UK mobile payment technology firm Monitise has raised £100m through two share placements.
A total of 333,333,333 shares were placed at a price of 30p each with certain institutional investors in a partially underwritten process.
Canaccord acted as…
UK mobile payment technology firm Monitise has raised £100m through two share placements.
A total of 333,333,333 shares were placed at a price of 30p each with certain institutional investors in a partially underwritten process.
Canaccord acted as bookrunner, nominated adviser and sole broker for both share placements.
In its first placement, Monitise raised £34.2m through placing 114,116,135 shares with investors in a process that was fully underwritten by Canaccord. The company, whose shareholders include US-based payments technology firm Visa and Norway’s Norges Bank, plans to admit these shares on AIM on 10 December.
The group placed a further 219,217,198 shares with institutional investors to raise an additional £65.8m. Of this amount, only £15.8m is being underwritten by Canaccord. This second placing is subject to shareholder approval on 21 December, but the company expects to admit them on AIM on 27 December.
The company said that, following the first placement of its shares, it expects to have a total of 1,260,526,304 ordinary shares in issue. This means that following both placement issues, the total stake it is selling will be around 22.53%.
Alastair Lukies, CEO of Monitise CEO, said: “We are obviously delighted with the strong interest from the investment community and invigorated by their support. The mobile money industry has hit an inflection point. We believe we have the platform, the team and the necessary momentum to create a globally-leading business in a hugely exciting market place and to ultimately reward the faith that our shareholders have shown in us.”
Monitise also announced plans to take full control of mobile ecommerce service Mobile Money Network, which it previously had a 50% stake, for £15m in an all-share deal. The stake was acquired from Freston Road Ventures LLP and US retailer Best Buy Europe Distributions, valuing the entire group at £30m.
Monitise said earlier this year that it was on track to achieving group revenue of at least US$100m in FY 2013. It also claimed to be in talks with “a number” of technology businesses interested in partnerships and collaborations.
