastair Lukies, CEO, Monitise commented: "The investment by Visa International together with the G Global Alliance Agreement represents a major milestone in the development of mobile banking and payments globally. Following 6 years of intensive development and investment, our technology has been assessed, selected and validated by the world's leading Financial Institutions, Mobile Phone Operators and now Payments Network. Our live platforms in Europe and North America are acquiring consumers in their hundreds of thousands and we will continue to focus on deepening our functionality and widening our global footprint. The activity in and outlook for the mobile money market globally has never been greater and I believe that Monitise is well placed."

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