REG - Ten Alps PLC - Letter of Subscription Agreement <Origin Href="QuoteRef">TAL.L</Origin>
RNS Number : 7928YTen Alps PLC04 December 201404 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 1 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 50,000 and Nitil Patel for 20,000. 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
Grant Thornton, Nominated Adviser
Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jen Clarke/ Jamie Barklem
This information is provided by RNSThe company news service from the London Stock ExchangeENDMSCLLFSTFTLVIIS
Recent news on Zinc Media
See all newsREG - Zinc Media Group PLC - Final Results and Notice of AGM
AnnouncementRCS - Zinc Media Group PLC - Zinc Media awarded Production Company of the Year
AnnouncementREG - Zinc Media Group PLC - Notice of Results
AnnouncementRCS - Zinc Media Group PLC - Investor Presentations
AnnouncementRCS - Zinc Media Group PLC - Zinc Media Celebrates BAFTA TV Awards Nomination
Announcement