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Ten Alps buys Reef Television for £5mln as Geldof leaves board

Former channel 4 chairman Luke Johnson and Jonathan Goodwin will replace the Boomtown rats frontman and Timothy Hoare as non-executive directors.

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Sir Bob Geldof has stepped down from the board of Ten Alps

Sir Bob Geldof has stepped down from the board of Ten Alps (LON:TAL) after 16 years as part of a restructuring of the television producer.

Former channel 4 chairman Luke Johnson and Jonathan Goodwin will replace the Boomtown rats frontman and Timothy Hoare as non-executive directors.

Peter Bertram, chairman of Ten Alps, said: “We are delighted to welcome Luke Johnson and Jonathan Goodwin and look forward to their valuable contributions to take the Group to the next stage of its development.

“The Board would also like to thank Bob Geldof and Timothy Hoare for their long service and significant contributions to Ten Alps.”

The company, which has produced episodes of BBC’s Panorama series, also announced the acquisition of television content producer Reef Television for £5mln after a £4.5mln rights issue.

Reef, best known for popular BBC daytime television show Put Your Money Where Your Mouth Is, is being acquired by way of a reverse takeover, with £2mln up front.

Mark Wood, chief executive of Ten Alps said: “The proposed acquisition of Reef Television is an important first step to achieve greater scale and momentum in our TV and digital content businesses.”

Shares in Ten Alps dropped 40% to 0.3p today on the news.

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