Morse's board has voted to demerge the company from Monitise, a division of the group which develops mobile banking and payments solutions.

Monitise, which was founded four years ago, will be listed on AIM.

Morse says the decision was taken because the two businesses operate separately anyway, and have "distinct characteristics". It started work on dividing the company in November 2006 when it split the firm into two divisions overseen by a holding company.

Morse chairman Richard Lapthorne said: "Monitise has reached the point where its investment rationale is becoming clear and demerger will ensure that both Morse and Monitise can pursue their programmes for growth independently, whilst providing an investment choice for our shareholders." ®

• Duncan McIntyre severs ties with Morse (13 August 2008)
• Morse snaps up consultancy firm (13 September 2007)
• Morse sees revenue slide (4 September 2007)
• Morse will dash for AIM under new CEO (28 June 2007)
• Morse splits to AIM high (8 June 2007)
• Morse all smiles despite turnover slide (2 March 2007)
• Royal Bank of Scotland picks Morse for mobile banking (8 February 2007)
• Morse changes on track (9 November 2006)
• Morse boardroom shuffle detailed (28 September 2006)
• New guard take over at Morse (30 August 2006)