Acquisition

Ten Alps PLC 25 June 2007 Press Release 25 June 2007 Ten Alps plc ('Ten Alps' or the 'Group') Acquisition of factual media advertising sales business Mongoose Media Ten Alps Plc (AIM: TAL), the factual media company, announces the acquisition of Mongoose Media Ltd ('Mongoose'), a business which sells advertising in factual media, for a maximum cash consideration of £3.4m. Mongoose sells advertising across specialist print and digital media on behalf of associations and institutions. Based in London, it has 19 staff. Its 25 clients range from international titles such as Newsweek, National Geographic and Time Out, to specialist organisations such as The Multiple Sclerosis Society and the National Childbirth Trust. Mongoose's adjusted 2006 EBIT (earnings before interest and taxation) for the year ended 27 December 2006 was £448,000, on gross revenues of £5.2m. The net assets at 27th December 2006 were c.£95,000. The multiple paid on the acquisition, assuming the maximum earnout consideration is paid, represents 4.7 times projected EBIT. The acquisition is funded by debt. An initial payment of £1.65m was made, for anticipated net assets of £100,000, with a £ for £ adjustment on agreement of the completion accounts. A possible further payment of up to £1.45m will be made on achievement by Mongoose of EBIT of £725,000 in the first 12 months, with a threshold for this earnout beginning at EBIT of £300,000. Over the two years following the initial 12 month period, up to a further £300,000 will also payable against the performance of certain client contracts. Mongoose will be run as an autonomous business within the Communications Division of Ten Alps, with existing management to ensure continuity and the potential to maximise growth. Richard Beatty, Director of Mongoose, said: 'This is great news for both our clients and staff. Mongoose will continue to provide and develop the excellent standards that our customers expect from us, whilst broadening the range of services we can offer as a new part of the Ten Alps group.' Alex Connock, Chief Executive of Ten Alps Plc, said: 'Mongoose and its young, talented sales team bring us considerable added firepower in advertising sales - a key constraint to organic growth in specialist factual media. The team also have an excellent client list and track record of profitability. We're looking forward to seeing even more of what they can do.' - Ends - For further information, please contact: Ten Alps plc Alex Connock, CEO Tel: +44 (0) 20 7878 2311 c/o Moira McManus www.tenalps.com Collins Stewart, Nominated Adviser Chris Wells / Mark Connelly Tel: +44 (0) 20 7523 8350 www.collins-stewart.com Media enquiries: Abchurch Communications Heather Salmond / Gareth Mead / Joanne Shears Tel: +44 (0) 20 7398 7700 Joanne.shears@abchurch-group.com www.abchurch-group.com Notes to Editors This is Ten Alps' fourteenth acquisition since listing on AIM in July 2001 by reverse takeover. Ten Alps is a factual media company providing content for TV, radio, online TV and print, plus managing related commercial opportunities. Ten Alps targets content to every outlet that audiences, customers and advertisers engage with - making it entirely cross-platform. This year Ten Alps is producing over 500 publications and scores of TV and radio programmes. It has invested in and launched 12 online TV channels. Ten Alps' strategy is to migrate specialist media to online TV, retaining consumers on both sides of the online-offline divide as choice widens and audiences fragment. Growth has come through strategic acquisitions and cross selling between media channels. When Ten Alps launched on AIM in 2001 it had revenues of under £2m and 10 staff. It now employs over 570 people in three divisions: broadcast, digital and communications. With headquarters in London, Ten Alps also has major offices in the North-West and Scotland. This information is provided by RNS The company news service from the London Stock Exchange
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