7 Jul 2008 07:00
RNS Number : 4163Y
First Artist Corporation PLC
07 July 2008
Date: 7 July 2008
On behalf of: First Artist Corporation plc ("First Artist" or "the Group")
Embargoed for: 0700hrs
First Artist Corporation plc
Group Update
First Artist Corporation plc (AIM: FAN), the media, entertainment and events group, today provides the following update.
Dewynters
Further to the announcement of 15 May 2008, the Board confirms that it received two unsolicited approaches regarding the potential acquisition of Dewynters, its wholly-owned subsidiary and the UK entertainment industry’s leading full-service agency. Both approaches were rejected and discussions have been terminated.
Dewynters is an iconic brand in the UK entertainment industry and the Board believes there is significant potential to build on its reputation and success to deliver increasing value for shareholders. The business is well positioned to capitalise on the success of the live events market over the coming years.
The Finishing Touch
As announced separately today The Finishing Touch, the Group’s events management business, has exceeded the third and final set of financial performance targets detailed under the terms of the acquisition agreement dated 13 September 2005, achieving a 95% like for like increase in operating profit for the twelve months ended 30 April 2008. As a result, the vendors of the company have achieved maximum earn-out payments.
- Ends -
| Jon Smith, Chief Executive | www.firstartist.com |
| First Artist Corporation plc | Tel: 020 7993 0000 |
| Emma Kane / Samantha Robbins / Sanna Sumner | FirstArtist@redleafpr.com |
| Redleaf Communications | Tel: 020 7822 0200 |
| David Floyd / Christian Littlewood | |
| Dawnay, Day Corporate Finance Limited, NOMAD | Tel: 020 7630 4140 |
| Tom Jenkins |
|
| Daniel Stewart, Broker | Tel: 020 7776 6550 |
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