13 April 2012
At the time of the Company's admission to trading on AIM on 15 October 2010, the Company entered into a put and call option with CCan 2005 Inversiones Societarias, S.C.R., S.A. De Regimen Simplificado ("CCan"), the minority shareholder in Adecq Digital S.L., now Motive Television S.L.
Under the terms of the put and call option agreement, the Company granted CCan a put option to require the Company to purchase the whole of CCan's retained shareholding in Motive Television S.L., representing the remaining 32.3 per cent. of the company's issued share capital, at any time after the 18 month anniversary of completion of the acquisition for an exercise price of €2,100,000. In addition, CCan granted the Company a call option for the same holding which was exercisable at any time following completion of the acquisition.
CCan has confirmed to Motive that it will not exercise the put option before 31 May 2012 and is currently in negotiations with Motive regarding satisfaction of the option.
A further announcement will be made in due course.
Motive Television plc
Michael Pilsworth, Chairman
Leonard M. Fertig, CEO
T: +44 20 7025 8425
Merchant Securities (Nominated Adviser)
Simon Clements / Virginia Bull
T: +44 20 7628 2200
XCAP Securities (Joint Broker)
T: +44 20 7101 7070
First Columbus LLP (Joint Broker)
Chris Crawford/Kelly Gardiner
T: +44 20 3002 2070
T: +44 20 7367 5100
Chris Plunkett / Mike Smargiassi
T: +1 212 986 6667
T: +44 7774 860011
Notes to Editors
Motive Television provides software and services to the global television industry, enabling Television Anytime Anywhere. Motive's patented and proprietary technology platform responds to the heightened viewer demand for watching what they want, when they want, on whatever device they want; and is driven by the mandatory switchover from analogue to digital broadcasting as mandated by the International Telecommunication Union.
Motive Television provides broadcasters and pay television operators with enabling technology that provides opportunities to deliver highly-valued services to viewers that generate additional income and retain existing subscribers, comprising:
Television Anytime. A technology platform that enables digital broadcasters and pay television operators to offer enhanced broadcasting services with or without the need for an Internet connection. These services, include, among others, Video-on-Demand, Catch-Up TV, Virtual Channels, Sneak Preview TV, and Targeted Advertising. Television Anytime is currently in commercial operation in Europe both in digital terrestrial (DTT) and soon in satellite (DTH) environments. Patented in Spain and patent pending in the EU.
Television Anywhere. An advanced multi-screen multi-channel technology that allows a viewer to control and watch all the content received by or recorded in their main home television equipment on any computer, mobile phone, iPad or any other Internet connected device. Television Anywhere is software-based and can be updated via software upgrades on existing STB. US patent pending.
Motive's content division is:
Motive Television Limited, a Dublin-based award-winning independent production company that produces factual programmes for Irish broadcasters. It specializes in live sports production and sports documentaries and also produces factual and entertainment series.
Motive Television was founded in London in 2005 and its shares are quoted on the London Stock Exchange (AIM).