Motive Television scrambles to find new nominated adviser

Motive Television's board had a surprise from its nominated adviser on Monday, with the news that Sanlam Securities was ending its nominated adviser and small cap broking activities, and would therefore cease to be the company's nominated adviser from 14 February 2016.

The AIM-traded television technology company said it was in discussion with several replacement nominated advisers, and hoped to announce a replacement shortly.

"It is unfortunate timing that, following the agreement by the company's converted loan note holders to extend the maturity of the notes and the recent progress in the company's trading activities, Sablam has decided to cease its Nomad activities and give us notice", said Motive chairman Michael Pilsworth.

"We are in active discussions with a number of potential replacement nominated advisers and are confident that one will be appointed shortly", he added.

If Motive Television failed to appoint a replacement nominated adviser within one month of the date of Sanlam's resignation, admission of its shares to trading on AIM would be cancelled.