R4E.L Regulatory News (R4E)

30 Apr 2007 07:05

First Artist Corporation PLC30 April 2007 First Artist Corporation plc First Artist Corporation plc acquires Yell Communications First Artist Corporation plc ("First Artist" or the "Group"), the integratedmarketing, sport and entertainment management group is pleased to announce thatit has purchased the whole of the issued share capital of Yell CommunicationsLimited ("Yell Communications"), the event and delegate management business. The initial purchase consideration of £100,000 plus net assets as at completion,(expected to amount to approximately £280,000) will be funded from the Group'sexisting cash resources. The final purchase consideration, including the initialamount, will total £1,000,000 plus net assets and will be payable over threeyears. The final consideration will be contingent on the achievement of YellCommunications Limited of certain profitability targets. In the un-audited Financial Statements for the year 31 March 2006, YellCommunications had revenues of £1,131,772 and pre.tax operating profits of£246,704. Its net assets at that date were £297,080. First Artist expects theacquisition to be immediately earnings and cashflow enhancing. The business ofYell will be integrated directly into the Group's own event business, TheFinishing Touch. This acquisition is part of First Artist's stated strategy to grow a broad basedintegrated group around the five balanced business areas; Marketing, Sport,Wealth Management, Events and Entertainment. Richard Hughes, Group Managing Director of First Artist Corporation said: "Yell Communications specialises in events and delegate management, particularlyfor clients in the financial services industry. This acquisition enables us tofurther expand our corporate events business, The Finishing Touch and to enhanceour own delivery of multi-site delegate and conference management services; itsits well within our stated strategy of growing a broad based Group around thefive distinct divisions." - ends - Enquiries First Artist Management plcJon Smith, Chief ExecutiveRichard Hughes, Group Managing Director Tel: +44(0) 208 900 1818 Bell Pottinger Corporate & FinancialPeter Otero / Rosanne Perry Tel: +44(0) 207 861 3232 This information is provided by RNS The company news service from the London Stock Exchange