Bango shares lift as company announces 6.5m-pound share placing

Shares in AIM-listed mobile web payments and analytics company Bango rose on Friday morning after the company announced a 6.5m-pound share placing.

Shares in AIM-listed mobile web payments and analytics company Bango rose on Friday morning after the company announced a 6.5m-pound share placing.

The group reported that it had conducted a proposed placing with institutional investors of 3.3m new ordinary shares at 200p per share to raise £6.5m before expenses.

The placing was oversubscribed, Bango reported, with support from both new and existing institutional investors.

It said it intended to use the proceeds to be better positioned to take advantage of developing opportunities and increase its capability to underwrite emerging market opportunities.

Ray Anderson, Chief Executive Officer of Bango, commented: "Bango has made significant progress through 2012 and into 2013, with a total reach now exceeding 1bn mobile phone users.

"We have executed on our plan to support a significant scaling-up in future transaction volumes, making key hires to boost our executive and operational team and investing in our technology platform. We have also seen good development across our key metrics, with analytics transaction volume doubling again during 2012 and end user spend growth resuming towards the end of 2012 and into 2013.

Emerging markets potentialGoing forwards, he said emerging markets represented an exciting growth opportunity, with increasing interest being seen from key customers in the areas, particularly in Brazil.

"We believe emerging markets represent an exciting growth opportunity for us, and are seeing increasing interest from key customers in these areas, in particular in Brazil, Latin America, India and other parts of Asia.

"This fundraise provides us with the resources to move forward in developing those opportunities and we are confident that the massively smooth user experiences enabled by our unique technology platform, extensive mobile network operator relationships and industry leading customers provide us with a clear competitive edge in the fast growing mobile payments industry," he said.

Bango's share price was up 7.71% to 223.50p at 09:45 on Friday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Nuclear power might never be popular – but now looks a good time to invest
Commodities

Nuclear power might never be popular – but now looks a good time to invest

Nuclear power gets a very bad press, but it is the ultimate renewable energy source. Interest in it is perking up again, says John Stepek. Which means…
9 Apr 2021
House prices: from boom to even bigger boom
House prices

House prices: from boom to even bigger boom

UK house prices have risen to new to record highs, says Nicole Garcia Merida. Demand continues to outpace supply, but continued low interest rates, th…
9 Apr 2021