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Ten Alps

  • BY: Andrew Hore |
  • POSTED: 31/10/2016 |

Ten Alps has raised £838,000 at 0.75p a share in order to satisfy deferred consideration for Reef Television.

The first tranche of deferred payment of £1m with £500,000 in cash. The former Reef shareholders will receive 66.7 million shares, valued at £500,000. Up to £2m could still be payable over the next two years.

A further 10.7 million shares will be issued to departed chief executive Mark Wood as part of his settlement. The current share price is 0.8p (0.7p/0.9p).

The media company has also secured a £433,000 loan from its debt providers. The existing debt repayment dates will all be changed to the end of 2020.

Ten Alps still plans to change its name to Zinc Media Group and it will be putting this proposal to a general meeting on 15 November.

The figures for the year to June 2016 should be announced soon after the meeting. This will include the costs of withdrawing from the publishing business.

The focus is the television programme production business and there are plans to grow via acquisition but the low share price will make this difficult.

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