LONDON (Alliance News) - Motive Television PLC Wednesday said its shares have been cancelled from trading on AIM after the company failed to appoint a nominated advisor following the resignation of its previous adviser, Sanlam Securities UK Ltd.
The company's shares were suspended last month after the nominated adviser resigned, but the company has failed to find a new advisor in a suitable timeframe according to AIM rules.
"The board continues to explore options in order to minimise the financial uncertainty surrounding the company. A further update will be made as and when developments occur. As the company has been unable to appoint a replacement nominated advisor, under AIM Rule 1, the admission of the company's shares to trading on AIM has now been cancelled," said Motive.
Motive Television had filed a court notice of its intention to appoint administrators in February, and then launched a second notice of intention in early March, stating it intended to appoint Andrew Hosking, Carl Jackson and Simon Bonney of Quantuma LLP, as administrators to help assist its directors and to protect the interests of creditors.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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