Deals



Ten Alps plc Proposed Acquisition of Reef Television Limited And Placing


Posted: 17th June 2015 08:41

Ten Alps plc (AIM: TAL), multimedia producer of high quality TV and radio together with integrated publishing and communications content, is pleased to announce that it has agreed to acquire Reef Television Limited, an award-winning producer of innovative content for multiple broadcasters, for a total consideration of approximately £5 million (comprising £2 million initial consideration and deferred consideration of up to £3 million plus an additional amount of earn-out consideration).  The Company has conditionally raised £4.5 million (before expenses) by way of a Placing of 173,900,000 New Ordinary Shares and a Subscription of 51,100,000 New Ordinary Shares at 2 pence per New Ordinary Share to fund the Acquisition and for working capital purposes generally. The Acquisition constitutes a reverse takeover of the Company for the purposes of the AIM Rules for Companies and therefore requires Shareholder approval at a General Meeting to be held on 10 July 2015.
 
An Admission Document containing details of the Proposals and a notice of General Meeting will be posted to Shareholders today and is available to view on the Company's website at www.tenalps.com.
 
The suspension relating to the existing shares of Ten Alps will be lifted today and therefore trading in the Company's shares will recommence at 10.00 a.m. As announced earlier today N+1 Singer is acting as the Company's Nominated Adviser and Broker.
 
Mark Wood, Chief Executive Officer commented:
 
"This is a significant moment in the turnaround of Ten Alps. The proposed acquisition of Reef Television is an important first step in a strategy to achieve greater scale and momentum in our TV and digital content businesses. The new capital structure will enable us to invest in faster growth, with the guidance of our experienced Board members appointed today. Together, as an enlarged Group, we intend to bring in the commercial and creative talent needed to drive growth across Television, Communications and Publishing both organically and via selective acquisitions."
 
Richard Farmbrough, CEO of Reef Television, added:
 
"We see the new Ten Alps as a key player in the TV production landscape and are excited by the opportunity to be part of this smart new company. For some time we have been looking to partner with another production business in order to give us the firepower to extend into new territories and engage with the new platforms which are changing the shape of the television market."
 
Peter Bertram, Chairman of Ten Alps, said:
 
"We are delighted to welcome Luke Johnson and Jonathan Goodwin and look forward to their valuable contributions to take the Group to the next stage of its development. The Board would also like to thank Bob Geldof and Timothy Hoare for their long service and significant contributions to Ten Alps. We wish them well for the future I'm pleased they support our strategy for building a high quality integrated multimedia business."



Related articles



Comments


close

Subscribe to our newsletter

Sign up here and get the latest news and updates delivered directly to your inbox

You can unsubscribe at any time