Acquisition

7 Mar 2008 07:00

Ten Alps PLC07 March 2008 Press Release 7 March 2008 Ten Alps plc ("Ten Alps" or the "Group") Acquisition of Sovereign Publications Limited Ten Alps Plc, (AIM: TAL) the factual media company, announces the acquisition ofSovereign Publications Limited (Sovereign), a B2B publishing company based inLondon. The acquisition expands Ten Alps' output of specialist factual media with 33 newtitles and a range of associated websites, principally in the healthcare,finance, technology and energy sectors. Sovereign's revenues for the financialyear to May 2007 totalled £3.16 million. Ten Alps' portfolio of factual media therefore now comprises over 740publications, as well as specialist digital and online TV, factual TV programmesand live events. The transaction values Sovereign up to a total enterprise value of £2.625million. The consideration, which is being financed from existing resources andadditional bank borrowings, is an initial £100,000 with a possible further earnout payment of up to £850,000 payable on delivery of tiered profit targets. Aspart of the consideration Ten Alps will take on an estimated £1,675,000 of netliabilities on completion. The majority of Sovereign's titles are wholly owned, with the restcontract-published against long term arrangements. Titles include Airport,Renewable Energy, Hospital Decisions International, Alternative InvestmentReview, Climate Change, World Defence Systems, Power China, Wealth ManagementReview and Nuclear Technology International. Sovereign will be managed within the Communications Division of Ten Alps, whichis now one of the largest contract and specialist publishing businesses in theUK. Adrian Dunleavy, CEO of Ten Alps' Communications Division, said: "Sovereign has an excellent portfolio of titles with very strong positions intheir respective sectors. We hope to develop this range further at the same timeas extending their reach into "events" and "on line" formats which represent avaluable opportunity for us to gain additional income. We are looking forward toworking with the team at Sovereign and to the continued growth of the business." Alex Connock, CEO of Ten Alps Plc said: "This acquisition represents a further example of the very attractiveconsolidation opportunities in the specialist media sector, which spans the fullrange of output from TV to print and online. Commercial and public sectororganisations are using content to interact with customers on a number ofoutlets at once, and we are helping them do it. - Ends - For further information, please contact:Ten Alps plcAlex Connock, CEO Tel: +44 (0) 20 7878 2311 c/o Moira McManus www.tenalps.comCollins Stewart, Nominated AdviserChris Wells / Mark Connelly Tel: +44 (0) 20 7523 8350 www.collins-stewart.comMedia enquiries:Pelham PRAlex Walters / Hugh Barker Tel: +44 (0) 20 7743 6670 www.pelhampr.com This information is provided by RNS The company news service from the London Stock Exchange