Ten Alps, the international TV and cross-platform content business, has announced an investment in TV drama production company Chrysalis Vision, set up to develop long-form drama series aimed at the UK and global markets.
Chrysalis Vision was established in 2014 by media entrepreneurs Chris Wright, Luke Johnson (non-executive director of Ten Alps) and Roger Parry. The independent TV production company is run by CEO Mick Pilsworth and is focussed on producing long-running television series.
Chrysalis Vision already has eight drama series on its development slate and earlier this year hired Sue Gibbs as creative director and Clova McCallum as development executive. It is intended that, following the strategic investment, Ten Alps will house and support the Chrysalis Vision team.
Under the terms of the agreement, Ten Alps will initially invest £50,000 into Chrysalis Vision, at £1 per share, for a 12 per cent shareholding in the company and then provide £200,000 of convertible loan stock (‘Loan Notes’) in equal monthly installments over the next 20 months, commencing from August 2015. The Loan Notes have the option of converting, at Ten Alps’ discretion, at £1 per share at any point from 1 January 2016 to 31 December 2018. Full conversion of the Loan Notes is not expected to give the Company a majority interest in Chrysalis Vision, and therefore the company would be treated as an associate entity for accounting purposes.
Ten Alps will retain options to make two further investments on or before 31 July 2018 and 31 December 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.
“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,” commented Mark Wood, CEO of Ten Alps, who, as part of the agreement, will join the board of directors of Chrysalis Vision. “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.”
Chris Wright CBE, chairman and founder of Chrysalis Vision added: “Chrysalis Vision is still at an early stage of developing a range of ambitious projects. The partnership with Ten Alps will greatly strengthen our economics by sharing a range of facilities and contacts.”