TIDMMTV
RNS Number : 7854K
Motive Television PLC
05 January 2016
5 January 2016
Motive Television PLC
("Motive" or the "Company")
Motive signs Agreement with the Largest Holder of Convertible
Loan Notes
Company continuing negotiations with remaining CLN Holders
Convertible Loan Notes
On 8 December 2015, Motive Television Plc ("Motive" or the
"Company") announced that discussions with holders of convertible
loan notes ("CLN Holders") in the Company remained ongoing and were
at an advanced stage. The Company originally issued GBP6,585,670 of
fixed interest Convertible Loan Notes ("CLNs") in October 2010 to
fund the acquisition of Motive Television SL. The Company currently
has a balance of outstanding unredeemed CLNs with a face value of
GBP2,978,396 which mature on 31 December 2015 not including the
CLN's owned by Motive Investments Limited, a wholly-owned
subsidiary of the Company with a GBP1,060,244 face value.
Motive announces today that it has reached agreement with the
largest CLN holder to acquire its GBP1,393,795 of CLN's for
GBP100,000 in cash plus a 5-year warrant to acquire 5% of the
Company. Completion of the acquisition is scheduled no later than
15 January 2016.
The Company continues in negotiations with the remaining CLN
holders to extend or acquire the remaining notes.
The acquired CLN's will be held in MTV Investments Limited.
Following the acquisition, the total CLN's owned by MTV Investments
Limited will represent 60.8% of total outstanding CLN's.
Michael J Pilsworth, Chairman commented, "The agreement to
acquire the CLN's represent a significant improvement in the
Company's balance sheet. With the drive toward near term
profitability based on the Company's success in winning new
contracts and success with our technology, the financial
restructuring represents a balance sheet reset and hopefully a new
beginning for Motive. "
Leonard M Fertig, CEO added, "The recent increased market
interest in our patented and unique Content Express(TM),
TabletTV(TM) and BYODTV(TM) technology and the combined investment
and sacrifices of directors, management, and investors provide a
path for the Company to deliver growth in shareholder value."
Working Capital and Trading Update
Motive's working capital continues to be tightly managed and
Motive continues to rely on the support of its creditors, staff and
of its directors. To assist in the drive toward monthly cash
positive operations during the first half of 2016, the Directors
and senior management of Motive will continue to be compensated at
the rate of half salary in cash and half in ordinary shares from
January until the Company reaches monthly cash profitability.
Litigation Update
On 6 October 2015 Motive announced that the Court of Appeal in
Barcelona had ruled against the Company in its legal action to
appeal the judgment of the Court of First Instance in Barcelona in
the case of Motive Television PLC vs HISCAN PATRIMONIO S.A.U.
("HISCAN", the successor to CCAN 2005 INVERSIONES SOCIETARIAS
S.A.U. and now part of Spanish bank Caixa Bank S.A.), the minority
holder.
As announced previously, in November 2015 the filed an Appeal
against this decision in the Spanish Supreme Court. A decision on
whether the appeal would be heard in the Spanish Supreme Court is
expected by the end of Q1 2016. If successful, an appeal to the
Supreme Court is estimated to take four to five years to be heard.
In the meantime negotiations with HISCAN to settle the case out of
court continue.
Enquiries:
Motive Television plc T: +44 20 7025 8425
Michael Pilsworth, Chairman
Leonard M Fertig, CEO
Sanlam Securities UK (Nominated T: +44 20 7628 2200
Adviser)
Simon Clements / James Thomas
Beaufort Securities T: +44 20 7382 8300
Jon Belliss
Newgate Communications T: +44 20 7680 6559
Jason Nisse
Media PR Europe T: +44 7774 860011
Gerry Buckland
Brainerd Communicators T: +1 212 986 6667
Chris Plunkett / Mike Smargiassi
Notes to Editors:
Motive Television was founded in London in 2005 and its shares
are quoted on the London Stock Exchange (AIM).
http://www.motivetelevision.co.uk
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.
TabletTV(TM)
With a proprietary app and TPod 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.
BYOD TV(TM)
Motive's BYOD TV solution provides passengers and crew in
maritime environments with access to video-on-demand movies and
television without needing direct access to the Internet or
broadcast signals. Markets for the platform include operators of
passenger ferries, cruise lines, commercial ships, and oil
platforms among others. In addition, BYOD TV has application for
additional markets including passenger airlines, trains, waiting
lounges, etc.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 05, 2016 02:00 ET (07:00 GMT)
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