R4E.L Regulatory News (R4E)

5 Aug 2005 07:00

First Artist Corporation PLC05 August 2005 5 August 2005 First Artist Corporation plc ("First Artist") •Business reorganisation •Trading update Business Reorganisation First Artist announces that, following the proposed acquisition of ABG FinancialManagement ("ABGFM"), and in line with its stated strategy, it will reorganisethe business to allow the group to develop successfully as a broadly basedentertainment and representation group. The football management business will now operate through a new subsidiarycompany called First Artist Management Limited. First Artist Corporation will bethe holding company for our business activities in Financial Management, PlayerRepresentation, Media, Event Management and Sponsorship. This new framework willalso provide us with a structure to integrate easily any future acquisitionsinto the group. The EGM to approve the acquisition of ABGFM will be held on Monday 15 August2005. Trading update First Artist is delighted to confirm that it is experiencing the best summerfootball transfer period in the last four years, having already successfullyconcluded 50 transactions. The business is enjoying robust trading in all of itsprincipal operations, namely the UK, Italy and the Middle East, in line withmarket expectations. The highlights of the last two weeks of the currenttransfer window include: •From our Italian office: Jared Borghetti from Pachuca (Mexico) to Bolton Wanderers, Diomansy Kamara from Portsmouth to West Bromich Albion and Jesper Gronkjaer from Athletico Madrid to Stuttgart; •In the UK: Gonzalo Sorondo from Crystal Palace to Charlton and Kevin Phillips from Southampton to Aston Villa; •In the Middle East: Mohammed Kallon from Monaco to the Al Hittad club in Saudi Arabia. ENDS 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 / m. 07803 603 130 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.ABGFM is an IFA focused on providing taxation and financial consultancyservices. This information is provided by RNS The company news service from the London Stock Exchange