Ten Alps PLC Strategic Investment in Chrysalis Vision (0926U)
July 27 2015 - 2:00AM
UK Regulatory
TIDMTAL
RNS Number : 0926U
Ten Alps PLC
27 July 2015
27 July 2015
Ten Alps plc
("Ten Alps" or the "Company")
Ten Alps makes strategic investment in Chrysalis Vision
Ten Alps, the international TV and cross-platform content
business, today announces it has signed an agreement (the
"Agreement") to make a strategic investment in TV drama production
company Chrysalis Vision Limited ("Chrysalis Vision"), set up to
develop long-form drama series aimed at the UK and global
markets.
Chrysalis Vision was established by media entrepreneurs Chris
Wright, Luke Johnson (non-executive director of Ten Alps) and Roger
Parry. The company is run by CEO Mick Pilsworth, known for
developing the international hit series Midsomer Murders and is
focussed on producing long-running television series. Chrysalis
Vision already has eight drama series on its development slate and
is working with a number of high profile writers. Earlier this year
Chrysalis Vision hired Sue Gibbs as creative director and Clova
McCallum as development executive. It is intended that, following
the strategic investment, Ten Alps will house and support the
Chrysalis Vision team.
Under the terms of the Agreement, Ten Alps will initially invest
GBP50,000 into Chrysalis Vision, at GBP1 per share, for a 12 per
cent. shareholding in the company and then provide GBP200,000 of
convertible loan stock (the "Loan Notes") in equal monthly
instalments over the next 20 months, commencing from August 2015.
The Loan Notes have the option of converting, at Ten Alps'
discretion, at GBP1 per share at any point from 1 January 2016 to
31 December 2018. Full conversion of the Loan Notes is not expected
to give the Company a majority interest in Chrysalis Vision, and
therefore the company would be treated as an a associate entity for
accounting purposes. Ten Alps will retain options to make two
further investments on or before 31 July 2018 and 31 December 2018,
respectively, in exchange for up to 750,000 new shares in Chrysalis
Vision, enabling it to achieve a majority shareholding in the
company in future.
Chrysalis Vision, which was established in February 2014,
received investment of approximately GBP300,000 following
incorporation and in the 12 months to February 2015 recorded an
operating loss of approximately GBP217,000. Under the terms of the
Agreement, Ten Alps has the right to appoint a director to the
board of Chrysalis Vision and accordingly, Mark Wood has been
appointed as a non-executive director with immediate effect.
The directors of the Company, with the exception of Luke
Johnson, having consulted with N+1 Singer, nominated adviser to Ten
Alps, consider that the terms of the transaction are fair and
reasonable insofar as the shareholders of the Company are
concerned.
Mark Wood, CEO of Ten Alps, comments: "Ten Alps has already
broadened its range of television production through the
acquisition of Reef TV, a leader in daytime factual entertainment,
completed earlier this month. The investment in Chrysalis Vision
enables us to extend that range still further with a low-risk entry
into the potentially high-margin drama market. We are backing an
impressive and proven team and acquiring a new set of skills and
ambitions."
For further information please contact:
Ten Alps plc +44 (0) 20 7878 2311
Mark Wood, CEO
c/o Emer Donohoe
www.tenalps.com
N+1 Singer (NOMAD to Ten Alps) +44 (0) 20 7496 3000
Shaun Dobson / Lauren Kettle
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Rob Mindell
This information is provided by RNS
The company news service from the London Stock Exchange
END
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