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Motive Television

  • BY: Andrew Hore |
  • POSTED: 17/12/2015 |

Motive Television has increased its shares in issue by more than two-fifths in order to pay off convertible debt of £61,400.

The 372.1 million shares were issued to Bergen at 0.0165p a share. The number of shares in issue is 1.24 billion. Last month, £72,500 was converted into 241.7 million shares at 0.03p a share.

There is still £346,955 outstanding of the convertible loan. If the rest of the debt is converted at the same share price that would require a further 2.1 billion shares to be issued.

Earlier this month, Bergen reduced its ordinary shareholding from 141.7 million (16.3%) to less than 3% and all these shares have probably been sold. That is because Bergen will hold just below 30% of Motive TV following the latest share issue. This could explain why this amount was converted. Bergen will not want to go above 30% which would mean that it would have to make a mandatory bid.

Motive TV directors have said that they would take most of their pay in shares this year. This totals £62,000 so it would require another major share issue.

If there had not been two share consolidations this year there would be 620 billion shares in issue.

Motive TV still has to sort out its other convertibles, with a face value of £2.98m, which are repayable at the end of 2015. Management has even talked about further injections of funds.

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