A non-executive director of AIM-listed mobile payments firm Monitise has upped his stake a day after Visa Europe invested £24.7m in the company.
Sushovan Hussain purchased 268,400 ordinary shares at a price of 37.25p per share at a total cost of £99,979. Following this transaction, Hussain has a 0.05% stake in the company, equivalent to 368,400 shares.
Monitise announced on Monday that Visa Europe would acquire an 8.8% equity interest in the firm, leading financial website This is Money to speculate that the investment could be a "precursor to a full-scale takeover bid".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In the past year the firm has gained almost 70% on its share price, equivalent to 15.25p.
In September, Monitise hailed the 12 months to the end of June as a "breakthrough year" in which revenues more than doubled from £6m to £14m. The firm said it remains on track to double turnover again in the current year.
Top Director Buys
F&C Asset Management (FCAM)
Director name: Mr Edward Bramson
Amount purchased: 142,000 @ 74.30p
Value: £105,506
Monitise (MONI)
Director name: Mr Sushovan Hussain
Amount purchased: 268,400 @ 37.25p
Value: £99,979
NR
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in LondonThe US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?
