Result of EGM and Board Chang

RNS Number : 4903Z

Ten Alps PLC

14 January 2011

 



Ten Alps plc

14 January 2011

Result of EGM and Board Changes

Media group Ten Alps Plc ("Ten Alps" or the "Company") is pleased to announce that, at the Extraordinary General Meeting of the Company held earlier today, the resolution set out in the Notice of Extraordinary General Meeting annexed to the circular dated 22 December 2010 (the "Circular"), were duly passed without amendment.

As a result, the Company has (subject to admission to trading on AIM) allotted 58,750,000 ordinary shares (raising gross proceeds of £4.7 million) pursuant to the conditional placing announced in the Circular and application has been made to have these shares admitted to trading on AIM. Admission is expected to take place, and dealings are expected to commence, on 17 January 2011. Following the placing (and admission to trading on AIM) the Company will have 132,541,012 ordinary shares in issue.

In addition, following admission of the ordinary shares to AIM the Company shall issue loan notes to Herald Investment Trust plc for an aggregate amount of £1.5 million.

The Company has also today entered into a new lending facility with the Bank of Scotland plc.

Board Changes

The Company today also announces the appointment of Peter Michael Bertram as Chairman with effect from the closing of the placing. Mr. Bertram will replace Brian Walden who will remain on the board as a non-executive Director.

Mr Bertram, aged 56, is currently Chairman of Phoenix IT Group plc and Timeweave plc (formerly Alphameric plc) and a non-executive Director of Microgen plc. He is a fellow of the Institute of Chartered Accountants in England and Wales.

Mr Bertram holds the following positions where he has been acting in the capacity of a director:

Current directorships/partnerships	Previous directorships/partnerships in the last 5 years
Phoenix IT Group plc (and all group companies)	Anite plc
Timeweave plc (formerly Alphameric plc) and all group companies	office2office plc
Amalgamated Racing Limited	Adtran Europe Limited
Microgen plc	Infrared Integrated Systems Limited
Reading Blue Coat School Limited

Mr Bertram will (following the admission to trading to AIM) be interested in 312,500 Ordinary Shares in the Company, representing 0.24% of the issued share capital of the Company.

There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Alex Connock, Chief Executive , commented:

"We are delighted that Peter Bertram is joining as Chairman. His finance skills and experience of running listed companies will be invaluable to us as we seek to develop the businesses we own this year and beyond.

We are also grateful to Brian Walden for his consistently insightful counsel as Chairman over a number of years." 

For further information:

Ten Alps plc	Tel: [phone]
Alex Connock, CEO
c/o Moira McManus
www.tenalps.com
Grant Thornton, Nominated Adviser	Tel: [phone]
Fiona Owen / Robert Beenstock
www.grant-thornton.co.uk
Canaccord Genuity, Broker	Tel: [phone]
Mark Williams / Kit Stephenson
www.canaccordgenuity.com

 

END

 

 

REGDKQDBDBKDPDD