Business
Placing and Notice of EGM
Placing and Notice of EGM.
About this update from Zinc Media Group Plc
[{"type":"text","content":"\n RNS Number : 1417N Ten Alps PLC 11 February 2009 \n \n 11 February 2009\n\nTen Alps Plc ('Ten Alps' or the 'Company')\nOnline migration of content and acquisition of factual TV production company\nPlacing of 11,111,111 ordinary shares to raise £3 million\nExtraordinary General Meeting\nTen Alps Plc (AIM: TAL) the factual media company, today announces (i) that it has conditionally placed 11,111,111 new Ordinary Shares at a price of 27 pence per share with institutional and other investors, for gross proceeds of approximately £3 million (the 'Placing'), and (ii) the proposed acquisition of Belfast based factual TV production company Below the Radar Limited ('Below the Radar') by its subsidiary Blakeway Productions Limited. \n\nThe Company intends to use the net proceeds of the Placing for the following purposes:\n\n(1) Accelerate investment in online migration - transition TV, print and events content towards a single online aggregator, accelerate development of new online video sites and fund possible future bolt-on acquisitions (up to approximately £1.5 million);\n \n(2) Increase output through the acquisition of Below the Radar (total consideration of up to £796,000); and\n \n(3) Provide general working capital to the Company and its subsidiaries (the 'Group') (up to £704,000).\n \nOf these new Ordinary Shares, 7,401,438 have been placed firm (the 'Firm Placing Shares'), with the balance of 3,709,673 new Ordinary Shares (the 'Conditional Placing Shares') being placed subject to shareholder approval at an extraordinary general meeting of the Company to be convened for 10 March 2009 ('EGM'). The placing of the Firm Placing Shares and the Conditional Placing Shares is conditional on satisfaction of customary conditions, including admission to trading on AIM of the relevant shares. Further details about the EGM and the Placing are set out below. Canaccord Adams Limited acted as broker to the Placing. \n\nChief Executive Alex Connock said: \n\n'We are migrating a significant portion of our content online. We are also looking for smart opportunities to grow output - and factual TV production out of Belfast fits the brief for talent, quality and client reasons.\n\nO...