Last checked at 1 Apr 2010 07:00
1 April 2010
Ten Alps Plc ('Ten Alps' or the 'Company')
Issue of Equity
Multimedia producer Ten Alps has placed 5,484,305 new ordinary shares of 2p each in the capital of the Company ("New Shares") at a price of 22.3p per share with institutional and other investors.
As part of this placing one of the investors, Herald Investments Trust, has purchased 1,000,000 of the New Shares, increasing their total holding to 7,485,343, representing 10.7% of the Company's issued share capital.
Due to Herald Investment Trust's shareholding in the Company prior to this placing being greater than 10%, the transaction is classed as related party. The Board considers, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
Application has been made for the admission of the 5,484,305 New Shares to trading on AIM, which is expected to occur on or about 8 April 2010, and which will rank pari passu with existing ordinary shares in the Company.
Following admission to trading of the New Shares, Ten Alps will have an issued share capital of 70,173,991 ordinary shares of 2 pence each.
www.tenalps.com
Contact
Ten Alps plc Tel: +44 (0) 20 7878 2311Alex Connock, CEO c/o Moira McManus www.tenalps.com/investors
Grant Thornton, Nominated Adviser Tel: +44 (0) 20 7383 5100 Gerry Beaney / Robert Beenstock www.grantthornton.co.uk
Canaccord Adams, Broker Tel: +44 (0) 20 7050 6500 Mark Williams / Kit Stephenson www.canaccordadams.com
Pelham Bell Potinger Tel: +44 (0) 20 7337 1500Alex Walters / Francesca Tuckettwww.pelhampr.com