Published on 16th July 2012
Earlier this month Motive Television exercised its right to purchase CCAN's 32.3 per cent ownership in Motive Television for 70,116 euros, equal to 10 cents per share. Since then, Motive has received an exercise notice granted to CCAN on September 17th 2010, under which Motive granted CCAN a put option to require the company to purchase the whole of CCAN's retained shareholding in Motive Television, representing the remaining 32.3 per cent of the company's issued share capital, at any time after the 18 month anniversary of completion of the acquisition by Motive of Adecq Digita. Following legal advice Motive has stated that the notice is invalid and so will continue to require that CCAN transfers its shares in Motive Television by the end of this month.