RE: Motive Television17 Dec 2015 07:02
The Company announces that it has received a Conversion Notice from Bergen Global Opportunity Fund, LP ("Bergen") pursuant to the Convertible Securities Issuance Deed between Motive and Bergen dated 12 May 2014 (the "Deed") to exercise its right to convert £61,400 of existing debt into equity (the "Conversion"). Accordingly, the Company has allotted 372,121,212 ordinary shares of £0.00005 ("Ordinary Shares") at a price of £0.000165 per share to Bergen ("New Ordinary Shares").
Under the terms of the Deed, 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.
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 £408,355 to £346,955.
The issue is conditional, inter alia, upon admission of the Ordinary Shares to trading on AIM. The shares will rank pari passu with the existing issued Ordinary Shares.
Application will be made for the 372,121,212 shares to be admitted to trading on AIM. Admission is expected to become effective and dealings are expected to commence on AIM on 23 December 2015. Following the issue of the shares, the Company will have 1,241,352,100 Ordinary Shares in issue.