27 Nov 2014 07:00
27 November 2014
Motive Television PLC ("Motive" or "the Company")
Issue of equity and alteration of Bergen Opportunity Fund LP ("Bergen") deed
The Company announces that it has today received a Conversion Notice from Bergen pursuant to the Convertible Securities Issuance Deed between Motive and Bergen dated 12 May 2014 to exercise its right to convert £500,000 of existing debt into equity. Accordingly, the Company has allotted 3,333,333,333 ordinary shares of £0.0001 ("Ordinary Shares") at a price of £0.00015 per share to Bergen Opportunity Fund LP ("New Ordinary Shares").
Application will be made for the New Ordinary Shares to be admitted to trading on AIM. Admission is expected to become effective and dealings are expected to commence on AIM on 3 December 2014. Following the issue of the New Ordinary Shares, the Company will have 45,251,006,714 Ordinary Shares in issue.
Consequently, the Company also announces that it has entered into a deed of amendment to alter the terms of the convertible securities issuance deed (the "Deed") with Bergen. The Deed was entered into and announced on 12 May 2014 in connection with an issuance of up to £2,980,000 worth of zero coupon convertible securities by the Company (the "Convertible Securities"). 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 not to, and to cause its affiliates not to, short-sell the Company's Ordinary Shares.
The agreed amendment to the Deed alters the currently outstanding nominal amount of the first convertible security from £1,245,330 to £1,439,774 (and shall be £939,774 following the Company meeting its obligations under the Deed in relation to the conversion referred to above) in consideration of Bergen foregoing certain rights under the Deed. All the other terms of the Deed remain as previously announced.
Enquiries:
Motive Television plc Michael Pilsworth, Chairman Leonard M Fertig, CEO
| T: +44 20 7025 8425
|
Sanlam Securities UK (Nominated Adviser) Simon Clements / Virginia Bull
| T: +44 20 7628 2200
|
Hume Capital (Broker) Jon Belliss
| T: +44 20 7101 7070 |
Newgate Communications Jason Nisse/Heather Armstrong
Media PR Europe Gerry Buckland
Brainerd Communicators Chris Plunkett / Mike Smargiassi
| T: +44 20 7680 6559
T: +44 7774 860011
T: +1 212 986 6667
|
Notes to Editors
Motive Television provides broadcasters and pay television operators with enabling technology that provides opportunities to deliver highly valued services to viewers that generate additional income and retain existing subscribers, comprising:
Content Express™
Today's television viewers are demanding the ability to watch whatever they want when they want it on any screen, and Motive's Content Express™ makes that possible without having to build new networks. Content Express™ software provides secure delivery and management of non-linear digital content across any type of broadcast network to any consumer-facing screen or device. Motive has deployed it in both single and hybrid distribution systems that combine broadband access with traditional distribution for an optimal solution.
Motive's Content Express™ solutions platform provides a one-stop shop for digital terrestrial broadcasters, satellite, DTT cable pay television platforms, and Internet OTT content providers to offer new services including: Video on Demand (VOD and SVOD), Catch-up television, Tablet Television, Targeted advertising for VOD, Mocast for 4G LTE, Virtual channels and Video2Go.
Tablet TV
With a proprietary app and T-Pod antenna-tuner, tablet owners around the globe can watch and record all the programming currently broadcast over digital terrestrial channels. Additionally, Tablet TV subscribers have the ability to download a selection of video-on-demand movies and programmes without the need for Internet access and, when they are connected, use integrated social networking and access anything available over the Internet.
Motive's content division is:
Motive Television Limited, a Dublin-based award-winning independent production company that produces factual programmes for Irish broadcasters. It specializes in live sports production and sports documentaries and also produces factual and entertainment series.
Motive Television was founded in London in 2005 and its shares are quoted on the London Stock Exchange (AIM). http://www.motivetelevision.co.uk