Reorganisation of Group

7 Nov 2006 08:46

Ten Alps PLC07 November 2006 Ten Alps Plc: Reorganisation of group, rebranding of largest subsidiary,acquisition of niche media company 7 November 2006 Ten Alps Plc ('Ten Alps') announces the reorganisation of the group into threeTen Alps-branded divisions, the renaming under the Ten Alps brand of its largestsubsidiary, McMillan Scott, and the acquisition of a specialist media company. Each step aims to continue Ten Alps' growth and increase its commercial profileas producer and owner of high quality TV, internet TV and specialist mediacontent. Reorganisation Ten Alps now has 480 staff, reorganised into three divisions beneath the PLCboard (which has two executive directors.) Driving growth individually, thethree divisions are also working together to deliver Ten Alps' 2007 strategy. Ten Alps Broadcast, under Nitil Patel (also Group FD) and editoriallycoordinated by Fiona Stourton (formerly a leading current affairs executive atthe BBC), is taking forward all of the group's TV production companies andinterests. Ten Alps Communications, under Adrian Dunleavy, is driving the group'sspecialist media and marketing communications interests. Companies within thisdivision include Ten Alps Publishing (see below) and Ten Alps Live, which nowshare a London office. Ten Alps Digital, under Nigel Dacre (formerly Editor of ITV News and CEO ofTeachers' TV) is expanding the group's internet TV activities, including theforthcoming Public TV site - bringing together Ten Alps' advertising sales andTV skills. Rebranding McMillan Scott, acquired in March 2006 and performing successfully, is changingits name to Ten Alps Publishing. Adrian Dunleavy remains as CEO. The move aims to dramatically increase the commercial penetration of the TenAlps brand using available resources. Ten Alps Publishing, including theacquisition below, has around 280 staff, almost 50,000 advertisers annually,management of around 370 publications and a strong position in business tobusiness and public sector media. Acquisition Ten Alps Publishing yesterday purchased the entire issued equity in specialistmedia company Cameron Publishing Limited ('Camerons') for an initialconsideration of £400,000, plus a further amount of up to £400,000, conditionalon the achievement of profit targets in the period from acquisition to March2007. If the earnout target was fully met, the total consideration would equateto a multiple lower than three times earnings during the earn out period.Gateshead-based Camerons has 47 staff and in the financial year ending 31January 2006 had turnover of £2,276,000. The acquisition was funded out of TenAlps' existing cash resources. Camerons' titles include ten publications across the national and local Chamberof Commerce market. (One of Ten Alps' long-term aspirations is a UK commerceinternet TV channel). There are also projects for English Nature, NationalParks Authority and a range of titles in the leisure and corporate sectors. Ten Alps Broadcast is also currently in substantive talks regarding possible TVproduction company acquisitions. Overview and further opportunities Ten Alps Chief Executive Alex Connock will continue to focus on the group'sstrategy and growth opportunities: "Ten Alps exploits the 'long tail' in contemporary media and this structuregives us the light-footed capabilities we need to keep growing. At the same time we aim to achieve a step-change in our brand's profile andcommercial management. The operational integration with McMillan Scott has gonewell. Now we are looking to build on that." Forthcoming results Ten Alps Plc will provide a notice of the announcement date for its interimresults to September 30, 2006 and an accompanying analyst presentation, in duecourse. Contacts Park Green Communications Paul McManus 020 7786 9600 Ten Alps Plc Alex Connock 01625 667515 Ten Alps Publishing Adrian Dunleavy 01625 667515 www.tenalps.com This information is provided by RNS The company news service from the London Stock Exchange