LONDON (Alliance News) - Motive Television PLC on Monday said it has not acquired the convertible loan notes under the agreement it struck in January.
Motive said it agreed to vary the terms of a previously-announced deal with a convertible loan note holder in January, with the deal then extended to February 19.
Consequently, Motive was required to pay GBP150,000 plus GBP28,200 in legal fees, in cash, to acquire the notes held by the largest note holder.
It was not able to meet this requirement, meaning the notes have not been acquired.
Motive shares are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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