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Motive Television reaches agreement in principle with largest loan note holder

Published: 02:23 08 Dec 2015 EST

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Good news for the Tablet TV firm

Motive Television (LON:MTV) said discussions over extending the repayment deadline on its convertible loan notes (CLNs) are now at an advanced stage.

The company currently has a balance of outstanding CLNs with a face value of £2,978,396 that mature on 31 December 2015, and is looking to push the deadline forward.

Previously the company had said negotiations were progressing, but Tuesday's stock market statement is the first to indicate the talks are at an advanced stage, with Motive saying it has reached agreement in principle with the largest holder of the CLNs.

Motive is in the process of completing the necessary documentation to seal agreement with the largest holder of the CLNs before the end of the year, and added it expects to conclude negotiations with all CLN holders by 31 December 2015.

The directors are confident that further injections of funds can be secured to fund the company's working capital position and that further revenue generating contracts will be won.

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