Monitise To Raise 11.8 Million Pounds For Future Purchases

Published June 24, 2008, 1:00 a.m. EDT

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Updated June 24, 2008, 12:00 a.m. EDT

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United Kingdom-based mobile-banking technology company Monitise PLC Monday announced a 78.6 million-share subscription that could raise £11.8 million (US$23.1 million or 14.9 million euros) to fund future products and services, the company says in a statement. UK-based Standard Chartered Bank will subscribe for 33.3 million at a price of 15 pence per share. "The subscription will provide Monitise with the financial strength and flexibility to implement its growth plans in a timely way," chief executive Alastair Lukies says in a statement. The company wants to continue to take advantage of the increasing demand for mobile banking and payment services, Lukes adds. Monitise also announced that revenue for the 12 months ended 30 June will be in line with expectations of continued positive progress with the development of the company. Monitise expects second-half revenues approximately two-and-a-half times greater than in the first half of the year. The company did not reveal those numbers.

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