Disposal of Entertainment Management Business
February 12 2010 - 2:00AM
UK Regulatory
TIDMFAN
RNS Number : 0425H
First Artist Corporation PLC
12 February 2010
First Artist Corporation plc
("First Artist" or the "Company" or the "Group")
Disposal of Entertainment Management Business
First Artist Corporation plc (AIM:FAN) is pleased to announce that it has
completed the sale of the business and assets of its artist representation
agency, First Artist Management ("FAM"), to leading talent management business,
James Grant Media ("JGM"), for a total consideration of GBP200,000, less a post
completion working capital adjustment of up to GBP25,000, satisfied wholly in
cash.
The net proceeds of sale will be used for the reduction of debt.
FAM (formerly known as N.C.I. Management) was acquired by the Group in July 2006
from Nicola Ibison, who has continued to lead the agency. The sale follows the
Company's announcement in June 2009 that it was exploring its strategic options
with regard to its non-core businesses, and the announcement on 2 February 2010
of the disposal of Optimal Wealth Management Limited. In the financial year
ended 31 August 2009 FAM produced an operating profit of GBP3,942 on a turnover
of GBP535,819. Its net assets at that date were GBP17,823.
JGM, as part of James Grant Group Limited, is a leading provider of management
and professional services to clients within the entertainment, music and sports
sectors, and as such represents an ideal fit for FAM.
Commenting on the disposal, Jon Smith, Chief Executive of First Artist, said:
"The sale of FAM is another step towards our stated goal of reshaping of the
Group as a highly focused media business, and reducing debt. We also believe
that the move to JGM will provide significant opportunities and benefits for the
agency and its clients. We extend our thanks to Nicola Ibison and her team for
their contribution over the last three and a half years, and we wish them and
JGM all the very best for the future".
Neil Rodford, Chief Executive of JGM, said:
"We are delighted to have acquired this business from First Artist. We have a
long and successful association with Jon and his team. Today's move will see
James Grant Media extend its management reach by establishing new genres of
television representation. We wish First Artist every success for the future as
they seek to concentrate on their core business."
- ends -
For further information:
+------------------------------------------------+--------------------------+
| First Artist Corporation plc | tel: 020 7993 |
| Jon Smith, Chief Executive | 0000 |
| Julianne Coutts, Director & Company Secretary | www.firstartist.com |
| | |
+------------------------------------------------+--------------------------+
| Daniel Stewart & Company plc, Nominated | tel: 020 7776 |
| Adviser and Broker | 6550 |
| Stewart Dickson/Graham Webster | 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. Sponsorship
rights marketing through First Rights Limited. 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.
Sport - representation of football players/clubs across the UK, Europe and the
US through the Sport division.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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