Simmons & Simmons is advising Barclays Bank PLC and Canaccord Genuity Limited as Joint Bookrunners on the placing by Monitise plc of 160,643,031 new ordinary shares (the “Placing Shares”) with new partner MasterCard and certain institutional investors to raise gross proceeds of approximately £109 million, which was announced on 24 March 2014.

Monitise is a world leader in Mobile Money – banking, paying and buying with a mobile device. The proceeds of the placing will enable Monitise to transition from a licence/services business model to a subscription model with the aim of accelerating customer onboarding and end-user growth.

The Placing Shares represent 9.5 % of Monitise’s existing issued ordinary share capital. The placing price of 68 pence per share represents a discount of approximately 1.1% to the closing mid-market price of Monitise shares on 24 March 2014. Admission of the Placing Shares to trading on AIM is expected to take place on 28 March 2014.

The Simmons & Simmons team advising the Joint Bookrunners is led by Corporate partner Colin Bole, and includes Corporate managing associate Rachel Lewis, US Securities laws partner Julian Perlmutter and US securities associate Tara Waters. Tax partner Nick Cronkshaw and associate Zoe Arnautov are providing specialist tax input.

Commenting on the transaction, Colin Bole said: "We are thrilled to be advising Barclays and Canaccord Genuity on this placing by Monitise at a pivotal time in Monitise’s journey, which sees it embark on a new chapter in Mobile Money innovation".

The Simmons & Simmons’ London ECM team has also very recently advised:

J.P. Morgan Cazenove, Peel Hunt, Canaccord Genuity and Shore Capital on the £581m IPO of Circassia Pharmaceuticals plc

Jefferies International, J.P. Morgan Cazenove and Numis Securities on the £1.2bn IPO of AO.com

J.P. Morgan Cazenove, Numis Securities and Jefferies International on the £100m firm placing and placing and open offer by The Unite Group plc

Rothschild, Investec and Liberum Capital on the £75.1m firm placing and placing and open offer by Costain Group plc

J.P. Morgan Cazenove and Numis Securities on the £78m placing by Interserve plc to part finance its proposed £250m acquisition of the facilities services business of Rentokil Initial plc

J.P. Morgan Cazenove on the £197.2m secondary placing in Jupiter Fund Management plc

Liberum Capital and Macquarie Capital on the £43m placing by Sirius Mineral plc