30 Jul 2014 15:00
Monitise plc
Issue of earn-out consideration
LONDON - 30 July, 2014 - Monitise plc (LSE: MONI, "Monitise" or the "Company"), announces the following update regarding the payment of earn-out consideration for the Grapple Mobile Ltd acquisition, originally announced on 5 September 2013.
Earn-out consideration for the first of two phases, comprising 17,815,505 new ordinary shares of 1p each ("Ordinary Shares") has today been issued pursuant to the terms of the acquisition. This represents £7.7m and approximately 40% of the total maximum earn-out consideration based on the closing share price of 43.25p on 29 July 2014. The remaining earn-out consideration potentially falls due in approximately twelve months' time if performance targets continue to be achieved.
The new shares represent an increase of approximately 0.9% 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 5 August 2014. Following Admission and based on the Company's current issued share capital, Monitise will have 1,962,621,687 Ordinary Shares in issue.
About Monitise
Monitise (LSE: MONI) is a world leader in Mobile Money - banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks utilise Monitise's technology platforms and services to securely connect people with their money.
30 million consumers have registered for Monitise's patented technology to 'bank anywhere', 'pay anyone' and 'buy anything', accounting for $88bn of payments, purchases and transfers annually. Additionally, apps designed by the Group's Monitise Create and MEA divisions have been downloaded 30 million times. More information is available at www.monitise.com.
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