R4E.L Regulatory News (R4E)

15 Aug 2005 10:15

First Artist Corporation PLC15 August 2005 15 August 2005 First Artist Corporation plc ("First Artist") EGM statement Completion of Acquisition and Placing The Board of First Artist is pleased to announce that, at the ExtraordinaryGeneral Meeting held this morning, all of the resolutions proposed in the Noticeof Extraordinary General Meeting, details of which were set out in the circularto shareholders dated 22 July 2005 ("Circular"), were duly passed. The Board ofFirst Artist also announces completion of the acquisition of ABG FinancialManagement Limited ("ABGFM"), subject to admission of the Enlarged Share Capital(as defined in the Circular) to trading on AIM which is expected to take placeon 17 August 2005 ("Admission"). Under the terms of the Placing Agreement, ShoreCapital has placed 25,000,000 new Ordinary Shares at 5p per share raising £1.25million, before expenses, subject to Admission. Commenting on today's meeting, Jon Smith, Chief Executive of First Artist, said: "We are delighted to conclude the acquisition of ABGFM today which is asignificant development for the group and which will fit well into our recentlyreorganised group structure. We intend to focus on diversifying and reducing ourdependence on the seasonal football market and becoming a broadly basedentertainment and representation group. "Our aim is to reduce the proportion of revenue generated by football transfersfrom the current 90% to around 30% of the group total, whilst still looking togrow the player representation business. Importantly, the group's core businesscontinues to perform very well and as announced in our recent trading statement,this summer has been one of our most active trading windows for some years. "We continue to work closely with the Premier League, the Football League andthe Football Association to create an official agents' association as we seek toenhance the credibility, trust and self regulation of agents in the UK. TheFirst Artist brand name continues to be regarded with respect, not only in thefootball market but also in the global sports and entertainment industry. Wefully intend to bring this professionalism and integrity to bear on all thegroup's current activities and any future acquisitions." For further information: First Artist Corporation plcJon Smith, Chief Executive Tel. + 44 (0) 20 8900 1818Richard Hughes, Finance Director Smithfield ConsultantsGeorge Hudson Tel. + 44 (0) 20 7360 4900 Notes to Editors First Artist Corporation plc (FAN.LN) was founded by Chief Executive Jon Smithin 1986. It is one of world's leading football management groups with offices inLondon, Milan, the USA and Middle East. It was one of the first footballagencies to IPO, joining the AIM market in December 2001. Prior to theacquisition of ABGFM, First Artist's primary revenue generation stream was fromcommission on the transfer of football players or the renegotiation of theircontracts. The Group is one of a handful of agencies whose personnel hold bothFIFA match and transfer licences. It is working with other leading Europeanagencies, senior European clubs and leagues to enhance the position, reputationand transparency of the football transfer market and in particular the role ofagents. First Artist also offers a complete in-house management service with specialistdivisions for Financial Management, Marketing, Media Management, Television /Media Production, Event Production and Sponsorship. The Media/CommercialDivision represents top sporting and TV personalities. First Artist's clientroster exceeds 200 individuals primarily involved with the sports and televisionindustry. First Artist announced the proposed acquisition of ABG Financial Management Ltdon 22 July 2005, for a maximum consideration of £3 million in cash and shares.ABG is an IFA focused on providing taxation and financial consultancy services. This information is provided by RNS The company news service from the London Stock Exchange