26th Sep 2006 11:32
Motive Television PLC ("Motive" or the "Company") Issue of Equity / Directors'Dealings Motive today announces that it has raised ‚£500,000 (before expenses) by way ofa placing of 40,000,000 new ordinary shares in the Company at a price of 1.25pence per share (the "Placing"). The Placing proceeds will be used by theCompany to fund potential acquisitions and provide it with additional workingcapital.The new ordinary shares have been conditionally placed by Seymour Pierce EllisLimited. The new ordinary shares will rank pari passu with all existingordinary shares in the Company.Certain of the directors of the Company have participated in the Placing as setout below:Director Existing Subscription Resulting Percentage of Ordinary Shares pursuant to the shareholding enlarged issued Placing share capital Michael 833,333 8,000,000 8,833,333 8.13O'Rourke Alistair King - 800,000 800,000 0.74 Under the AIM Rules, the participation of the directors in the Placing isdeemed to be a related party transaction. The independent Directors, Mr IanBuckley and Mr Mick Pilsworth, having consulted with City Financial AssociatesLimited ("CFA"), the Company's Nominated Adviser, are of the opinion that theterms of the directors participation in the Placing are fair and reasonableinsofar as the shareholders of the Company are concerned. CFA has taken intoaccount the commercial assessment of the independent directors.Application will be made to the London Stock Exchange for the admission of thenew ordinary shares to trading on AIM. It is expected that dealings in the newordinary shares will commence on or around 2 October 2006.Following admission, the issued share capital of the Company will be108,606,667 ordinary shares of 1p each.ENDMOTIVE TELEVISION PLCRelated Shares:
Motive Television Plc