Monitise PLC Issue of earn-out consideration (4866S)
March 17 2016 - 12:13PM
UK Regulatory
TIDMMONI
RNS Number : 4866S
Monitise PLC
17 March 2016
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 GBP0.9m 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
This information is provided by RNS
The company news service from the London Stock Exchange
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