The company has placed 24.1 million new ordinary shares of 2p each in the capital of the company while its largest shareholder, Herald Investment Trust, has agreed to provide a £592,500 loan, £192,500 of which is unsecured.
Herald has subscribed for 8.3 million ordinary shares under the placing and following this will hold 34.54% of the company's issued share capital.
Another substantial shareholder, John Booth, has subscribed for 2.6 million ordinary shares under the placing and following this will hold, with the John Booth Charitable Fund, 11.01%.
The gross proceeds of the total placing and loan amount to £1m before expenses, which the company said will be used to provide additional working capital and to finance investment strategies of its existing operations.
Ten Alps has spent the past year restructuring in a bid to turnaround its fortunes, but announced in December that revenue had fallen from £20.8m to £17m in the six months to September 30.
Source: The Business Desk
