19 May 2011 16:54
19 May 2011
Motive Television PLC
("Motive" or "the Company")
Proposed placing to raise £1.2 million
Motive Television PLC (AIM: MTV), the digital television technology, software and services provider, announces that it has conditionally raised £1.2 million (the "Placing") through the issue of 240,000,000 new ordinary shares in the capital of the Company at a placing price of 0.5 pence per share (the "Placing Shares").
The Placing Shares have been placed with institutional and retail investors on behalf of the Company by Intrinsic Capital L.L.P. The Placing is conditional upon admission of the Placing Shares to trading on AIM ("Admission"). The net proceeds of the Placing, amounting to approximately £1.11 million, will provide the capital to implement the Company's growth strategy in Europe, the USA and Latin America and for working capital generally.
Certain directors of the Company and their connected parties have agreed to subscribe for an aggregate of 9,000,000 Placing Shares as part of the Placing. The respective subscriptions, together with the resultant holdings in the enlarged issued share capital are as follows:
No. of Placing Shares | Shareholding following Admission | Percentage holding of enlarged issued share capital | |
Mick Pilsworth, Executive Chairman | 1,000,000 | 45,886,904 | 2.87 |
Professor Brian Foss, Non-executive Director | 8,000,000 | 8,374,142 | 0.52 |
Application will be made for the Placing Shares to be admitted to trading on AIM. Admission is expected to become effective and dealings are expected to commence on AIM on 25 May 2011. Following the issue of the Placing Shares, the Company will have 1,598,875,608 ordinary shares in issue.
In addition, the Company also announces the award of options over 50 million ordinary shares to Graham Loader, Finance Director and CFO, under the Rules of the Motive Television PLC Unapproved Executive Share Option Scheme 2005. The options have an exercise price of 0.56p being the closing market price on Wednesday 18 May and will be issued immediately and vest in five equal tranches on (i) 19 May 2011, (ii) 6 December 2011, (iii) 6 December 2012, (iv) 6 December 2013 and (v) 6 December 2014. The options are exercisable from their respective vesting dates until the tenth anniversary of issue.
Michael Pilsworth, Executive Chairman, said:
"This capital will enable us to keep pace with broadcaster and platform-operator interest in our technologies. Now that we have one market-facing offering, "Television Anytime Anywhere", we hope to be able to announce a number of significant new projects with major broadcast groups in the coming months."
Contact:
Motive Television plc Michael Pilsworth
Intrinsic Capital LLP James Fyfe/Paul Harrison
| T: 020 7025 8425
T: 020 7389 0709 |
Merchant Securities (Nominated Adviser) Simon Clements / Virginia Bull
| T: 020 7628 2200 |
Cubitt Consulting Chris Lane | T: 020 7367 5100 |
Notes to Editors
Motive Television provides digital television technology and services globally, enabling Television Anytime Anywhere. The market is driven by heightened consumer demand coupled with the mandatory switchover from analogue to digital broadcasting that, as mandated by the International Telecommunication Union, will come into full effect by 2015.
Motive Television provides broadcasters and platform operators with new sources of income and business models via its technologies:
Television Anytime is a technology that permits and enables broadcasters and platform operators to offer enhanced broadcasting services without the need for the Internet. Broadcasters can earn additional income through these services, including Catch-Up TV, Virtual Channels, Video-on-Demand and Targeted Advertising. Television Anytime is currently in commercial operation in Italy and successful tests have been carried out in the Czech Republic and Hungary.
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Television Anywhere is an advanced place-changing television technology that allows a viewer to interact, control and watch their Internet-connected home television from a computer, mobile phone, iPad or any other Internet connected device. Television Anywhere is software orientated, does not require an additional box, and can be updated via software upgrades. US patent pending.
Motive's content division is:
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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/ir/mtv/ir.jsp?page=home