Morse has confirmed details of its demerger and the separate listing of its mobile banking business Monitise on London's Alternative Investment Market (AIM).

As well as its plan to list on AIM, Monitise, which provides mobile phone software for users to access their banking details, hopes a share placing will help it raise £20m to fund investment.

It said it aims to reach an ambitious target of 33 million users by the end of the summer and added that the decision to split the two firms was made to "allow each to pursue its own independent strategy".

Monitise chief executive Alastair Lukies said:

"The proposed admission to AIM and subsequent placing will provide the appropriate financial structure to exploit the unique position we hold in this high growth, global market and to retain our leading position as the market evolves."

Morse shares are up 1.2 per cent on the London Stock Exchange. ®

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