This implies a market capitalisation, after admission to trading on AIM of the Placing Shares, of £55.9 million (calculated by multiplying the Placing Price by the number of ordinary shares to be in issue following the commencement of the trading of the Placing Shares).

The Company also announces the publication today of an AIM admission document for admission of its ordinary shares to trading on AIM.

As announced on 8 June 2007, the demerger of the Monitise business from Morse plc ('Morse') will be effected, subject to Morse shareholder approval, by Morse declaring a special dividend equal to the book value of its shareholding in Monitise Group Limited (which currently operates the Monitise business), which will be satisfied, in specie, by the allotment and issue by Monitise of shares, credited as fully paid, to Morse shareholders (the 'Demerger'). Morse shareholders on the register at the close of business on 27 June 2007 will receive one ordinary share in Monitise for each Morse share held by them. Application has been made for the Monitise shares issued as part of the Demerger (the 'Demerger Shares') to be admitted to trading on AIM.

The Placing comprises 97,088,481 new ordinary shares, which represent in aggregate approximately 38.2 per cent of the Company's issued ordinary share capital of 254,002,748 ordinary shares following admission of the Placing Shares. The gross proceeds of the Placing to be received by Monitise from the issue of the Placing Shares is £21.4 million. The Placing has been underwritten by Investec (as to 75,988,485 Placing Shares) and remains subject to certain conditions including, inter alia, the passing of the resolutions at the Morse EGM to be held at 10:00am today and the admission to AIM of both the Demerger Shares and the Placing Shares.

Dealings in the Demerger Shares are expected to commence on AIM at 8.00am on 28 June 2007 under the ticker symbol MONI. Dealings in the Placing Shares are expected to commence at 8.00am m 00am on 29 June 2007.

Commenting on today's announcement, Alastair Lukies, CEO of Monitise, said: "We are very pleased that the demerger of Monitise has attracted such a positive response. The evolution of banking services onto the mobile phone is inevitable and the Monitise model, being predicated on existing banking standards, is well placed to capture the mass-market for mobile banking services on an international scale. The consumer interest that we and our partners are experiencing in the UK, alongside the strong interest in the US and other territories, reaffirms our view that our placing and listing on AIM will help us to deliver on the global opportunity for the Monitise business."

Duncan McIntyre, Executive Chairman of Monitise, added: "Following four years of development within the Morse group, Monitise has established itself as a strong and innovative business with significant growth potential. We look forward to its development as a stand alone listed entity."