Monitise raises £49.2m amid new share issue
British holding company Monitise PLC said Santander Group, Telefónica Group and MasterCard have agreed to subscribe for 161.3m new shares in the mobile payments company.
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The firm added that the agreement will raise £49.2m, giving Santander 108.2m new shares and a 5.1% stake in the company, while Telefónica will receive 42.6m new shares, receiving a 2% holding.
Monitise said that for as long as the two Spanish firms hold at least a combined 5% of Monitise’s shares they will be entitled to nominate a non-executive director to the company’s board.
Mastercard, meanwhile, will buy 32.7m new shares in the company, which are being issued at 30.5p, corresponding to a 1.5% stake.
"In order to succeed, organisations increasingly realise that partnerships without frontiers are critical to enabling them to engage with and serve their customers in an evolving digitally-connected world,” said the group’s co-chief executive Elizabeth Buse.
“Our approach to open collaboration across industries supports this by simplifying access to a common mobile network for partners via our cost-effective, subscription-based, flexible technology products and services.
“The next phase of our strategy sees Monitise, in collaboration with its partners, accelerating on its strategy to be the world's leading enabler of digital commerce services.”
Monitise shares leaped 12.30% to 34.25p at 10:59 on Thursday.