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".
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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
Director name: Mr Sushovan Hussain
Amount purchased: 268,400 @ 37.25p
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