New director brings flotation expertise from Telecity
UK mobile payments firm Monitise has made a key appointment to its board as its gears up for a full listing on the London Stock Exchange.
Founded in 2003, Monitise is currently listed on LSE’s AIM market which allows smaller companies to float shares within a more flexible regulatory system. But Monitise has long made it clear it ultimately plans a full LSE listing, though there have also been rumours in the past that it might float instead on America’s Nasdaq where it’s perceived there is more favourable investment climate towards technology firms.
Now though, with the appointment a new chief financial officer Brad Petzer, it looks as if the time is fast approaching when Monitise will join the main London market.
Petzer, 39, who replaces John Brougham who retired in October 2012, is lured from data centre firm Telecity where he helped it to list on the LSE main market in 2000 and where it has since grown into a Footsie 250 company.
Monitise’s new boardroom recruit comes with nearly 18,000 shares in his name, though it has not been made clear whether these were already owned or awarded as part of a golden handshake.
Around Christmas Monitise rejigged its share incentive scheme for existing directors, putting them in line for millions in potential payouts as the company heads into 2013.
The next twelve months should prove pivotal as it predicts revenues will rise to around £68 million, yielding a profit for the first time and further whetting the appetite of investors.
Changes to the company’s share scheme will see CEO and founder Alastair Lukies alone rewarded with an extra twelve million share options, at an exercise price of 1 pence, if he can can get the price up to 55 pence by December 2015.
Monitise, a spin-off from UK systems house Morse, already includes card issuer Visa and Norway’s state bank as major shareholders.