LONDON (Alliance News) - Shares in Motive Television took a tumble Wednesday morning, after the software supplier said it has conditionally raised GBP775,000, before expenses, through a placing of almost 3.9 million shares.
The group said the placing proceeds will be used for developing and patenting additional technology, marketing, as well as for general corporate purposes, as the business hopes to accelerate growth in new markets such as Europe. Africa and Latin America, as well as increase demand for its Tablet Television product.
Motive Television said the shares were placed at a price of 0.02 pence per share.
Shares in the company were trading 12% lower on AIM Wednesday morning, at 0.0220 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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