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Motive Television reduces debt obligation to Bergen

Published: 03:10 09 Feb 2016 EST

TV-remote-(Resized)
As well as its Tablet TV product, Motive provides "red button" technology to broadcasters

Tablet TV pioneer Motive Television (LON:MTV) said Bergen Global Opportunity Fund has converted £60,190 of existing debt into Motive shares.

The conversion reduces the nominal value of the convertible securities that could be issued to Bergen from £346,955 to £239,355.

In all, 1,203mln Motive shares have been issued to Motive to satisfy the debt, as per the terms of the convertible securities issuance deed between the two parties.

Under the terms of the deed, Bergen has agreed to certain, substantial, limitations on its ability to dispose of the shares it is issued and it has also agreed not to short-sell the company's ordinary shares. Short-selling is the practice of selling shares a party does not own in the hope of buying them back at a cheaper rate later on.

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