17 Mar 2016 16:13
17 March 2016
Monitise plc
Issue of earn-out consideration
LONDON - 17 March, 2016 - Monitise plc (LSE: MONI, "Monitise" or the "Company"), announces the following update regarding the payment of earn-out consideration for the Pozitron Yazilim A.S. acquisition (now Monitise MEA), originally announced on 3 February 2014.
Earn-out consideration, comprising 34,862,489 New Ordinary Shares of 1p each ("New Ordinary Shares") has today been issued pursuant to the terms of the acquisition. The total value of shares issued equates to £0.9m based on the closing share price of 2.68p on 16 March 2016.
This consideration represents the second of two payments related to 2014 (the first payment was made on 28 May 2015 and announced on 29 May 2015) and the second of two payments related to 2015 (the first payment made and announced on 17 February 2016). Final payments, if triggered, would fall due in the period to and including January 2017, with total earn‐out consideration dependent on performance against earn‐out targets.
The New Ordinary Shares represent an increase of approximately 1.6% in the number of Monitise shares in issue and 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 23 March 2016. Following Admission Monitise will have 2,247,913,013 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.
Contacts:
Monitise plc Tel: 020 3657 0900
Tom Spurgeon, Company Secretary
Canaccord Genuity Limited Tel: 020 7523 8000
Simon Bridges, Cameron Duncan, Emma Gabriel
Brunswick
Jonathan Glass, Jon Drage Tel: 020 7404 5959