Monitise preps for full LSE-listing with new CFO
Brad Petzer to bring flotation acumen from his Telecity tenure
By Gaurav Sharma | CFO UK | Published 16:09, 07 January 13
UK mobile payments firm Monitise has appointed Brad Petzer as CFO in line with its long held ambition of a full listing on the London Stock Exchange (LSE).
In a statement, the AiM-listed company said Petzer had been hired from data firm Telecity as a replacement for John Brougham who retired in October 2012.
Over his tenure at the company, Petzer helped Telecity list on the LSE and subsequently achieve inclusion in the FTSE 250 group of companies. In a stock exchange declaration, Monitise stated that the new CFO comes on board with 17,857 ordinary shares in the company in his name.
However, it has not been clarified whether the shares were already owned by Petzer or formed part of a golden handshake. Last month, Monitise readjusted its share incentive scheme for existing directors putting them in line for millions in prospective pay-outs should the company achieve its listing.
For instance, CEO and founder Alastair Lukies was alone rewarded with an extra 12 million share options, at an exercise price of 1 penny, were he to get the company’s share price up to 55 pence by December 2015. The company also has card issuer Visa, private equity firm 3i and Norges Bank (Norway's state bank) among its major shareholders.
Commenting on the on Petzer's appointment, Lukies said, "He brings with him a wealth of experience in the technology and financial services related industries, a track record in helping bring Telecity Group plc to a Main Market LSE listing, and will be a valuable addition to our leadership team as we continue to grow the business."
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