Monitise non-exec buys almost £100,000 of shares

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

Get 6 issues 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

Sign up

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