UK mobile payment technology firm Monitise is planning to raise up to £24m through a share placement, after receiving interest from existing strategic investors.
Monitise, whose investors include US-based payments technology firm Visa and Norway’s…
UK mobile payment technology firm Monitise is planning to raise up to £24m through a share placement, after receiving interest from existing strategic investors.
Monitise, whose investors include US-based payments technology firm Visa and Norway’s Norges Bank, declined to disclose the identity of these potential share buyers.
The company was granted permission from shareholders in June to issue up to 81 million shares. It said it is now seeking to utilise this capability to take advantage of demand and raise proceeds to ensure the group maintains a strong balance sheet, as well as providing headroom for other investment opportunities.
According to a trading update today, other major shareholders will now be engaged to take part in the proposed placing on a non pre-emptive basis and, depending on demand, the strategic investors may be scaled back.
“We are in a unique position in this exciting industry and ensuring that we have a suitable capital base is vital if we are to deliver on the substantial potential of the business,” said Monitise chairman Duncan McIntyre.
“We are delighted that our major partners are fully supportive of our strategy.”
Canaccord Genuity is acting as adviser and sole broker for the proposed placing.
