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Ten Alps

  • BY: Andrew Hore |
  • POSTED: 02/04/2012 |

Information publisher and broadcaster Ten Alps plans to raise £3m in order to reduce debt and provide additional working capital.

The shares will be issued at 2.5p each. The majority of the shares will be subscribed for by Herald Investment Trust and related parties. Most of the rest of the shares will be taken up by Artemis, Caldwell and Ten Alps directors.

Herald IT will own 33.2% of Ten Alps and it is deemed to be part of a group of related shareholders which will own 45.6%.

Ten Alps will use £1.25m of the cash to repay part of its existing £6.65m bank facility. This will lead to a book gain of £970,000. The remaining bank facility of £4.43m has been assigned to the new lenders, which are Herald IT, Artemis Alpha Trust and The John Booth Charitable Foundations. The interest rate on the facility will be 4 percentage points above monthly LIBOR. Ten Alps has issued £2.42m of loan notes to the new lenders and John Booth and this is effectively an advance on the share placing.

Herald IT already holds £1.7m of existing loan notes.

Ten Alps has been reducing its costs and it is trying to develop higher margin business.

At 2.38p a share, Ten Alps is currently valued at £3.15m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf

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