Motive Television plc has reached agreement with CCAN 2005 Inversiones Societarias, S.C.R., S.A. De Regimen Simplificado to acquire the remaining 32.3% of Motive Television SL, (its Spanish subsidiary), that it does not own for €600,000. The agreement also resolves a two-year legal dispute between Motive and CCAN that has been active in the courts in Spain and the United Kingdom.
The acquisition is being part financed by a placing of 6,153,846,154 new ordinary shares priced at £0.00013 each to raise gross proceeds of £800,000.
€600,000 will be used to finance the CCAN settlement and the balance will be used to accelerate the rollout of Tablet TV in the United States, United Kingdom, and other markets.
In October 2010, the Company acquired 67.7% of Adecq Digital S.L. (since renamed Motive Television S.L.) from its founders for €4.2 million. CCAN owned the remaining 32.3% until 3 July 2012 when it underwent a change of control and Motive exercised its rights under the Shareholder Agreement to acquire the CCAN stake at nominal value. Subsequently, CCAN notified the Company that it intended to exercise its rights under a Put Option to sell its shares to Motive for €2.1 million, and the ownership transfer has been in legal dispute since then.
Michael Pilsworth, Chairman of Motive Television plc, said, “This acquisition resolves the long-standing legal dispute between the Company and CCAN and gives Motive complete ownership of its subsidiary that owns its patented IPR. It allows management to focus on the upcoming launches of Tablet TV in the United States and the UK and on building our business.”
UK, London & Spain, Barcelona