Ten Alps plc is exposed to three attractive areas of the media sector but has been constrained by too much debt. New CEO, Mark Wood, plans to immediately scale the valuable TV production and rights business via acquisition, complete the optimisation of the B2B media portfolio and build the fast-growing communications business that provides branding and identity for large corporates. In order to progress this strategy, management proposes to restructure the debt and raise new equity to provide a solid financial base. We expect the business to move into profit on an underlying basis in the first half of calendar 2015 and for returns to continue to grow.