Bob Geldof is to increase his shareholding in the troubled media company Ten Alps by more than a third to 4.5 per cent as part of a rights issue to boost its finances.
Ten Alps plans to raise £3m to reduce debt and give it extra funds. The media company, which specialises in TV production and other business-to-business services, admits it needs to stabilise itself. It has suffered as some clients have cut contracts. The Government slashed funding of its Teachers TV channel last year. The shares have fallen by more than 90 per cent since 2007.