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  • BY: Andrew Hore |
  • POSTED: 19/09/2014 |

Mobile commerce transactions software provider MoPowered Group intends to raise 3.5m but no placing price was mentioned.

At 20.25p, the current share price is barely one-fifth of the original 100p placing price at the end of last year. That placing raised 3.64m, or 2.9m net of expenses. MoPowered is currently valued at 3.22m so the fundraising will be highly dilutive.

MoPowered grew its interim revenues from 544,000 to 753,000 but that growth was much slower than originally hoped. Fees from new clients declined. There was a 1.8m outflow from operations during the period. Net cash was 638,000 at the end of June 2014 and most of that cash is likely to have been spent by now.

The cost base has been cut by around 100,000 a month. MoPowered beleives it could reach cash breakeven by the end of 2015.

The focus of the business is mid-tier retailers in the UK. A tie-up with a Netherlands reseller is being established. MoPowered intends to acquire the software assets of an app-building technology known as Cortana for 200,000. Cortana enables mobile sites to be constructed more quickly and it has previously been used under licence.

The finance director resigned in July and a replacement is being sought. 

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