News blog

Motive Television

  • BY: Andrew Hore |
  • POSTED: 24/09/2014 |

Digital television technology developer Motive Television suffered a £929,000 cash outflow from operations in the first half of 2014. 

The total cash outflow was £1.47m, which was lower than the first half of 2013. This was covered by share issues and the proceeds of a convertible security. Net debt was £3.5m at the end of June 2014. The cash in the bank was £752,000 and that should be bolstered next month by a convertible issue.

During this period the number of shares in issue increased from 28.94bn to 33.8bnand this has subsequently increased to 35.76bn. Bergen Global Opportunity Fund has been converting some of the £1.48m of convertible securities it was issued during May into shares and then selling some of the shares. The conversion price is 0.0126p a share. Bergen still owns 3.85% of Motive TV and because Bergen agreed to forgo certain rights the nominal amount owed via the convertible security has been increased from £1.23m to £1.33m. A second convertible security worth between £400,000 and £500,000 is due to be issued in early October.

Interim revenues were flat at £578,000 but a large chunk of those are likely to come from the TV programme production business.

Motive TV has renewed its agreement with Mediaset. Tablet TV is being Beta tested in San Francisco and in the UK it should be released before the end of the year.

The share price has fallen by 99.6% over nearly 10 years. The quoted share price is a rounded 0.02p a share. There appears to be plenty of buying interest today but there is little sound reason to the buy the shares at this point. The share price is so low that it would make sense to consolidate the shares but if that happened then the consolidated share price is likely to drift back unless there is some positive revenue news.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2014_60.pdf

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