Motive Television (LON:MTV), the Tablet TV specialist, said its working capital continues to be tight as it continues to try and reach a deal with the holders of its convertible loan note debt.
Earlier this month, Motive said it had reached agreement with the largest CLN holder that would see Motive acquire its approximate £1.4mln of notes for £100,000 in cash plus a five-year warrant to acquire 5% of Motive.
This acquisition was scheduled to close today but has not because Motive has not been able to reach agreement with other CLN holders.
A meeting has been convened for holders on January 29 in order to seek an extension of the redemption date for two years from the end of 2015 to the end of 2017.
The largest CLN holder has, however, agreed to extend the completion date of the acquisition to February 19 this year, but motive will now have to pay £150,000 to buy the notes.