Ten Alps PLC Acquisition of Straker Films Limited (8045T)
April 01 2016 - 2:00AM
UK Regulatory
TIDMTAL
RNS Number : 8045T
Ten Alps PLC
01 April 2016
1 April 2016
Ten Alps Plc
("Ten Alps", the "Company" or the "Group")
Acquisition of Straker Films Limited
Ten Alps, trading as Zinc Media, the TV and multimedia content
producer, is pleased to announce the acquisition of the entire
share capital of Straker Films Limited ("Straker Films") (the
"Acquisition"). The Acquisition will help to further the Group's
strategy of becoming a major player in the corporate story-telling
market, bringing with it a blue chip client base and an impressive
show reel.
Straker Films is an award winning corporate video production
business that works with companies and organisations to help them
communicate with their customers, staff and the public through
moving image.
Straker Films has won industry awards every year for the last 10
years for the quality of its videos, including 11 awards at the
2015 EVCOM (Event and Visual Communication Association) Awards.
Founded in 2004 by Nick Straker and Nicola Mann, Straker Films has
a client base including Rio Tinto, National Grid, TfL, Aviva,
Nationwide and The Department for Education.
Straker Films will be located in Ten Alps' London office,
working closely with the existing Ten Alps corporate communications
team and the Group's TV production businesses. Nick Straker and
Nicola Mann will remain as freelance consultants to Straker Films
for a period of time to ensure a smooth transition and
handover.
Under the terms of the share purchase agreement ("SPA"), the net
initial consideration (defined as initial cash consideration
payable less cash assets in Straker Films) is GBP110,000 to be paid
in cash instalments between completion and September 2016. Under
the terms of the SPA an element deferred consideration will be
payable in cash, equal to a percentage of the revenues of Straker
Films in the year following completion (the percentage being 3 per
cent. of total sales if the annual revenues are less than
GBP300,000, increasing to a maximum of 10 per cent. of total sales
if the annual revenues are greater than GBP500,000).
In the year ended 29 February 2016 Straker Films generated
revenue of GBP0.64m and a profit before taxation of GBP0.19m. As at
29 February 2016 net assets were GBP0.75m. Straker Films currently
has one employee, who will continue post completion.
Mark Wood, CEO of Ten Alps, comments: "Ten Alps has already
broadened its range of television production through the
acquisition of Reef TV and its investment in Chrysalis Vision. The
acquisition of Straker Films gives Ten Alps a significant and
credible footprint in the corporate video and story-telling market
and we look forward to growing our business in this high growth
market."
Nick Straker, founder of Straker Films comments: "I am delighted
that Straker Films is entering the next phase of its growth in
conjunction with Ten Alps. Straker Films has had a long working
relationship with Ten Alps and we see the opportunity to become a
player of much larger scale in the high growth corporate
story-telling market."
For further information please contact:
Ten Alps Plc +44 (0) 20 7878 2311
Mark Wood, CEO
David Galan, CFO
c/o Emer Donohoe
www.zincmedia.com
N+1 Singer (NOMAD to Ten Alps) +44 (0) 20 7496 3000
Shaun Dobson / Lauren Kettle
This information is provided by RNS
The company news service from the London Stock Exchange
END
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