R4E.L Regulatory News (R4E)

27 Dec 2006 07:01

First Artist Corporation PLC27 December 2006 For immediate release 22 December 2006 First Artist Corporation Plc Result of EGM Completion of Acquisition Approval of Share Consolidation and Placing Result of EGM First Artist Corporation Plc ("First Artist" or the "Company"), the media andentertainment group, is pleased to announce that at the Extraordinary GeneralMeeting held this morning, all the resolutions proposed in the Notice ofExtraordinary General Meeting, details of which were set out in the circular toshareholders dated 30 November 2006 ('Circular'), were duly passed. Completion of Acquisition The Company also announces the completion today of the acquisition of DewyntersPlc ('Dewynters'), the UK entertainment industry's leading marketing servicesagency, subject to the admission of the Enlarged Share Capital to trading onAIM. Commenting on the acquisition, Jon Smith, the Chief Executive, said: "We are delighted to have concluded this acquisition today. Dewynters is atransformational addition to First Artist, and will integrate very well into ourexpanding broad based media and entertainment group. As with all otheracquisitions to date, we are confident that it will produce significant benefitsand synergies from the cross-referral of business across the enlarged Group, andwe continue to seek further opportunities for expansion". Share Consolidation The issued and unissued ordinary shares of 0.25 pence each in the capital of theCompany are to be consolidated on the basis of one ordinary share of 2.5 pencefor every 10 ordinary shares of 0.25 pence each ("New Ordinary Shares").Dealings in the issued shares of 0.25 pence will cease at close of businesstoday. At the request of the Company, dealings will be suspended on 27 December2006, when the existing shares will be cancelled and the New Ordinary Shareswill be entered into the register. CREST accounts will be credited with the NewOrdinary Shares on 28 December 2006. Admission of the New Ordinary Shares to trading on AIM is expected on 28December 2006. Placing Under the terms of the Placing Agreement, Dawnay Day has placed 1,600,000 NewOrdinary Shares of 2.5p each at 62.5 per share raising £1.00 million, beforeexpenses, subject to Admission. For further information: First Artist Corporation plcJon Smith, Chief Executive Tel. 020 8900 1818Richard Hughes, Group Managing Director Hudson SandlerNick Lyon /James White Tel. 020 7796 4133 This information is provided by RNS The company news service from the London Stock Exchange