17 Feb 2016 11:23
17 February 2016
Monitise plc
Issue of deferred consideration
Monitise plc (LSE: MONI, "Monitise" or the "Company"), announces the following update regarding the payment of deferred consideration for the acquisition of Monitise Yazilim A.S. (formerly Pozitron Yazilim A.S.), originally announced on 3 February 2014.
Deferred consideration comprising 8,599,146 new ordinary shares of 1p each ("Ordinary Shares") was issued today pursuant to the terms of the acquisition. This represents £0.15m based on the closing share price of 1.78p on 16 February 2016. This payment is the first of two payments related to 2015 deferred consideration. Remaining payments will fall due in respect of the period to and including January 2017, with total earn-out consideration dependent on performance against earn-out targets.
The new shares represent an increase of approximately 0.4% in the number of Monitise shares in issue. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in the Company. Application has been made for the new Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange ("Admission") and it is expected that Admission will become effective on 22 February 2016. Following Admission and based on the Company's current issued share capital, Monitise will have 2,212,986,858 Ordinary Shares in issue.
About Monitise
Monitise plc (LSE: MONI) is a leader in enabling accelerated digital innovation within industries where security, compliance and scalability are mandated. Our platforms, toolkits, products and ideas draw upon over a decade of experience of building and operating world class digital banking, and support all stages of a digital solution from strategy to concept design, development and operations. Find out more at www.monitise.com.
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