22 Sep 2010 10:49
First Artist Corporation Plc
("First Artist" or the "Company")
Trading Update
First Artist Corporation plc (AIM:FAN) provides an update on trading following the closure of the summer football transfer window.
Strategic Update
First Artist announced on 10 August 2010 that it was in talks which may or may not lead to an offer being made for the Company. Discussions are continuing although there can be no assurance that an offer will be forthcoming.
First Artist Sport
It has been widely reported in the press that this year's summer football transfer window was quiet when compared to recent years. The performance of First Artist Sport was in line with the general conditions of the football market. Selected transactions successfully completed during the summer football transfer window include:
·; Jermaine Beckford - Leeds Utd to Everton
·; Steven Fletcher - Wolves from Burnley
·; Lars Jacobsen - Blackburn to West Ham
·; Victor Obinna - Inter Milan to West Ham
·; Stipe Petikosa - Tottenham Hotspur from Spartak Moscow
The Company continues to examine various options for the future of First Artist Sport. Under the international accounting standard IFRS5, the business continues to be classified as "assets held for sale".
Media
To date, 2010 has been a quieter year compared to last years in this sector but generally theatre audiences in both the London's West End and Broadway have held up well. Our theatre-focused businesses (Dewynters and SpotCo) look towards 2011 with a positive outlook based on a series of new shows coming to market next year.
The Finishing Touch is looking towards a busy Christmas season and has recently signed:
·; Exclusive agreements secured with both the Museum of London and the Science Museum to manage and deliver all of their Christmas events in December 2010;
·; Four day Anniversary event managed and delivered in Sorrento, Italy for a Management Consultancy client;
·; Three day International Conference in Barcelona, Spain for a large manufacturing company;
·; 300 events secured between October - December for an Educational client; and
·; Three year Public Sector contract awarded in August 2010.
Enquiries:
First Artist Corporation Plc
Jon Smith / Shirley Stapleton Tel: +44 20 79930000
Seymour Pierce Limited
Stewart Dickson / Tom Sheldon Tel: +44 20 71078000
Disclosure Requirements
Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the Offer Period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3:30pm (London time) on the 10th business day following the commencement of the Offer Period and, if appropriate, by no later than 3:30pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any paper offeror, must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3:30pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.