LONDON (Alliance News) - Motive Television PLC on Tuesday said it has reached agreement in principal with the largest holder of its convertible loan notes, and the company now expects to conclude negotiations with all investors in the notes before the end of the calendar year.
The broadcasting technology company said it is in the process of completing the necessary documentation before December 31, when the balance of outstanding unredeemed convertible loan notes is due to mature.
"The directors are confident that further injections of funds can be secured to fund the company's working capital position and that further revenue generating contracts will be won," Motive Television said in a statement.
The outstanding unredeemed convertible loan notes have a face value of about GBP3.0 million.
The talks are crucial to Motive Television. It had previously said the convertible loan notes would need to be extended or further funds raised to pay them down if it was unable to reach an agreement with the investors.
Shares in Motive Television were up 9.3% at 0.0205 pence on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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