11th Jul 2008 11:36
Friday 11 July 2008
Monitise plc
Result of General Meeting in connection with the proposed Subscription for new ordinary shares
Monitise plc ("Monitise" or the "Company"; LSE: MONI.L) announced at a General Meeting of the Company earlier today, the ordinary and special resolutions in connection with the Subscription for new ordinary shares were duly passed. The meeting was convened following the announcement on 23 June 2008 that Monitise had entered into agreements with a number of investors to subscribe for in aggregate 78.6 million new ordinary shares in Monitise, at a price of 15p per share, representing a 36% premium to the closing price on 20 June, 2008.
The group of new investors comprises: Standard Chartered Bank, a subsidiary of Standard Chartered PLC ("Standard Chartered"), the FTSE 100 UK bank; a subsidiary of PCCW Limited ("PCCW"), the premier telecommunications provider in Hong Kong and a world-class player in information and communications technologies; and Lochside (International) Ltd ("Lochside"), an investment company associated with the Fleming family. Existing investors, UBS Global Asset Management (UK) Ltd and Harris Associates L.P, are also participating in the subscription on the same terms.
It is expected that all of the pre-conditions to the completion of the Subscription will have been satisfied by 0800 on 14 July 2008 when it is expected that trading of the new shares on AIM will commence. Pursuant to the Subscription, shares representing 23.6% of the Company's enlarged ordinary share capital will be issued. The number of Ordinary Shares in issue immediately following Admission will be 333,184,021.
Duncan McIntyre, Executive Chairman of Monitise said:
"We are pleased with the endorsement of the proposed subscription of new Ordinary Shares which will enable us to continue to drive the development of the business. The quality of investors we have attracted is testament to the quality and potential of our business."
Alastair Lukies, CEO of Monitise added:
"We are delighted with the outcome of the process and are looking forward to welcoming our new investors. Monitise has gained significant momentum and expanded into new geographies since listing in June 2007 and we look forward to working with our strategic investors in further developing new opportunities."
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Contacts: |
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Monitise Group |
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Duncan McIntyre, Chairman |
Tel: 020 7868 5200 |
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Alastair Lukies, CEO |
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Ben Evetts, Head of Communications |
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Financial Dynamics |
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Harriet Keen |
Tel: 020 7831 3113 |
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Haya Chelhot |
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Erwan Gouraud |
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Investec |
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Patrick Robb |
Tel: 020 7597 4000 |
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Rowena Murray |
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FF&P Advisory Limited |
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Richard Hill |
Tel: 020 7036 5000 |
About Monitise plc
Monitise plc (MONI.L) is a specialist in mobile banking, payments and commerce technology. It has engineered the world's first mobile banking ecosystems, which allow customers of multiple banks and mobile operators to perform banking and payment transactions directly from their mobile handset.
With live services in the UK and the USA, where it has delivered the MONILINK and Monitise networks in partnership with VocaLink and Metavante Corporation respectively, the Company is currently working with international partners to deliver similar safe, secure mobile banking & payment services in territories worldwide. Current key partners include VocaLink, Metavante, HSBC, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and Hutchison 3G.
Monitise was recognised as a 'Technology Pioneer' by the World Economic Forum in 2006; 'Mobile Innovation of the Year' by The Banker Magazine in 2007 and awarded the Innovation in Messaging Award 2007 by the Mobile Messaging Association.
www.monitisegroup.com
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