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Issue of deferred consideration
LONDON - 29 May 2015 - Monitise plc (LSE: MONI, "Monitise" or the "Company"), announces the following update regarding the payment of deferred consideration relating to the acquisition of Monitise Yazilim A.S. (formerly Pozitron Yazilim A.S.), announced on 3 February 2014.
Deferred consideration comprising 7,998,496 new ordinary shares of 1p each ("New Ordinary Shares") was issued on 28 May 2015 pursuant to the terms of the acquisition. This represents £1.0m based on the closing share price of 13.0p on 28 May 2015. This payment is the first of two potential deferred consideration payments related to 2014 deferred consideration. The remaining payments for future years, if triggered, would fall due in the period to and including January 2017, with the total earn-out consideration dependent on performance against earn-out targets.
The New Ordinary Shares represent an increase of approximately 0.4% 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 2 June 2015. Following Admission Monitise will have 2,163,564,604 Ordinary Shares in issue.
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