21 January 2013
Motive Television PLC
("Motive", the "Company" or "the Group")
("Motive", the "Company" or "the Group")
Settlement with Andre Vanyi-Robin
Further to the announcement on 4 December 2012, the Company is pleased to announce that it has reached a full and final settlement ("Agreement") of all claims made by Andre Vanyi-Robin against the Company including those which related to his dismissal for gross misconduct. The settlement of the High Court litigation is subject only to the approval of the High Court.
Under the terms of the Agreement, Motive will issue 100,000,000 ordinary shares of 0.01 pence each in the capital of the Company to Mr Vanyi-Robin upon the Consent Order being approved and sealed by the Court. These shares will be subject to a soft lock-in arrangement for 12 months in order to preserve an orderly market.
In addition, Motive has also agreed to pay to Mr Vanyi-Robin earn-out commissions as set out in the SPA dated 17 September 2010, totalling £41,583.62 for the years 2011 and 2012, to be satisfied by the issue of new shares (subject to a soft lock-in as above) or in cash at the Company's discretion upon the Consent Order being approved and sealed by the Court. Thereafter to be satisfied in cash as they fall due.
Also, under the terms of the Agreement, each party will bear its own legal costs incurred to date and waive any rights in relation to any costs orders already made and undertake not to seek costs against any other party (or, in the case of Mr Vanyi-Robin, against any Associate of Motive) in respect of any claim.
The Executive Chairman of Motive, Michael Pilsworth, said:
"I am glad that this matter has been settled between the parties and wish Mr Vanyi-Robin every success in his next business venture."
Mr Andre Vanyi-Robin commented: "I am pleased we have reached this settlement amicably. Motive is a fantastic business and I look forward to watching its progress in 2013 and beyond."
Motive Television plc
Michael Pilsworth, Chairman
Leonard M. Fertig, CEO
T: +44 20 7025 8425
Merchant Securities Limited (Nominated Adviser)
Simon Clements / Virginia Bull
T: +44 20 7628 2200
XCAP Securities (Joint Broker)
T: +44 20 7101 7070
Newgate Communications (Financial PR)
T: +44 20 7680 6559
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).