Motive Television PLC Issue of Equity and amendment of Bergen deed (2940O)
May 27 2015 - 1:00AM
UK Regulatory
TIDMMTV
RNS Number : 2940O
Motive Television PLC
27 May 2015
27 May 2015
Motive Television PLC
("Motive" or the "Company")
Issue of equity and amendment of deed
The Company announces that, on 26 May 2015, it received a
Conversion Notice from Bergen Global Opportunity Fund, LP
("Bergen") pursuant to the Convertible Securities Issuance Deed
between Motive and Bergen dated 12 May 2014 (the "Deed") to
exercise its right to convert GBP180,000 of existing debt into
equity (the "Conversion"). Accordingly, the Company has allotted
1,636,363,636 ordinary shares of GBP0.00005 ("Ordinary Shares") at
a price of GBP0.00011 per share to Bergen ("New Ordinary
Shares").
Under the terms of the Deed, 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 Company has also entered into a deed of amendment in
relation to the Deed. Under the amendment, the currently
outstanding nominal amount of the first convertible security
previously issued under the Deed has been amended from GBP780,020
to GBP821,838 (and shall be GBP641,838 following the Company
meeting its obligations under the Deed in relation to the
Conversion), in consideration of Bergen foregoing certain rights
under the Deed.
All the other terms of the Deed remain as previously
announced.
The issue is conditional, inter alia, upon admission of the
1,636,363,636 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 1 June 2015. Following
the issue of the shares, the Company will have 18,523,088,789
Ordinary Shares in issue.
Motive Television plc T: +44 20
Michael Pilsworth, Chairman 7025 8425
Leonard M Fertig, CEO
Sanlam Securities UK (Nominated T: +44 20
Adviser) 7628 2200
Simon Clements
Beaufort Securities Ltd (Company T: +44 20
Broker) 7382 8300
Jon Belliss
Newgate Communications
Jason Nisse/Stephanie Dobbs T: +44 20
7680 6559
Media PR Europe
Gerry Buckland
T: +44 7774
Brainerd Communicators 860011
Chris Plunkett/Mike Smargiassi
T: +1 212
986 6667
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(TM)
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(TM) makes that possible without having to build new
networks. Content Express(TM) 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(TM) 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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