Ten Alps plc is exposed to three attractive areas of the media sector but has been constrained by too much debt. Shareholders have approved the restructuring plans (effective today) giving it a solid base for the future. This has allowed new CEO, Mark Wood, to immediately scale the valuable TV production business via the acquisition of Reef. He is progressing the optimisation of the B2B media portfolio and also building the fast-growing communications business (branding & identity for large corporates). We expect the business to have moved into profit on an underlying basis in the first half of calendar 2015 and for returns to continue to grow.