4th Jan 2010 10:59
4th January 2010
Monitise plc
Result of General Meeting
Monitise announces approval of investment alongside exciting new partnerships.
Shareholders approve subscriptions for new Monitise ordinary shares totalling up to £15.8 million alongside new partnerships with First Eastern and Carphone Warehouse.
Monitise plc ("Monitise" or the "Company" LSE:MONI.L), the mobile money specialist, announces that at a General Meeting of the Company held earlier today, all resolutions in connection with the subscriptions announced on 17 December 2009 were duly passed. The subscriptions are for a total of up to 115,920,744 new shares, and are summarized below:
Initial immediate subscription for 57,254,430 new ordinary shares at 13p each (£7.4 million)
conditional subscriptions for 21,463,286 new ordinary shares at 13p (£2.8 million)
conditional subscriptions for 18,601,514 new ordinary shares at 15p each (£2.8 million)
warrant for 18,601,514 new ordinary shares at 15p each (£2.8 million)
The issue prices of 13p and 15p represent an 8% and 25% premium respectively to the closing price on 16 December 2009.
Duncan McIntyre, Chairman of Monitise, commented:
"These new partnerships and subscriptions are an exciting development for Monitise and confirm our leadership in the mobile banking and payments market."
"Our consumer numbers are increasing rapidly in the UK and USA and we continue to expand our reach internationally. We believe that in 2010 the mobile banking and payments market will grow substantially and that through these and our other global partnerships, Monitise will be at the forefront of these developments."
Subscription agreements entered into by Monitise with each of First Eastern (Holdings) Limited ("First Eastern") part of the First Eastern Investment Group, a leading Hong Kong direct investment firm and The Carphone Warehouse Group plc ("The Carphone Warehouse"), were announced on 17 December 2009 alongside the signing of Heads of Terms for an Asia Pacific joint venture with First Eastern and a Mobile Money Network joint venture with The Carphone Warehouse.
First Eastern is a new investor, and on completion of the relevant conditional subscription, The Carphone Warehouse will become a new investor. Existing investors, Visa International Service Association, a subsidiary of Visa Inc, UBS Global Asset Management (UK) Ltd ("UBS") and Standard Chartered Bank are all participating in the initial subscription on the same terms. UBS is participating in the conditional subscriptions on the same terms as the new investors.
Inclusion of the initial subscription monies, amounting to £7.4million (before expenses), gives the Company a cash position post subscription in excess of £16.5million. The directors believe that this funding, along with the further conditional subscriptions and warrant, which in aggregate total £8.4million (before expenses), will enable the Company to deploy appropriate resources to the new opportunities announced, and enable the Company to continue its growth.
Application for admission of 57,254,430 ordinary shares (representing 12.1% 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 5 January 2010. The number of ordinary shares in issue immediately following Admission will be 471,390,167.
As notified in the pre-close trading update issued on 17 December 2009, the Company's interim results for the six month period ending 31 December 2009 will be announced on 16 February 2010.
About Monitise
Monitise plc (LSE: MONI.L) has created the world's first mobile money networks, 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 in the USA, where it is in partnership with FIS, the company is currently working with international partners to deliver similar safe, secure mobile banking and payment services in territories worldwide. Current key partners include Visa, FIS, HSBC, Lloyds TSB, First Direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Ulster Bank, VocaLink, Vodafone, Orange, O2, T-Mobile and 3UK.
www.monitisegroup.com
Contacts:
Monitise Group
Tel: 020 7947 4300
Alastair Lukies, CEO
Tom Spurgeon, CFO
Investec (NOMAD to Monitise)
Tel: 020 7597 4000
Patrick Robb
Rowena Murray
For Financial PR enquiries
Financial Dynamics
Tel: 020 7831 3113
Juliet Clarke
Haya Herbert-Burns
Erwan Gouraud
For PR enquiries
Bell Pottinger Business & Brand
Adam Powell Tel: 020 7861 2514
Lucy McCartney Tel: 020 7861 2507
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