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No post for three years here ...... Not in the rampers top 10
No post for three years here. Interims due Monday.
PER = 9.6
Yield =3%
Last results showed revenue up 11%, profit up 4% and EPS up 6%.
Two decent acquisiitions in the last year.
CEO bought at 170
Negatively debt sits at 25% of the market cap. Possibly undervalued?
massive movement atm?
gee
Looks okay methinks....good trading statement and now recd in Midas share tips ....well done if ur in.
This will take a few hours to read !
Chairman of First Artist, David Stoller, commented: "The Group faced significant challenges during this reporting period, but the changes made during the year and after the balance sheet date, including the completion of the refinancing of the AIB facility, the sale of non-core business assets and the strategic investment by Pivot Entertainment, represent significant steps towards restoring the financial and management strength of the Group and our stated goal of reshaping the Group into a highly-focused media and entertainment company."
http://www.investegate.co.uk/Article.aspx?id=201105310724105275H
http://www.investegate.co.uk/Article.aspx?id=201105190700178978G
19th May 2011 Analyst: Derren Nathan Email: derren.nathan@gecr.co.uk Tel: 0207 562 3371 First Artist Corporation* - Disposal of last remaining non core business. Reiterate Buy stance at 30p with a target price of 65p
NY FLAPS
ny fart
NY FIDDLER!!
NNY LICKER
http://www.investegate.co.uk/Article.aspx?id=201104270700094990F
27th April 2011 Analyst: Ross Jones Email: Ross.Jones@t1psim.com Tel: 01624 676848 First Artist Corporation * - Borrowings Refinanced: Re-iterate Buy stance at 30.5p with a target price of 65p First Artist has today announced that as a result of recent fundraisings it has been able to renegotiate the terms of its £14.8 million loan facility with Allied Irish Bank, slashing the interest paid from 10% over LIBOR to 3.5% over LIBOR for the first 12 months and to 4% over LIBOR thereafter. It has also admitted that it is in technical breach of its Articles of Association in terms of its total borrowings to its capital and reserves ratio and is seeking to hold an EGM to amend the Articles to solve that issue. The administrative oversight is a legacy of the previous management team and will be rectified quickly. The refinancing of its borrowings was expected and will serve to reduce interest costs by almost £1 million on an annualised basis. As such we are not amending our forecasts at this stage although we understand that First is trading strongly and see risks to the upside on current numbers. But the fact that the Barbera/Stoller management team has delivered on this key issue will be seen as positive. Investors will now be keen to hear news on the disposal of the last non-core activity (the footbal agent business) even for a nominal sum and on how Barbera/Stoller have moved to slash the bloated central costs First suffered under its previous management. Delivery on these two matters will, we believe, drive a further re-rating of the shares and we expect news soon. We re-iterate our Buy recommendation with a target price of 65p but the delivery of operational milestones such as the refinancing of debt gives us increased confidence in that target which values the company on a 2012 EV/EBITDA multiple of 11x
GE&CR reiterated its "buy" recommendation for First Artist Corporation* (FAN), the media, events and entertainment management group, with a 65p target price. Following the completion of a fund raising yesterday, which was led by serial entrepreneur Nigel Wray, the research house notes that the company has raised a total of 4 million pounds since February. This, GE&CR added, places the business in a very strong position to re-negotiate its banking facilities and dramatically reduces its interest payments. First Artist shares rose 3.5p to 33.75p.
31st March 2011 Analyst: Derren Nathan Email: derren.nathan@gecr.co.uk Tel: 0207 562 3371 First Artist Corporation * - Further balance sheet strengthening and enhancement of investor base. Re-iterate Buy stance at 32p with a target price of 65p
24th February 2011 Analyst: Derren Nathan Email: derren.nathan@gecr.co.uk Tel: 0207 562 3371 First Artist: Initiation of coverage. Buy at 26.75p with a target price of 65p First Artist Group, the media, events and entertainment management group has today completed the latest step in its financial, organisational and strategic transformation. A £2 million fund raise at 20p and the recent sale of its loss making Events business reduces the company's debt balance, net of deferred consideration, towards its previously announced target of £14.5 million, and more significantly in terms of the profit and loss account leaves the company one step away from obtaining a far better rate of interest from its bankers. The company is in advanced negotiations to raise a further £2 million from theatres industry contacts in the near future. We expect this second round funding to be completed at a higher price than the first and within weeks. On completion of this additional capital raising, we estimate that the cost of the most expensive portion of First Artist's debt will reduce from 10% over base to 3% over base. These steps will save First Artist significant sum on its annual interest charges while the disposal enhances core profitability still further.
Love that figure - £100,001 - why the 1? :D
FIRST ARTIST CORPORATION PLC Disposal of Loss Making Non Core asset - Finishing Touch First Artist Corporation plc (AIM:FAN), is pleased to announce that it has sold its loss making events management business for £100,001 plus a deferred consideration. First Artist announced in June 2009 that it was reviewing its options with regard to its non-core businesses, in keeping with its stated objectives of debt reduction and the redefinition of the Group with media as its principal focus. In line with these objectives, First Artist is pleased to announce that it has completed the sale of its live event management company, The Finishing Touch ("FT"), to ExEvents Ltd, a subsidiary of Rivington Street Holdings plc ("RSH") for a total consideration of £100,001, to be satisfied wholly in cash. In the fiscal year ended November 30th 2010, the division generated a loss of approximately £200,000. The total consideration was paid on completion on 14th February with ExEvents also agreeing to pay 50% of the net profits generated by existing FT customers over each of the next three years. Commenting on today's announcement Jeremy Barbera, Chief Executive of First Artist, said: "The sale of FT is another step towards our stated goal of reshaping the Group as a highly focused profitable media and entertainment business. We have a new Board in place with a sustainable strategic vision and a long-term unsecured loan provided by Pivot, intended to enhance the business and reduce bank debt."
First Artist (FAN) at 20.5p. This company has been a stockmarket dog for such a long time that still no-one can take it 100% seriously. Hence the low rating. The historic issues have been a) a management no-one rated and b) oodles of debt. But just a few weeks ago the management changed and a new team Stoller/Barbera from New York took the helm. The new team speak for 29.9% of the equity and are so loaded that First is not going bust. So cue a re-rating. Expect non-core operations (football, events) to be flogged fairly soon albeit not for a lot. That leaves the core Theatre operations (the business Stoller/Barbera know best), SpotCo and Dewynters. Both are trading very strongly and can easily generate a clean group EBITDA of GBP6 million a year. Debt should be down to GBP10 million by Christmas 2011 and cleared within 3 years. Value this business on an EV/EBITDA multiple of 6 and you get a one year target of GBP26 million or 65p per share. We have been filling our puss in boots with First shares from 9p since the management changes were announced. This is a stock to buy today to treble within a year.
was once in this,how is it doing ? Do they have "big names" still on the books ?
Glad I bought these. ACR could be the next one when the buying starts.
Expect a good recovery with a management team who know what they are doing the sky is the limit here.