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Ten Alps makes Chrysalis investment

UK indie group Ten Alps has made a strategic investment in drama prodco Chrysalis Vision, which will develop longform series for domestic and global markets.

Chrysalis TV Group CEO Mick Pilsworth

Chrysalis TV Group
CEO Mick Pilsworth

Under the deal, Ten Alps will initially invest £50,000 (US$77,000) in Chrysalis Vision, at £1 a share, for a 12% stake in the company. It will then provide £200,000 of convertible loan stock (loan notes) in equal monthly instalments over the next 20 months, commencing from August.

Chrysalis Vision already has eight drama series on its development slate and is working with a number of high-profile writers. It is intended that, following the strategic investment, Ten Alps will house and support the Chrysalis Vision team.

Chrysalis Vision was formed after the Chrysalis brand was revived last year by former Chrysalis TV Group CEO Mick Pilsworth and Chrysalis Group chairman Chris Wright. Entrepreneurs Luke Johnson and Roger Parry are also part of the founding group.

In March, Hillbilly Films and Television exec Sue Gibbs joined the company as creative director, charged with spearheading the firm’s development slate. Clova McCallum also arrived as development executive from UK-based Warp Films.

Ten Alps recently acquired factual producer Reef Television, while the UK indie group’s founder, Sir Bob Geldof, stepped down from the board.

As part of the latest agreement, Tel Alps CEO Mark Wood will join Chrysalis’s board of directors.

“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,” Wood said.

“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.”

The loan notes have the option of converting, at Ten Alps’ discretion, at £1 per share at any point from January 1 2016 to December 31 2018. Full conversion of the loan notes is not expected to give the company a majority interest in Chrysalis Vision.

Ten Alps will retain options to make two further investments on or before July 31, 2018 and December 31, 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.

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