That's not defending them either. IMO the FSA should carry some of the blame here. How they have been permitted to carry on trading while diluting to oblivion should be investigated and stopped from happening again.
Where are all those big deals that were promised by our CEO ?
The Amazon / Apple RNSs were not about deals, just about "shop window" on-line displays, and in competition with numerous other products in the windows !
I feel extremely sorry for all those hard-working software programmers in Spain, working under extreme pressure, and on cheap wages (CEO's boast !) who have lost / will soon lose their jobs, while the CEO & Ch were having a life of luxury on their City Fat Cat salaries (whether cash or shares or a mixture)
The CEO told us he was "working his socks off" . . . but where are the RESULTS of all his efforts ?
I am wondering if those radio receivers (@ £69 or £79 (?) each), freely handed out to shareholders (as bribes to buy yet even more shares !) will still work - or are they now just junk ?
Administration ... well, something for CLN Creditors, (and Directors ?)
BUT certainly NOTHING for long-suffering S/Hs
Can those two dodgy directors be BANNED from all future Company directorships ?
The Company announces that it has today filed at court a notice of intention to appoint administrators.
The Board has been reviewing its options in order to minimise the financial uncertainty surrounding the Company. While the Board continues to explore these options, the Company has filed a notice of intention to appoint Andrew Hosking, Carl Jackson and Simon Bonney of Quantuma LLP, Vernon House, 23 Sicilian Avenue, London WC1A 2QS as administrators of the Company to assist the directors in this regard and to protect the interests of creditors.
The suspension to trading in Motive's shares, as announced on 15 February 2016, remains effective.
Further announcements will be made in due course.
Motive Television plc T: +44 20 7025 8425
Michael Pilsworth, Chairman
Leonard M. Fertig, CEO
We have been predicting the end of MTV for months but this looks serious to me:
Convertible Loan Notes
On 20 January the Company announced that the largest CLN holder had agreed to vary the terms of the previously announced deal and extend the completion date until 19 February 2016. Consequently, the Company was required to pay £150,000 plus £28,200 in legal fees in cash in order to acquire the £1,393,795 of CLNs held by the largest holder. The Company has been unable to meet this requirement and accordingly the CLNs have not been acquired.
To negotiate and agreement and then not to be able to raise the funds to fulfil it looks, at best, unfortunate and, at worse, incompetent in the extreme.
you're lucky mine is worth 23p...Looks like it will die soon. Then someone will pick up the pieces for buttons and then make a mint. Although the board has already made a mint, as they've bought naff all shares will lose nothing.
It is a great product just rubbish execution, management, especailly around the long drawn out CCAN saga, and poor understanding of how to get things delivered to the market. It was a punt and, sadly, lost a few grand on this one.
I'm just holding because to be honest... the million shares I have are worth less than the wear on my shoes used to fetch the phone to sell them...
How can these guys just keep diluting the shares making all private investors holdings worth nothing.... Nobody seems to have any morals anymore, no wonder the country is in the state it's in with v v ankers like this lot in positions of responsibility... it's just the 'I'm all right Jack' attitude.
Good luck to all those who'd made the same mistake I did..
Motive announces that it was served notice of Sanlam Securities UK Limited's ("Sanlam") intention to cease its nominated adviser and small cap broking activities in late 2015. Consequently, Sanlam will cease to be the Company's nominated adviser on 14 February 2016.
The Company is in discussion with several replacement nominated advisers and hopes to announce a replacement shortly.
However, if the Company fails to appoint a replacement nominated adviser within one month of the date of Sanlam's resignation, admission of the Company's shares to trading on AIM will be cancelled.
Chairman Michael Pilsworth said: "It is unfortunate timing that following the agreement by the company's CLN holders to extend the maturity date of the CLNs and the recent progress in the Company's trading activities Sanlam has decided to cease its Nomad activities and give us notice. We are in active discussions with a number of potential replacement Nominated Advisers and are confident that one will be appointed shortly."
So I said to myself, I bet this is about raising money and oh it is.
So someone has left the team and they are not replacing him, why? Because they already have enough people, please read, we have no more money to pay for someone to join the board.
We are going to take some pay as shares, why because we believe in the prospects of the company, please read we have no money...
My investment is now worth less than £4... glad I sold the vast majority of my shares at a significant loss many years ago, as we have had 2 share consolidations recently and the price still falls, why, please read they have NO Money.
"It is always disappointing when a company that appears to have a potentially good business cannot raise cash to keep going, but it is even more bemusing when companies which have never shown much sign of achieving success can continually tap the ..."
Hopefully all pi can do the same. Maybe might get the hint.
Surely there must be some further recourse we can take
It is such bull they state about may help to aquire other ventures . It is a load of bull
Very impressed with HL they have emailed straight back, replying
Thank you for your email.
We do not automatically send out notification of shareholder meetings or voting forms to clients who hold shares in our accounts.
However, this does not stop you from partaking or voting in any future AGMs on any of the shares that you hold. If you would like to attend any AGM or vote on any of the companys shares that you hold, you simply need to inform us two weeks prior to the AGM and we will send out a letter of attendance. You can also lodge your votes with us.
You are able to inform us that you are both interested in attending a meeting and registering your vote either by telephone, letter, secure message or via email at: [email protected]
So if like me anyone wishes to vote just drop your broker an email
I sent this email to the company email address:
To the MTV Board,
I would like to formally register my objection to the proposed Share capital re-organisation scheduled for the 26th August.
As a private investor. I have found MTV's treatment of PI's as pure neglect and complete disregard. The actions of the board over the last couple of years has been a disgrace. I invested many of thousands of pounds into MTV on the belief that the company would deliver on its business promises.
But I feel marginalized by the latest antics. Last year the same Share capital re-organisation exercise took place, then within a few months MTV re-issued a huge number of shares again! Devaluing the Share Price.
Can you offer Private Investors any indication any hope that your are at least registering and recognizing their financial investment?
Are you willing to try and protect the share price? Why have no Directors actually invested money into the company for over a year?
I think it is about time this company started acknowledging their duty to private investors. I have seen my investment reduced to a mere 3% over the last two years! a loss of 97%!
I would like a response to this email. Most importantly to advise on how the company will try to support the share price and not abuse the system at the expense of Private Investors.
This is ourtragous abuse of PI's.
The recommendation for the meeting on the 26th of August to reduce the number of shares is exactly what they have done already in the last 12 months. I have seen this so many times now MTV. They are taking the MICKEY and should be stopped... it will make the share change look like a SP appreciation. But it will just fall down to the same level..> They are just lining there pockets. Moons ago I bought in at .022 pre dilusion... approx 4k is no worth approx £120 pounds!... They are ripping off PI's . It must be stopped....
My own view :-
Share consolidations like this one [100:1] are an accountancy trick to comply with LSE regulations ... they simply CANNOT create new extra shares when the current sp is below the sp nominal value.
You will then have one hundredth of your shares at 100x the SP (in theory !) , to enable them to create extra shares-for-cash in the future at a more "respectable" sp (which has slumped due to continuing HUGE losses (~ £12m, latest results) !
[MTV shares are now no longer "penny shares", but rather millipenny" shares ! ]
In practice, statistically speaking from AIM experience, our current investment and Market Cap. (theoretically both unchanged) will FALL somewhat
The reason for this change is to raise yet more Capital for
a) ongoing costs : salaries, general expenses etc
b) future acquisitions !!! ... keep your eyes peeled !
NB Any new shares will probably be issued at a discount to the then sp, to encourage new investors ( = Institutions !) and the sp usually follows suite ... Unless there is extra-good NEWS issued .... LET US HOPE SO !!!
Important message from the Financial Conduct Authority:
Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse.
This could lead to an unlimited fine and up to seven years in prison.
If you have any information, concerns or queries about market abuse, click here.
The content of the messages posted represents the opinions of the author, and does not represent the opinions of Interactive Investor Trading Limited or its affiliates and has not been approved or issued by Interactive Investor Trading Limited.
You should be aware that the other participants of the above discussion group are strangers to you and may make statements which may be misleading, deceptive or wrong.
Please remember that the value of investments or income from them may go down as well as up and that the past performance of an investment is not a guide to its performance in the future.
The discussion boards on this site are intended to be an information sharing forum and is not intended to address your particular requirements.
Whilst information provided on them can help with your investment research you need to consider carefully whether you should make (or refraining from making) investment or other decisions based on what you see without doing further research on investments you are interested in.
Participating in this forum cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you.