LONDON (Alliance News) - Motive Television PLC on Tuesday said Bergen Global Opportunity Fund LP will convert GBP60,190 of existing debt into equity.
The company said it has allotted 1.20 billion shares to the fund at GBP0.00005 per share. The company will have 4.04 billion shares in issue afterwards.
Shares in Motive were down 24% at 0.00340 pence on Tuesday morning.
Bergen has agreed to "certain, substantial, limitations" on its ability to dispose of the shares following a conversion of the convertible securities.
"Additionally, Bergen does not, and has agreed to cause its affiliates not to, short-sell the company's ordinary shares," the company said.
"Following the company meeting its obligations under the deed in relation to the conversion, the outstanding nominal amount of the first convertible security will be reduced from GBP346,955 to GBP239,355," the company added.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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