Monitise aims to place £24 million of stock with strategic investors

Canaccord Genuity is broker; deal gives room for investments

By Susanna Moon

Chicago, Aug. 22 - Monitise plc said it has received interest in subscriptions for £24 million of shares from strategic investors. Canaccord Genuity Ltd. will be the broker.

The company may issue up to 81 million shares under shareholder approval on June 25.

The proposed placement would ensure that the group maintains a strong balance sheet and provides headroom for other investment opportunities, according to a company press release.

The company's stock (London: MONI) closed at 28.74p on Aug. 21.

"The mobile money industry is gaining more attention, investment and profile than ever before," Alastair Lukies, group chief executive officer, Monitise, said in the release.

"At Monitise we believe that our bank and payment industry centric approach is delivering sustainable shareholder value and creates an infrastructure that will be used for generations. We are excited by the opportunities ahead of us and focused on delivering profitability earlier than anticipated."

Monitise is a London-based holding company. The company primarily acts as a technology company delivering mobile banking, payments and commerce networks worldwide.

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