BRIEF- Monitise says to place over 160 million new shares

March 24 Mon Mar 24, 2014 1:29pm EDT

March 24 (Reuters) - Monitise PLC : * Fully-underwritten placing of 160,643,031 new shares to accelerate shift to global subscription-based business * Major existing shareholders and new partner MasterCard intend to participate in placing * New partnerships announced as Monitise targets 200m registered users by FY 2018 * New model reduces financial and technical barriers to customer on-boarding * Proceeds from placing will enable co to transition from a licence/services business model to a subscription model * Expect FY 2014 revenue growth of approximately 40%, compared to previous guidance of 50 pct * Arpu target of at least £2.50 per annum -comprising bank anywhere subscription revenue and pay anyone, buy anything transaction revenue. * Sustainable gross margin above 70 pct * Expected reduction in revenue,acceleration in operating expenses will likely result in H2 fy2014's EBITDA loss to exceed H1 FY 2014 * Barclays Bank plc and Canaccord Genuity limited are acting as joint bookrunners in connection with the placing * Source text for Eikon: * For more news, please click here