Motive secures more funding
By Chris Dziadul
February 9, 2010 11.35 UK
Motive Television has raised £400,000 (€456,673) by way of a subscription with institutional and retail investors, issuing 200 million new shares at 0.2p per share. Net cash proceeds will amount to £384,00 and will be used to continue the marketing and development of Motive’s DTT technology business.
Motive’s directors have also agreed to capitalise deferred salary payments by subscribing to a total of 9 million new shares in the company.
Motive was established in 2005 and acquires small DTT technology companies. These include the rights to the BesTV VOD technology outside of Italy and Spain. BesTV has been adopted by Mediaset Premium in the Italian market.
It also manages investments in five TV production companies in the UK and Ireland, though one, the Manchester-based Scarlett Television, was put into administration earlier this month.
The company has changed its financial advisors to Merchant John East Securities Limited following its suspension in January from the Alternative Investment Market (AIM).
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