Monitise Rises

Following the report I put out yesterday, and based on the upbeat remarks by hedge fund manager Cooperman,  Monitise shares rose. See below.

Shares in Aim-listed, mobile money firm Monitise leapt nearly 9 per cent in early trading today following a double whammy of upbeat news. First, it was revealed that the company had completed a final contract with Visa Europe to deploy mobile money payments and commerce services for Europe’s financial institutions, ratifying an earlier announcement. Monitise also said it was granting Visa Europe – already its major shareholder – a warrant to purchase 43 million ordinary shares at a price of 36.25 pence.
But further good news came from the US where billionaire hedge fund manager Leon Cooperman listed Monitise as one of his favourite stocks, suggesting its shares might be the biggest winner of all in terms of growth.

“That’s a five bagger,” he told the SkyBridge Alternatives fund managers Conference, “the one I would pick to win a contest with.”

Founded in 2003, Monitise’s steady rise is expected to culminate in a main listing on the stock market soon, or possibly on Nasdaq where the investment climate is considered more favourable.

The next twelve months or so 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.