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Ten Alps explores reverse takeover

Bob Geldof-backed UK indie group Ten Alps is in advanced talks over a possible reverse takeover as it looks to pursue growth.

Trading in the company’s shares on the Alternative Investment Market has been temporarily suspended until the acquisition is finalised.

“While discussions in relation to the acquisition are at an advanced stage, there can be no certainty that the proposed acquisition will proceed. The board will make further announcements in due course,” the company stated.

In 2013, Ten Alps raised £1m (US$1.5m) from a share placing as it looked to reduce its debt.

The firm refinanced in 2010 after recording a £13m loss in the first half of the year when the UK government withdrew funding for its Teachers TV network. That left it nursing a bank debt of £6.65m, which was reduced to £4.43m in the refinancing.

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