TIDMMONI TIDMTTM
RNS Number : 8450J
Monitise PLC
03 July 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
ANY SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
FOR IMMEDIATE RELEASE
3 July 2017
RECOMMED CASH ACQUISITION
of
MONITISE PLC
by
FISERV UK LIMITED
(an indirect wholly-owned subsidiary of Fiserv, Inc.)
to be effected by means of a Scheme of Arrangement
under Part 26 of the Companies Act 2006
Publication of Scheme Document
Notice of Meeting
and
Announcement of Current Trading
On 13 June 2017, the boards of Monitise plc ("Monitise" or the
"Company") and Fiserv, Inc. ("Fiserv") announced that they had
reached agreement on the terms of a recommended cash offer through
which Fiserv UK Limited ("Bidco"), an indirect wholly-owned
subsidiary of Fiserv, will acquire the entire issued and to be
issued share capital of Monitise (the "Acquisition"). As outlined
in the announcement, the Acquisition is to be effected by means of
a scheme of arrangement under part 26 of the Companies Act
2006.
Monitise is pleased to announce that the scheme document
containing, among other things, a letter from the chairman, the
full terms and conditions of the Acquisition, an explanatory
statement, notices of the required meetings, a timetable of
principal events and details of the actions to be taken by Monitise
Shareholders (the "Scheme Document"), is today being published and
sent to Monitise Shareholders together with the Forms of Proxy for
the Court Meeting and the General Meeting.
Under the terms of the Acquisition, which will be subject to the
Conditions and other terms set out in the Scheme Document, Monitise
Shareholders will be entitled to receive:
for each Scheme Share 2.9 pence in cash
The Acquisition values the entire issued and to be issued
ordinary share capital of Monitise at approximately GBP70 million
on a fully diluted basis.
As discussed within the Scheme Document, the Board of Monitise
has unanimously recommended the transaction as it provides
shareholders with a certainty of value for their shares, in cash,
at an immediate premium over the closing price on 12 June 2017.
With further investment still required in the business, were this
transaction not to take place, the Board will need to consider
raising further capital, the divestment of businesses, and the
overall strategy of the Group. Given the challenges the Company has
experienced in seeking its first FINkit(R) contract, the Board
believes that the strategic alternatives to a takeover are
accompanied by significant execution risk and are unlikely to yield
superior value to the Acquisition. Since initiating discussions
with Fiserv, the Board of Monitise has not received any other
proposals regarding an acquisition of the Group.
The Scheme Document will be made available on Monitise's website
at www.monitise.com and on Fiserv's website at
www.fiserv.com/offer_for_monitise_plc.
All references to time in this announcement are to London time.
Unless otherwise defined, all capitalised terms in this
announcement shall have the meaning given to them in the Scheme
Document.
Recommendation
The Monitise Directors, who have been so advised by Canaccord
Genuity as to the financial terms of the Acquisition, consider the
terms of the Acquisition to be fair and reasonable. In providing
advice to the Monitise Directors, Canaccord Genuity has taken into
account the commercial assessment of the Monitise Directors.
Canaccord Genuity is providing independent financial advice to the
Monitise Directors for the purposes of Rule 3 of the Code.
Canaccord Genuity is also corporate broker to Monitise.
As further detailed in the Scheme Document, to become effective,
the Scheme will require, amongst other things, the approval of
Scheme Shareholders at the Court Meeting and the passing of a
special resolution at the General Meeting. Accordingly, the
Monitise Directors unanimously recommend that Scheme Shareholders
vote in favour of the Scheme at the Court Meeting and in favour of
the General Meeting Resolution.
It is important that, for the Court Meeting in particular, as
many votes as possible are cast, so that the Court may be satisfied
that there is a fair representation of opinion of Scheme
Shareholders. Monitise Shareholders are therefore strongly advised
to complete, sign and return their Forms of Proxy (once received)
or deliver their voting instructions by one of the other methods
described in the Scheme Document, as soon as possible.
Notices of Court Meeting and the General Meeting
Notices of the Court Meeting and the General Meeting, which are
to be held at the offices of White & Case LLP, 5 Old Broad
Street London EC2N 1DW on 26 July 2017, are set out in the Scheme
Document. The Court Meeting will commence at 10.30 a.m. (UK time)
and the General Meeting at 10.45 a.m. (UK time) (or as soon
thereafter as the Court Meeting is concluded or adjourned).
Timetable
The Scheme Document contains an expected timetable of principal
events relating to the Scheme, which is also attached as an
appendix to this announcement. Subject to obtaining the approval of
Monitise Shareholders and the Court, and the satisfaction or, where
applicable, the waiver of the other Conditions (as set out in the
Scheme Document), the Scheme is expected to become effective on 2
August 2017.
If any of the key dates set out in the timetable change,
Monitise will give notice of this change by issuing an announcement
through a Regulatory Information Service and by making such
announcement available on Monitise's website at
www.monitise.com.
Information for Monitise Shareholders
If you have any questions about this document, the Court Meeting
or the General Meeting, or are in any doubt as to how to complete
the Forms of Proxy, please call Equiniti, the Company's registrar,
between 8:30 am and 5:30 pm on Monday to Friday, on 0333 207 6513
from within the United Kingdom (excluding public holidays in
England and Wales) or on +44 121 415 0992 if calling from outside
the United Kingdom. Calls to the Shareholder helpline from outside
the United Kingdom will be charged at the applicable international
rate. Different charges may apply to calls from mobile telephones.
Please note that calls may be monitored or recorded and Equiniti
cannot provide legal, tax or financial advice or advice on the
merits of the Scheme.
Cancellation of admission of Monitise Shares to trading on AIM
and re-registration
It is intended that dealings in Monitise Shares on AIM will be
suspended at 7:30 am on the Effective Date. It is further intended
that an application will be made to the London Stock Exchange for
the cancellation of the admission of Monitise Shares to trading on
AIM, such cancellation to be effective at 7:00 am on 3 August 2017,
the Business Day after the Effective Date.
On the Effective Date, share certificates in respect of Monitise
Shares will cease to be valid and should be destroyed. In addition,
entitlements to Monitise Shares held within the CREST system will
on the Effective Date be cancelled.
It is also intended that, following the Effective Date and after
the admission of its shares to trading on AIM has been cancelled,
Monitise will be re-registered as a private limited company
pursuant to the relevant provisions of the 2006 Act.
Current trading and prospects of Monitise
On 23 February 2017, Monitise announced its results for the six
months to 31 December 2016. Revenues for the first six months of
the current financial year to 31 December 2016 were GBP28.2m,
compared to GBP34.2m in the prior six-month period ended 30 June
2016, and GBP33.4m for the equivalent first half period of
financial year 2016. The Group's cash balance as at 31 December
2016 was GBP27.3m compared to GBP42.1m as at 30 June 2016, a
reduction of GBP14.8m. The cash usage from operations in the six
months to 31 December 2016 was GBP4.7m. Since then, the Group has
traded in line with the Board's expectations. As at 30 June 2017,
the Group's estimated cash balance was approximately GBP22
million.
With the simplification and stabilisation of the Group, the
focus of the Group has been on the marketing of Monitise's next
generation digital banking technology FINkit(R). In a desire to
accelerate the deployment of FINkit(R), Monitise has explored other
avenues to market, including exploring possible licensing and
distribution agreements with larger international financial
services technology companies. However, despite launching FINkit(R)
to the market in late 2015, Monitise has yet to sign its first
FINkit(R) contract.
The challenges that the Company has experienced in seeking its
first FINkit(R) contract include: (i) the long and complex sales
cycle when engaging with large financial institutions, (ii)
customers' perception of Monitise's size and financial wherewithal
compared to its customers and peers, (iii) the Company's ability to
continue to invest in and support FINkit(R) given its current cash
balance and usage, (iv) its position and history as a pioneer,
compared to new and emerging FinTech competitors, and (v) the
overall increased competition as the market in digital financial
services evolves.
The Board recognises the growth challenges the Group as a whole
continues to face were a transaction with Fiserv not to take place,
and in the likely absence of any material FINkit(R) signings in the
near term the Board will need to consider raising further capital,
the divestment of businesses and the overall strategy of the
Group.
Enquiries:
Fiserv
Britt Zarling (Corporate Communications) Tel: +1 414 526 3107
Paul Seamon (Investor Relations) Tel: +1 262 879 5727
J.P. Morgan (Financial Adviser to Fiserv and Bidco)
Jay Hofmann Tel: +1 212 270 6000
Brendan Minehan Tel: +1 212 270 6000
Adam Laursen Tel: +44 207 742 4000
Henry Capper Tel: +44 207 742 4000
Monitise
Lee Cameron (Chief Executive Officer) Tel: +44 20 3657 0900
Gavin James (Chief Operating Officer) Tel: +44 20 3657 0900
Tom Spurgeon (Company Secretary) Tel: +44 20 3657 0900
Canaccord Genuity (Financial Adviser, NOMAD and Broker to Monitise)
Simon Bridges Tel: +44 20 7523 8000
Andrew Buchanan Tel: +44 20 7523 8000
Miles Cox Tel: +44 20 7523 8000
Emma Gabriel Tel: +44 20 7523 8000
Attila Consultants (Financial PR Adviser to Monitise)
Charles Cook Tel: + 44 77 1091 0563
Sorrel Davies Tel: + 44 77 1091 0563
Further information
This announcement is for information purposes only and is not
intended to and does not constitute, or form any part of, an offer
to sell or subscribe for or any invitation to purchase or subscribe
for any securities or the solicitation of an offer to buy any
securities or any vote or approval in any jurisdiction pursuant to
the Acquisition or otherwise, nor shall there be any purchase, sale
or exchange of securities or such solicitation in any jurisdiction
in which such offer, solicitation or sale or exchange would be
unlawful prior to the registration or qualification under the laws
of such jurisdiction. The Acquisition will be made solely by means
of the Scheme Document and the accompanying Forms of Proxy, which
will contain the full terms and conditions of the Acquisition,
including details of how to vote in respect of the Acquisition. Any
approval, decision or other response to the Acquisition should be
made only on the basis of the information in the Scheme Document.
Scheme Shareholders are strongly advised to read the formal
documentation in relation to the Acquisition.
This announcement has been prepared for the purpose of complying
with English law, the AIM Rules and the Code and the information
disclosed may not be the same as that which would have been
disclosed if this announcement had been prepared in accordance with
the laws of jurisdictions outside the United Kingdom.
The statements contained in this announcement are made as at the
date of this announcement, unless some other time is specified in
relation to them, and service of this announcement shall not give
rise to any implication that there has been no change in the facts
set forth in this announcement since such date.
The contents of this announcement are not to be construed as
legal, business, financial or tax advice. If you are in any doubt
about the contents of this announcement, you should consult your
own appropriately authorised legal adviser, financial adviser or
tax adviser for legal, business, financial or tax advice.
Important notices relating to financial advisers
J.P. Morgan Securities LLC, together with its affiliate J.P.
Morgan Cazenove (which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority), is acting as financial
adviser exclusively for Fiserv and Bidco and no one else in
connection with the matters set out in this announcement and will
not regard any other person as its client in relation to the
matters set out in this announcement and will not be responsible to
anyone other than Fiserv and Bidco for providing the protections
afforded to clients of J.P. Morgan or its affiliates, nor for
providing advice in relation to any matter referred to herein.
Canaccord Genuity Limited, which is authorised and regulated in
the United Kingdom by the FCA, is acting exclusively for Monitise
in connection with the matters set out in this announcement and for
no one else and will not be responsible to anyone other than
Monitise for providing the protections afforded to its clients or
for providing advice in relation to the matters set out in this
announcement.
Overseas shareholders
The release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and may affect the
availability of the Acquisition to persons who are not resident in
the United Kingdom. Persons who are not resident in the United
Kingdom, or who are subject to laws of any jurisdiction other than
the United Kingdom, should inform themselves about, and observe any
applicable requirements. Any person (including, without limitation,
nominees, trustees and custodians) who would, or otherwise intends
to, forward this announcement, the Scheme Document or any
accompanying document to any jurisdiction outside the United
Kingdom should refrain from doing so and seek appropriate
professional advice before taking any action. In particular, the
ability of persons who are not resident in the United Kingdom to
vote their Monitise Shares at the Court Meeting or the General
Meeting, or to execute and deliver Forms of Proxy appointing
another to vote their Monitise Shares in respect of the Court
Meeting or the General Meeting on their behalf, may be affected by
the laws of the relevant jurisdiction in which they are
located.
Any failure to comply with the applicable legal or regulatory
requirements may constitute a violation of the laws and/or
regulations of any such jurisdiction. To the fullest extent
permitted by applicable law, the companies and persons involved in
the Acquisition disclaim any responsibility and liability for the
violation of such restrictions by any person.
The Acquisition will not be made, directly or indirectly, in or
into or by use of the mails or any other means or instrumentality
(including, without limitation, telephonic or electronic) of
interstate or foreign commerce of, or any facility of a national,
state or other securities exchange of, a Restricted Jurisdiction,
and the Acquisition will not be capable of acceptance by any such
use, means, instrumentality or facility or from within a Restricted
Jurisdiction. Accordingly, copies of this announcement and formal
documentation relating to the Acquisition are not being, and must
not be, directly or indirectly, mailed or otherwise forwarded or
distributed in, into or from a Restricted Jurisdiction and persons
receiving this announcement (including custodians, nominees and
trustees) must not distribute or send it into or from a Restricted
Jurisdiction. In the event that the Acquisition is implemented by
way of a Takeover Offer and extended into the US, Fiserv will do so
in satisfaction of the procedural and filing requirements of the US
securities laws at that time, to the extent applicable thereto. The
Acquisition relates to the shares of a UK company and it is
proposed to be made by means of a scheme of arrangement provided
for under the laws of England and Wales. The Scheme will relate to
the shares of a UK company that is a "foreign private issuer" as
defined under Rule 3b-4 under the US Exchange Act of 1934, as
amended (the "US Exchange Act"). A transaction effected by means of
a scheme of arrangement is not subject to the shareholder vote,
proxy solicitation and tender offer rules under the US Exchange
Act. Accordingly, the Scheme is subject to the disclosure
requirements, rules and practices applicable in the UK to schemes
of arrangement, which differ from the disclosure requirements and
practices of US shareholder vote, proxy solicitation and tender
offer rules.
None of the securities referred to in this announcement have
been approved or disapproved by the US Securities and Exchange
Commission, any states securities commission in the United States
or any other US regulatory authority, nor have such authorities
passed upon or determined the adequacy or accuracy of the
information contained in this document. Any representation to the
contrary is a criminal offence in the United States.
Financial statements, and all financial information included in
the relevant documentation will have been prepared in accordance
with accounting standards applicable in the UK and may not be
comparable to the financial statements of US companies or other
companies whose financial statements are prepared in accordance
with US generally accepted accounting principles. However, if
Fiserv were to elect to implement the Acquisition by means of a
Takeover Offer, such Takeover Offer shall be made in compliance
with all applicable laws and regulations, including Section 14(e)
of the US Exchange Act and Regulation 14E thereunder. Such Takeover
Offer would be made in the US by Fiserv and no one else. In
addition to any such Takeover Offer, Fiserv, certain affiliated
companies and the nominees or brokers (acting as agents) may make
certain purchases of, or arrangements to purchase, shares in
Monitise outside such Takeover Offer during the period in which
such Takeover Offer would remain open for acceptance. If such
purchases or arrangements to purchase are made they would be made
outside the United States in compliance with applicable law,
including the US Exchange Act.
Cautionary note regarding forward-looking statements
This announcement may contain certain "forward-looking
statements" with respect to Fiserv, Bidco or Monitise. These
forward-looking statements can be identified by the fact that they
do not relate only to historical or current facts. Forward-looking
statements often use words such as "anticipate", "target",
"expect", "estimate", "intend", "plan", "goal", "aims", "projects",
"strategy", "believe", "will", "may", "should", "would", "could" or
other words or terms of similar substance, meaning or the negative
thereof. Forward--looking statements include statements relating to
the following: (i) future capital expenditures, expenses, revenues,
earnings, synergies, economic performance, indebtedness, financial
condition, dividend policy, losses and future prospects; (ii)
business and management strategies and the expansion and growth of
the Fiserv Group or the Monitise Group and potential synergies
resulting from the Acquisition; and (iii) the effects of government
regulation on the business of the Fiserv Group or the Monitise
Group.
Such forward looking statements are not guarantees of future
performance. By their nature, because they relate to events and
depend on circumstances that will occur in the future, these
forward-looking statements involve known and unknown risks,
uncertainties that could significantly affect expected results and
are based on certain key assumptions and other factors which may
cause actual results, performance or developments to differ
materially from those expressed in or implied by such
forward-looking statements.
These factors include, but are not limited to, the satisfaction
of the conditions to the Acquisition, as well as additional
factors, such as changes in political and economic conditions,
changes in the level of capital investment, retention of key
employees, changes in customer habits, success of business and
operating initiatives and restructuring objectives, impact of any
acquisitions or similar transactions, changes in customers'
strategies and stability, competitive product and pricing measures,
changes in the regulatory environment, fluctuations of interest
and/or exchange rates and the outcome of any litigation.
These forward-looking statements are based on numerous
assumptions regarding present and future strategies and
environments. You are cautioned not to place undue reliance on such
forward-looking statements, which speak only as of the date hereof.
All subsequent oral or written forward-looking statements
attributable to Fiserv, Bidco or Monitise or any person acting on
their behalf are expressly qualified in their entirety by the
cautionary statement above. Should one or more of these risks or
uncertainties materialise, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in this announcement. Fiserv, Bidco and Monitise disclaims any, and
assumes no obligation to update publicly or revise any
forward-looking or other statements contained in this announcement,
whether as a result of new information, future events or otherwise,
except to the extent legally required.
No profit forecasts or estimates
No statement in this Announcement is intended as a profit
forecast or estimate for any period and no statement in this
Announcement should be interpreted to mean that earnings or
earnings per ordinary share for Fiserv or Monitise respectively for
the current or future financial years would necessarily match or
exceed the historical published earnings or earnings per ordinary
share for Fiserv or Monitise respectively.
Publication on website and availability of hard copies
This announcement and the documents required to be published
pursuant to Rule 26.1 of the Code will be made available (subject
to certain restrictions relating to persons resident in Restricted
Jurisdictions), free of charge, on Fiserv's website at
www.fiserv.com/offer_for_monitise_plc and Monitise's website at
www.monitise.com by no later than 12:00 noon on the Business Day
following this announcement. Neither the contents of these websites
nor the content of any other website accessible from hyperlinks on
such websites is incorporated into, or forms part of, this
announcement.
Information relating to Monitise Shareholders
Please be aware that addresses, electronic addresses and certain
information provided by Monitise Shareholders, persons with
information rights and other relevant persons for the receipt of
communications from Monitise may be provided to Fiserv and Bidco
during the Offer Period as required under Section 4 of Appendix 4
of the Code.
Dealing and opening position disclosure requirements of the
Code
Under Rule 8.3(a) of the Code, any person who is interested in 1
per cent. or more of any class of relevant securities of an offeree
company or of any securities exchange offeror (being any offeror
other than an offeror in respect of which it has been announced
that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer
period and, if later, following the announcement in which any
securities exchange offeror is first identified.
An Opening Position Disclosure must contain details of the
person's interests and short positions in, and rights to subscribe
for, any relevant securities of each of: (i) the offeree company
and (ii) any securities exchange offeror(s). An Opening Position
Disclosure by a person to whom Rule 8.3(a) applies must be made by
no later than 3.30 pm (London time) on the 10th Business Day
following the commencement of the offer period and, if appropriate,
by no later than 3.30 pm (London time) on the 10th Business Day
following the announcement in which any securities exchange offeror
is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a securities exchange
offeror prior to the deadline for making an Opening Position
Disclosure must instead make a Dealing Disclosure. Under Rule
8.3(b) of the Code, any person who is, or becomes, interested in 1
per cent. or more of any class of relevant securities of the
offeree company or of any securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange offeror. A
Dealing Disclosure must contain details of the dealing concerned
and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of: (i) the offeree
company and (ii) any securities exchange offeror, save to the
extent that these details have previously been disclosed under Rule
8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies
must be made by no later than 3.30 pm (London time) on the Business
Day following the date of the relevant dealing. If two or more
persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in
relevant securities of an offeree company or a securities exchange
offeror, they will be deemed to be a single person for the purpose
of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror, and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Takeover Panel's Market
Surveillance Unit on +44 (0) 20 7638 0129 if you are in any doubt
as to whether you are required to make an Opening Position
Disclosure or a Dealing Disclosure.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
The following indicative timetable sets out expected dates for
the implementation of the Scheme.
Event Time and/or date
Latest time for lodging Forms of
Proxy for the:
(a) Court Meeting (blue form) 10:30 am on 24
July 2017(1)
(b) General Meeting (white form) 10:45 am on 24
July 2017(2)
Voting Record Time for the Court 6:30 pm on 24
Meeting and General Meeting July 2017(3)
Court Meeting 10:30 am on 26
July 2017
General Meeting 10:45 am on 26
July 2017(4)
The following dates are indicative
only and are subject to change(5)
Court Hearing to sanction the Scheme(6) 1 August 2017
Last day of dealings in, and for 6:00 pm on 1
registrations of transfers of, and August 2017
disablement in CREST of, Monitise
Shares
Scheme Record Time 6:00 pm on 1
August 2017
Dealings in Monitise Shares suspended 7:30 am on 2
August 2017
Effective Date of the Scheme 2 August 2017
Cancellation of admission to trading 7:00 am on 3
on AIM of Monitise Shares August 2017
Latest date for despatch of cheques by the end of
and crediting of CREST accounts 16 August 2017
for cash consideration due under
the Scheme
Long Stop Date 15 September
2017(7)
NOTES:
(1) It is requested that blue Forms of Proxy for the Court
Meeting be lodged not later than 48 hours prior to the time
appointed for the Court Meeting (excluding any part of such 48 hour
period falling on a weekend or a public holiday in the UK). Blue
Forms of Proxy not so lodged may be handed to the Chairman of the
Court Meeting at the Court Meeting before the taking of the
poll.
(2) White Forms of Proxy for the General Meeting must be lodged
not later than 48 hours prior to the time appointed for the General
Meeting (excluding any part of such 48 hour period falling on a
weekend or a public holiday in the UK).
(3) If either the Court Meeting or the General Meeting is
adjourned, the Voting Record Time for the relevant adjourned
meeting will be 6:30 pm on the day which is two Business Days'
prior to the date of the adjourned meeting.
(4) Or as soon thereafter as the Court Meeting shall have
concluded or been adjourned.
(5) These dates are indicative only and will depend, among other
things, on the date upon which (i) Conditions are satisfied or, if
capable of waiver, waived; (ii) the Court sanctions the Scheme;
(iii) the Court Order is delivered to the Registrar of Companies.
Monitise will give adequate notice of all of these dates, when
known, by issuing an announcement through a Regulatory Information
Service. Further updates or changes to other times or dates
indicated below shall, at Monitise's discretion, be notified in the
same way.
(6) Monitise will announce the decision of the Court Hearing and
confirmation that the Scheme has become effective as soon as
practicable thereafter.
(7) This is the latest date by which the Scheme may become
effective unless Monitise and Bidco agree, with the consent of the
Panel and (if required) the Court, a later date.
All references in this document to times are to London time
unless otherwise stated.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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