23rd Dec 2009 07:01
23 December 2009
Motive Television Plc
("Motive" or the "Company")
Update on Financial Position
De-registration of Nominated Adviser
The year 2009 has seen the Company progress its change of focus into digital terrestrial television technology ("DTT"). The Company had expected to complete this progression with the sales of its remaining production assets which would provide the Company with sufficient working capital to expand further into DTT through the exploitation of the Adecq licence agreement.
Due to circumstances beyond the Company's control, it has not been possible to complete the sales of various production assets by the end of 2009 and the Company expects that completion will now fall into early 2010. The disposal of these production assets will require the approval of shareholders under Rule 15 of the AIM Rules and the Company expects to issue a circular convening the necessary general meeting during January 2010.
The Company also announces that its Nominated Adviser, Dowgate Capital Advisers Limited ("Dowgate"), will cease to be on the register of Nominated Advisers on 4 January 2010. The Company is currently in advanced negotiations to appoint a new nominated adviser to replace Dowgate, however, the priority is to complete the disposal of the production assets, as outlined above. Trading in the Company's shares therefore will be suspended on 4 January under Rule 1 of the AIM Rules.
For further information, please contact:
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Mick Pilsworth
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Motive Television Plc
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+44 7968 008836
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Antony Legge
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Dowgate Capital Advisers
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+44 20 7448 4400
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Related Shares:
Motive Television Plc