Ten Alps PLC Letter of Subscription Agreement (7928Y)
December 04 2014 - 2:01AM
UK Regulatory
TIDMTAL
RNS Number : 7928Y
Ten Alps PLC
04 December 2014
04 December 2014
Ten Alps Plc
Letter of Subscription Agreement
Ten Alps Plc ("Ten Alps" or the "Company"), multimedia producer
of high quality TV and radio together with integrated publishing
and communications content, announces that it has entered into an
underwriting agreement ("Letter of Subscription") with certain
existing shareholders and directors of the Company (the
"Investors") to subscribe for ordinary shares of the Company up to
an aggregate value of approximately GBP1 million (the
"Subscription").
Under the Letter of Subscription certain directors of the
Company being Peter Bertram, Mark Wood and Tim Hoare will each
subscribe for GBP50,000 and Nitil Patel for GBP20,000. The maximum
amount that can be raised under the Letter of Subscription may be
increased if other investors become party to the agreement.
Ten Alps has entered into the Letter of Subscription in order to
strengthen the business and to give it greater flexibility to
pursue growth opportunities as they arise.
Under the terms of the Letter of Subscription, following receipt
of a written notice from the Company (the "Subscription Notice")
during the period until 23.59 on 31 May 2015 (the "Availability
Period") the Investors will subscribe for such number of Shares as
required by the Company, at a price per share equal to Ten Alp's
share price as at market close on the business day before the date
of the Subscription Notice. The obligations of the Shareholders
fall away at the end of the Availability Period and in certain
other specified circumstances.
In consideration of and conditional upon Investors paying the
subscription amount applicable to them, Ten Alps shall pay to each
Investor, upon such Investor completing their subscription for
shares, a fee equal to 1% of that Investor's subscription amount
for each whole month following the date of the Letter of
Subscription, up to the date of the Subscription Notice, subject to
a maximum fee of 6% (which would apply if the Subscription Notice
were served during May 2015).
For further information, please contact:
Ten Alps plc
Peter Bertram, Chairman Tel: +44 (0) 20 7878
2311
c/o Moira McManus
www.tenalps.com
Grant Thornton, Nominated Adviser Tel: +44 (0) 20 7383
5100
Colin Aaronson / Jen Clarke/ Jamie Barklem
www.grant-thornton.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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