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UPDATE - Mobile Streams names Enrique Benasso as new finance chief

Published: 13:10 16 Jun 2014 BST

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Corporate finance expert Enrique Benasso has been named as finance chief at mobile apps and games seller Mobile Streams (LON:MOS).

Benasso, 47, is based in the company's Argentina office and has almost 30 years' experience in corporate finance, working for companies such as Visteon, Eagle Ottawa and Coca Cola.

The new chief financial officer (CFO) said he was really impressed with Mobile Streams' performance, the "business potential and the extraordinary team".

Chief executive Simon Buckingham said: "Enrique is a highly experienced and accomplished finance professional and we are delighted that he has joined the company as CFO.

"Based at our main operations centre in Buenos Aires, Argentina, he will be able to play an intrinsic role in the operation of the business."

Broker N+1 Singer was upbeat about the news. "This crucial appointment is good news and should lift investor confidence. The company will now be better equipped to handle its strong growth and manage any difficulties, such as the Peso weakness.

Analyst Johnathan Barrett added the stock looked undervalued - trading at an enterprise value/EBITDA of just 3.1 times for year end to June 2014.

"With the bulk of cash held in major currencies this simply looks far too low even after discounting for Peso volatility."

Shares were unchanged at 19.50p.

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