9 Jul 2013 16:20
9 July 2013
Motive Television PLC
("Motive", "the Company" or "the Group")
MOTIVE TELEVISION PLC vs CCAN 2005 INVERSIONES SOCIETARIAS ("CCAN")
Judgment in CCAN case in Barcelona
The Company announces that Court number 34 of Barcelona has served notice of its judgment in the action launched by Motive to enforce its option to acquire CCAN's 32.3% interest in Motive Television S.L. ("MTSL") for €70,116. The action has been rejected and CCAN has been awarded its court costs (expected to be approximately €10,000).
The Court has ruled that the indirect change of control provision in the MTSL Shareholder Agreement is only applicable if it entails controlling the majority of the share capital of MTSL or the majority of the board of directors. The majority of MTSL's capital (67.7%) is controlled by Motive. The decision is subject to appeal before the Court of Appeals of Barcelona, which must be lodged before the 5th September 2013. The written Appeal process takes between 9 and 14 months on average in Barcelona.
Michael Pilsworth, Executive Chairman of Motive said:
"We are very disappointed with this interpretation of the shareholder agreement by the Court, which does not take into account the documentary evidence and the depositions of witnesses at trial and ignores the origin of clause 5.7 of the MTSL shareholder agreement when CCAN was the only corporate shareholder. In our opinion, these validate the application of the indirect change of control clause in every circumstance. We intend to appeal."
Enquiries:
Motive Television plc
Michael Pilsworth, Chairman
Leonard M Fertig, CEO
| T: +44 20 7025 8425
|
Sanlam Securities UK Limited (Nominated Adviser)
Simon Clements / Virginia Bull
| T: +44 20 7628 2200
|
XCAP Securities (Broker)
Jon Belliss
| T: +44 20 7101 7070
|
Newgate Communications (Financial PR)
Jason Nissé
| T: +44 20 7680 6559 |
Media PR Europe
Gerry Buckland
| T: +44 7774 860011 |
US: Brainerd Communicators
Chris Plunkett / Mike Smargiassi
| T: +1 212 986 6667 |
Notes to Editors
Motive Television provides software and services to the global television industry, enabling Television Anytime Anywhere™. Motive's patented and proprietary technology platform responds to the heightened viewer demand for watching what they want, when they want, on whatever device they want; and is driven by the mandatory switchover from analogue to digital broadcasting as mandated by the International Telecommunication Union.
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:
Television Anytime. A technology platform that enables digital broadcasters and pay television operators to offer enhanced broadcasting services with or without the need for an Internet connection. These services, include, among others, Video-on-Demand, Catch-Up TV, Virtual Channels, Sneak Preview TV, and Targeted Advertising. Television Anytime is currently in commercial operation in Europe both in digital terrestrial (DTT) and soon in satellite (DTH) environments. Patented in Spain and patent pending in the EU.
Television Anywhere. An advanced multi-screen multi-channel technology that allows a viewer to control and watch all the content received by or recorded in their main home television equipment on any computer, mobile phone, iPad or any other Internet connected device. Television Anywhere is software-based and can be updated via software upgrades on existing STB. US patent pending.
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