6th May 2008 07:00
MOTIVE TELEVISION PLC (the "Company" or "Motive") Issue of equity and directors dealings
Issue of equity
The Board announces that the Company has placed 95,478,511 new ordinary shares at 0.7p per shares with directors, a new substantial shareholder and clients of its broker, Dowgate Capital Stockbrokers Limited. The placing has raised ‚£ 668,350 before costs (the "Placing")
The net proceeds of the Placing will be used to invest in the development of television drama programmes either through the creation of a start-up drama production joint-venture company, or through new joint venture agreements with existing television drama production companies.
The new ordinary shares will rank pari passu with existing ordinary shares. Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM. Trading in these new ordinary shares will commence on or around 12 May 2008.
Subsequent to the Placing the issued share capital of the Company comprises 290,499,463 ordinary shares of 0.1 pence each.
Director's Dealings
Certain of the Company's directors participated in the Placing, further details of which are set out below:-
Name Number of shares Number of shares Interest over subscribed for held subsequent issued share in placing to placing capital of the Company Michael O'Rourke 7,142,857 30,261,904 10.4% Michael Pilsworth 1,428,571 4,011,904 1.4% Alistair King 714,286 2,214,286 0.8% Substantial Shareholder
Beyond International Limited ("Beyond") has participated in the Placing. The Company received notification from Beyond that subsequent to the Placing it had an interest over 29,049,940 ordinary shares in the Company representing 10 per cent of the Company's issued share capital.
Beyond is the leading Australian television production and distribution group, whose shares are listed on the Australian Stock Exchange.
Motive executive chairman Mick Pilsworth said:
"I have known Beyond CEO Mikael Borglund and Non-Executive Chairman Ian Ingram for many years and I am delighted that our strategy of acquiring and growing UK-based production companies has led to this approach. Beyond is without doubt the leading Australian television production and distribution company, and its truly global reach will be of great benefit to our production companies as they seek to leverage their international rights in the marketplace."
Beyond International's CEO, Mikael Borglund, said:
"Having dealt with Mick Pilsworth for a number of years I believe that this
strategic investment will prove fruitful for both Motive and Beyond. We look
forward to supporting Mick and his partners in building an exciting company
based on sound business fundamentals for creating and exploiting television
content rights."
Beyond International Non-Executive Chairman, Ian Ingram, said:
"Beyond is joining Motive early in its growth to contribute skills and other
resources. We expect it to be a growing longer term relationship and
investment."
For further information, please contact:
MotiveTel: 020 7428 2004
Mick Pilsworth
Bishopsgate Communications Ltd Tel: 020 7562 3350
Jenni Herbert/ Nick Farmer
Dowgate Capital Advisers Ltd Tel: 020 7492 4777
Liam Murray
Note to Editors
Motive Television (www.motivetelevision.co.uk) is a leading media investment company, specialising in television rights owners. Based in London, it is listed on the AIM and is led by television industry expert Mick Pilsworth.
Motive's investments include:
* A 49.9% interest in comedy production company Brown Eyed Boy, whose most recent hit show, "Little Miss Jocelyn" was broadcast on BBC2. It is in production on a new sitcom for BBC3, "How Not to Live Your Life", starring Dan Clark. * A 50.6% interest in Manchester-based Scarlet Television, whose recent credits include "Diana's Last Summer", "Britney: Speared by the Paps", "50 Greatest TV Endings" and "50 Greatest TV Couples", all for SKY 1; Richard E. Grant's "Elementary My Dear Viewer" and "Roald Dahl's Revolting Rule Book", both for ITV2; "The Making of a Monster" for Crime & Investigation Network, and "Beefcake: A Very British Sex Symbol", for BBC2. * A 50% interest in Luminous Productions, which has piloted a new family entertainment show, "Creche Test Dummies", starring Jason Byrne, for RTĉۡ * A 100% interest in Dublin-based production company Motive Television Ltd, which is producing an observational documentary series, "Summer in the Sun", for Irish broadcaster RTĉۡ. Motive is currently also in production on a major history of Gaelic games for Setanta Sport, "Part of What We Are", and is producing 10 live GAA matches for Irish broadcaster TV3 this summer (in association with Asgard Media). * A 50% interest in London-based factual entertainment specialist Rumble TV Productions Ltd.
vendorRelated Shares:
Motive Television Plc