Bob Geldof turned off as axe falls on Teachers' TV

We don't need no education: Ten Alps owner Bob Geldof

11 April 2012

Shares in Bob Geldof's production firm Ten Alps today crashed 26% to 11.5p after the Government axed its £10 million-a-year contract to make Teachers' TV as part of the public-sector cuts.

Geldof, who holds more than 3.5 million shares in Ten Alps, has seen £2 million wiped off his stake since their peak of 68.5p in 2007. His stake is now worth just under £450,000.

The Live Aid founder who starred in the 1982 Pink Floyd film The Wall which is famed for its lyric "We don't need no education", also holds 692,000 options, with an exercise price which ranges between 23p and 67.5p, which are "under water" at today's prices.

Ten Alps chief executive Alex Connock said the loss of the Teachers' contract, which will end in April next year, was a shock. "The letter from the Department for Education came completely out of the blue yesterday," he said. The contract had been due to run until 2013 and was worth 15% of annual turnover.

Teachers TV is an online educational resource which carries more than 4,000 videos. Connock is keen to negotiate with Whitehall to see if it can continue on a purely commercial basis. The DfE owns the rights.

Ten Alps has sold an overseas version to Canada and is looking at other territories. Connock said: "It is a very successful site with over 400,000 registered users. This is exactly the kind of knowledge economy export that this Government is so keen on."

Geldof and Connock founded Ten Alps in 1999. Veteran political interviewer Brian Walden is chairman.