16th Sep 2015 15:38
LONDON (Alliance News) - Motive Television PLC said Wednesday it has raised GBP350,000 through the placing of 280 million shares at a price of 0.125 pence each.
Shares in the company closed down 25% at 0.180 pence Wednesday.
The company said it will use the funds to develop and market its products. It also announced that Non-Executive Director Drew Kaza has resigned from its board, effective immediately, due to relocating to the Pacific coast of US. It does not presently plan to replace Kaza.
All of its remaining directors have agreed to accept payment of most of their compensation for the four months to the end of 2015 in shares, valued at GBP62,000, "at the market price at a future date when they are not deemed to be insiders", Motive said.
"The commitment by the directors to buy shares at a future market price, (representing a 12.6% interest in the company at today's market capitalization), indicates their confidence in the company's future," said Chief Executive Officer Leonard Fertig in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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