logo-loader
viewZinc Media

Ten Alps scales heights as directors pump in money

sterling350_5480320d2f7a7.jpg

Shares in Ten Alps (LON:TAL) scaled the heights after the multimedia producer announced plans to raise up to £1mln through a share subscription.

Seeing as the market value of the company prior to the announcement of the letter of subscription agreement was only about £633,000, the cash raise is obviously a big deal for the company, and shares shot up 213% to 0.705p, valuing the company at £2.11mln.

Chairman Peter Bertram and fellow directors Mark Wood and Tim Hoare will subscribe for £50,000 of shares, while director Nitil Patel is subscribing for £20,000.

The subscription price has yet to be set, but will be linked to the market price.

The company said the funds raised will strengthen the business and give it greater flexibility to pursue growth opportunities.

The group also announced a sharp reduction in adjusted underlying losses (EBITDA) in the 15 months to 30 June 2014.

The EBITDA loss for the 15 month period was £1.13mln, compared to a loss of £2.71mln for a 12 month period in the previous year.

The group ended the period with cash of £2.58mnn, down from £3.13mln a year earlier, while gross debt, which matures in 2016, rose to £8.45mln from £6.87mln.

Quick facts: Zinc Media

Price: 0.185 GBX

AIM:ZIN
Market: AIM
Market Cap: £2.76 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Learning Technologies surges as it raises full-year guidance

Learning Technologies Group (LON:LTG) Jonathan Satchell talks Proactive London through it's remarkable delivery of organic revenue growth on a constant currency basis in both the Software & Platform and Content & Services divisions. And what a difference a year makes...2020 sees LTG...

16 hours, 55 minutes ago

2 min read