31 May 2013 07:00
31 May 2013
Motive Television plc
("Motive Television" or the "Company")
Issue of equity
Motive Television is pleased to announce that, in response to continuing interest from investors in the Company's recent announcements relating to the Company's development of its Tablet TV solution for the UK Freeview platform and the commercial deployment of Motive's Television Anytime Anywhere technology at Digiturk, it has conditionally raised, through XCAP Securities plc, an additional £638,755.78 through the proposed issue of 4,258,371,867 new ordinary shares of 0.01p each at 0.015p per share ("Placing Shares"). The proceeds will be used to repay debt thereby improving monthly cash burn significantly and move the Company closer to monthly cash breakeven and provide funding for the acquisition of the remainder of Motive Television SL following resolution of the legal dispute with CCAN.
In addition, the Company has issued, conditional on admission, 241,628,133 new ordinary shares of 0.01p each at 0.015p per share ("Debt Conversion Shares") in satisfaction of £36,244.22 of accrued interest for the period from 1 January 2013 to 30 June 2013 payable in respect of some of the convertible loan notes ("CLNs") issued at the time of the Company's admission to trading on AIM on 15 October 2010.
Application will be made for the Placing Shares and the Debt Conversion Shares to be admitted to trading on AIM. Admission is expected to become effective and dealings are expected to commence on AIM on 6 June 2013. Following the issue of the shares, the Company will have 18,476,225,847 ordinary shares in issue.
Enquiries:
Motive Television plc Michael Pilsworth, Chairman Leonard M Fertig, CEO
| T: +44 20 7025 8425
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Sanlam Securities UK (Nominated Adviser) Simon Clements / Virginia Bull
| T: +44 20 7628 2200
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XCAP Securities (Company Broker) Jon Belliss | T: +44 20 7101 7070 |
Newgate Communications Jason Nisse/Stephanie Dobbs
Media PR Europe Gerry Buckland
Brainerd Communicators Chris Plunkett / Mike Smargiassi
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T: +44 20 7680 6559
T: +44 7774 860011
T: +1 212 986 6667
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Notes to Editors
Motive Television is the developer and integrator of innovative patented software solutions for the television industry that enable our clients to offer on-demand content over any network to any device. We have the knowhow and ability to customize our software to work with existing networks, saving our clients substantial expenditures. Our customers are broadcasters, satellite platforms, cable operators, and telecoms.
Motive's patented and proprietary solutions include:
Television Anytime Anywhere: Video-on-demand and place shifting for the broadcasting and pay television industry
Tablet TV: Viewing and being able to record digital terrestrial TV directly to tablets and smartphones
Mocast: Enabling managed downloads of IP delivered content in 4G LTE wireless systems