Director Appointment and Issue of Loan Notes

RNS Number : 1709N

Ten Alps PLC

24 July 2014

 



24 July 2014

Ten Alps Plc

Appointment of Non-Executive Board Member and Issue of Loan Notes

Ten Alps Plc ("Ten Alps" or the "Company"), producer of high quality TV and radio together with integrated publishing and communications content, is pleased to announce the appointment of Mark Wood as non-executive director with immediate effect.

Mark William Wood, aged 62, has extensive knowledge and experience in the TV, Publishing and Digital sectors. He

is a non-executive director at Future plc and Citywire plc. He was CEO of Future plc from 2011 to 2014 and accelerated the growth of Future plc's digital business, with the company named as UK Digital Publisher of the Year in 2011, 2012 and 2013.

Prior to joining Future plc, Mark was Chief Executive of ITN, the television news organisation, where he developed a range of digital ventures, including a world-leading digital image business. Preceding that, he was Editor-in-Chief and Head of Media at Reuters. He began his career as a foreign correspondent for Reuters and was based in Berlin, Moscow, Bonn and Vienna. He is currently a member of the Reuters Editorial Advisory Board.

Mark Wood is or has been a director or partner of the following companies in the past five years:

Current Directorships/Partnerships	Past Directorships/Partnerships
Future plc	Independent Television News (ITN)
Citywire Plc Citywire Holdings Limited	Reuters Plc
ITN Archive Limited	Espresso Education Ltd
	Scottish News Consortium
	Future US, Inc.
	Future Publishing (Overseas) Limited

Save as disclosed, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules for Companies.

Peter Bertram, Chairman commented: "Mark's extensive experience in our markets makes him an ideal candidate to assist in our development."

Issue of loan notes

The Group also announces that it has received an unsecured capital injection amounting to £300,000 from various shareholders.  A £150,000 Loan Note has been issued to Herald Investment Trust, a substantial shareholder, £100,000 to certain other shareholders and £50,000 to Tim Hoare,  a non-executive director of the Company.

The proceeds of the capital injection will be used for the Company's business development and general working capital requirements. Interest under the terms of the loans will be rolled over and charged at a rate of 3 per cent. over monthly LIBOR with a repayment date of 30 June 2015 for £250,000 of the loan notes. The £50,000 loan note issued to Tim Hoare will carry the same rolled interest accrual but will be due on 30 September 2014.

Provision of the Loans by Herald Investment Trust and Tim Hoare are related party transactions with the Company pursuant to Rule 13 of the AIM Rules for Companies. The other Directors who are independent to these transactions consider, having consulted with its nominated adviser, that the terms of the Loans are fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please contact:

Ten Alps plc
Peter Bertram, Chairman	Tel: [phone]
c/o Moira McManus
www.tenalps.com
Grant Thornton, Nominated Adviser	Tel: [phone]
Colin Aaronson / Jen Clarke/ Jamie Barklem
www.grant-thornton.co.uk

 

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