MONITISE PLC (OTCMKTS:MONIF) Updates On Changes In Board

After the co-chief executive and founder, Alastair Lukies decided to leave MONITISE PLC (OTCMKTS:MONIF), the non-executive director, Tom Houghton also followed the same path. A Reuters report disclosed that Houghton will step down as a member of the company’s board of directors effective March 29, 2015.

The problems

The decision is seen more as an attempt to avoid conflicts of interest that might appear during Strategic Review of the company. It is important to mention that Houghton is also a Board member of Visa Europe. Therefore, both the companies concluded that Houghton should resign from MONITISE’s board.

The review

After the completion of a strategic review, MONITISE PLC’s founder Lukies decided to step down from the company’s board. He will now serve as a ‘strategic adviser’ to the CEO, Elizabeth Buse, who is also a former executive of VISA. Meanwhile, MONITISE PLC (OTCMKTS:MONIF) has denied any possibility of a sale. The company called for a strategic review process in January after it issued a revenue warning for the third time in a year. It provides services that enable businesses and consumers to transact through their mobile devices. It hired Moelis, an investment bank to consider all possible alternatives for the company including an option to sale.

The decisions

MONITISE wanted to consider an option for sale but failed to reach any deal as there was no clarity of expressions of structure or interest. The CEO said that the company is dedicated to offer what it promised and is self-sustaining. Buse further added that Lukies’ decision to resign was a mutual decision, after being taken in agreement with the company’s board. However, Lukies will serve as a strategic adviser to MONITISE, which does not require him to be a member of the board. With the latest announcements, the share prices took a hit and declined to close at $0.200.

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