Ten Alps raises $1.5m

UK indie group Ten Alps has raised £1m (US$1.5m) from a share placing as it continues to work to reduce its debt.

The company’s largest shareholder Herald Investment Trust has subscribed for 8.3 million ordinary shares and loaned almost £592,500. John Booth, another shareholder, has subscribed for 2.65 million shares, taking his stake in the company to 11%.

The company said the money raised would be used to finance its investment strategy.

The Bob Geldoff-backed 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.