23rd Feb 2016 11:44
LONDON (Alliance News) - Motive Television PLC said it has been reviewing its options in order to minimise financial uncertainty surrounding the company, and in the meantime has filed a court notice of its intention to appoint administrators.
Whilst the company said it is continuing to explore its options, it has filed a notice of its intention to appoint Andrew Hosking, Carl Jackson and Simon Bonney of Quantuma LLP, as administrators to help assist its directors and to protect the interests of creditors.
The company's shares have been suspended since last Monday following the resignation of its nominated adviser Sanlam Securities UK Ltd.
Under AIM rules, a company must have a nominated adviser in order to be traded, and as such, if Motive Television fails to appoint a replacement nominated adviser within a month of Sanlam's resignation, admission of its shares to AIM will be cancelled.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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