RE: Motive Television1 Aug 2014 17:22
[MTV]
Announces that, further to the announcement of the Convertible Securities Issuance Deed ("the Deed") between the Company and Bergen Global Opportunity Fund, LP, ("Bergen") dated 12 May 2014, the Company has received a Conversion Notice from Bergen requesting that the Company issue 1,960,317,381 ordinary shares of 0.01p each ("Ordinary Shares") to Bergen to satisfy the repayment of £246,999.99 of the Convertible Security. In accordance with the terms of the Deed, the conversion price for this issuance is £0.000126 per Ordinary share.
Bergen has agreed to certain, substantial, limitations on its ability to dispose of the Shares following the conversion of the Convertible Securities. Additionally, Bergen does not, and has agreed not to, and to cause its affiliates not to, short-sell the Company's shares. Further, Bergen has agreed to a number of limitations on its ability to convert the Convertible Securities.
The allotment is conditional upon admission of the 1,960,317,381 Ordinary Shares to trading on AIM. The shares will rank pari passu with the existing issued Ordinary Shares.
Application will be made for the shares to be admitted to trading on AIM. Admission is expected to become effective and dealings are expected to commence on AIM on 8 August 2014. Following the issue of the shares, the Company will have 35,763,827,227 Ordinary Shares in issue.