Monitise suffers after Visa Europe plans to cut stake
Monitise shares were hit by news on Wednesday that Visa, a major shareholder and business partner since 2011, was going to reduce its shareholding in the mobile banking specialist over time.
FTSE AIM 100
3,572.81
17:09 31/10/24
FTSE AIM 50
4,021.32
17:09 31/10/24
FTSE AIM All-Share
737.10
17:09 31/10/24
Mobile Telecommunications
2,017.31
16:59 24/01/22
Monitise
3.09p
16:54 31/08/17
Visa Europe's stake represents 5.3% of Monitise's equity.
Monitise, which earlier this year failed in its hunt for a potential buyer and earlier this month lowered its revenue forecast for the full year, said the company will continue to work together on a number of projects and services under the three-year commercial agreement which runs until 31 March 2016.
The mobile banking and payments service group said on Monday that it expected revenues for the full-year would be between £88-90m, below previous guidance of £90-100m announced in March.
Read more:
Monitise lowers revenues forecast for the full year
Monitise fails to find buyer, founder steps down but partners remain supportive