Monitise Stock Dips As Visa Europe Plans To Reduce Shareholding Over Time

(RTTNews) - Shares of Monitise Plc (MONI.L) plunged around 16 percent in the morning trading in London after the mobile money - banking, paying and buying provider announced Wednesday that it has been notified by Visa Europe Limited that it will reduce its shareholding over time while continuing to work with the company throughout the duration of its current commercial agreement.

Visa Europe Limited has been a beneficial shareholder in Monitise since October 2011. Visa Europe currently holds 115,750,000 shares, which represents 5.3% of Monitise's issued share capital.

Monitise noted that the company and Visa Europe will continue to work together on a number of projects and services under the three-year commercial agreement which runs until March 31, 2016. Both parties look forward to working together for the duration of this commercial agreement and will assess on an ongoing basis opportunities to work together in future.

In London, Monitise shares were trading at 8.31 pence, down 16.26 percent.