Leon Cooperman is still bullish on Monitise Plc (LON:MONI), with his fund, Omega Advisors, raising its stake in the company to almost 10.9% of the voting rights. According to a filing, Omega Advisors currently owns 200.27 million shares of Monitise, versus 158.43 million held previously.
Last week, Monitise Plc (LON:MONI), a company engaged in mobile banking, closed a placement of over 160.64 million new ordinary shares, at a price of 68 pence apiece with Mastercard Inc (NYSE:MA), which is its new partner, and some other institutional investors. The gross proceeds from the offering amount to around $181.42 million (109 GBP). Moreover, the company plans a significant increase of its users in the next couple of years, to around 200 million, which represent an boost by almost a tenfold.
Mr. Cooperman has been bullish on Monitise Plc (LON:MONI) for quite some time. Actually, last year, in May, during an intervention on CNBC, the manager of Omega Advisors stated that they have bought a stake in this company, and believe that it is poised to grow. Mr. Cooperman said that he considers that Monitise will have some 100 million users by 2016. It is important to mention that the stock of Monitise more than doubled since then.
While, Cooperman is the largest shareholder of the company, a significant stake in Monitise Plc (LON:MONI) is held by Norges Bank, which owns 140 million shares, equal to 8.3% of the company, followed by Visa EU and Visa Inc (NYSE:V), which own 115.75 million, and 103.93 million shares respectively.
While Monitise, represents one of the small companies, on which Leon Cooperman is bullish, in general, he puts a strong focus on mobile. The largest position in Omega Advisors’ equity portfolio at the end of last year, was Sprint Corporation (NYSE:S), in which the fund revealed a $436 million stake, with 40.56 million shares.