23 Dec 2008 12:20
Date: 23 December 2008
On behalf of: First Artist Corporation plc ("First Artist" or "the Group")For immediate release
First Artist Corporation plc
Earn-out Payment and Issue of Equity
First Artist Corporation plc (AIM: FAN), the media, entertainment and events group, is pleased to announce that Dewynters Limited ("Dewynters"), the UK's leading full-service theatre and entertainment marketing company, has achieved the second year performance targets detailed under the terms of the acquisition agreement dated 29th November 2006.
As a result, the following consideration is immediately payable to the Sellers of the company, to be satisfied as follows:
A cash entitlement of £1,500,000 in the form of Loan Notes.
The allotment by the Company to the Dewynters Sellers of 64,400 new ordinary shares of 2.5 pence each in the capital of the Company ("New Ordinary Shares") at a consideration share price of 20.22 pence per New Ordinary Share.
Application has therefore been made for the admission of the New Ordinary Shares to trading on the AIM market of the London Stock Exchange. Upon issue, the New Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares. It is expected that admission will become effective and that dealings in the New Ordinary Shares will commence on 30th December 2008 ("Admission"). Following Admission, the Company will have a total issued share capital of 13,941,771 Ordinary Shares.
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For further information:
| First Artist Corporation plc Jon Smith, Chief Executive Julianne Coutts, Company Secretary | tel: 020 7993 0000 www.firstartist.com |
| Daniel Stewart & Company plc, Nominated Adviser and Broker Stewart Dick | tel: 020 7776 6550 www.danielstewart.co.uk |
Notes to Editors:
First Artist Corporation plc was admitted to AIM in 2002.
First Artist's group companies are among the leading brands in their fields under the following categories:
Media - entertainment advertising, marketing, design, promotions, digital media, merchandising, signage and front of house displays for the West End, Broadway and Las Vegas via the Dewynters, SpotCo and Newman Displays brands. Strategic sponsorship consulting via Sponsorship Consulting Limited, and sponsorship rights marketing through First Rights Limited.
Events - offers a broad range of events such as conferences, company activity days, parties, venue finding, delegate management and client events for private and public sector clients through The Finishing Touch.
Entertainment/Sport - representation of media personalities and football players/clubs across the UK, Europe and the US by First Artist Management, First Artist Sport, Promosport and First Artist Scandinavia, together with wealth management through the Independent Financial Advisory firm, Optimal Wealth Management.