7th Feb 2008 07:01
First Artist Corporation PLC07 February 2008 Date: 7 February 2008On behalf of: First Artist Corporation plc ("First Artist" or "the Group")Embargoed for: 0700hrs First Artist Corporation plc First Earn-Out Payment: Dewynters Limited First Artist Corporation plc (AIM: FAN), the media, entertainment and eventsgroup, is pleased to announce that Dewynters Limited ("Dewynters"), the UK'sleading full-service theatre and entertainment marketing company, has exceededthe first year performance targets detailed under the terms of the acquisitionagreement dated 29th November 2006, generating earn-out profits of £3,089,845 inthe year ended 31st October 2007. As a result of the first year earn-out profits, the following consideration isimmediately payable to the Sellers of the company, to be satisfied as follows: • A cash entitlement of £1,466,000 in the form of Loan Notes • The allotment by the Company to the Dewynters Sellers of 236,379 new ordinary shares of 2.5 pence each in the capital of the Company ("New Ordinary Shares") at a consideration share price of 73.53 pence per New Ordinary Share. Application has therefore been made for the admission of the New Ordinary Sharesto trading on the AIM market of the London Stock Exchange. Upon issue, the NewOrdinary Shares will rank pari passu with the Company's existing OrdinaryShares. It is expected that admission will become effective and that dealingsin the New Ordinary Shares will commence on 12th February 2008 ("Admission").Following Admission, the Company will have a total issued share capital of13,739,415 Ordinary Shares. Jon Smith, Chief Executive of First Artist Corporation plc, said: "Dewynters is an excellent addition to the First Artist group. The Dewyntersgroup, which includes the subsidiaries Newman Displays and Dewynters AdvertisingInc, has proved to be a very profitable, cash generative and earnings enhancingacquisition for our shareholders. The businesses have integrated well into therest of the First Artist group and opportunities are developing for expansioninto new areas." - ends - For further information: First Artist Corporation plc tel: +44 (0)20 7993 0000Jon Smith, Chief ExecutiveRichard Hughes, Group Managing DirectorJulianne Coutts, Company Secretary Redleaf CommunicationsEmma Kane / Samantha Robbins / Sanna Lehtinen tel: +44 (0)20 7822 0200 Dawnay, Day Corporate Finance Limited tel: +44 (0)20 7509 4570David Floyd, Nominated Adviser Daniel Stewart & Company plc tel: +44 (0)20 7776 6550Katie Shelton Notes to Editors: • First Artist Corporation plc floated on AIM in 2002 • First Artist's group companies are among the leading brands in their fields under the following categories: • Media - advertising, marketing and signage for West End, Broadway and Las Vegas shows via the Dewynters and Newman Displays brands, and strategic sponsorship consulting via Sponsorship Consulting and First Rights • Entertainment - representation of media personalities and football players/clubs across UK, Europe and the US via its First Artist Sport and First Artist Entertainment companies together with wealth management under its Optimal Wealth Management arm • Events - offers a broad range of events such as conferences, company activity days, venue finding, delegate management and client events for private and public sector clients such as the Training & Development Agency, under its Finishing Touch business • First Artist is acting as a consolidator in the fragmented media, entertainment and events sectors focusing on high quality brands with the potential to cross sell to other Group companies • First Artist has strong visibility of earnings across a diverse and non- cyclical range of activities in both live and digital formats • The Group benefits from a strong, experienced management team with extensive expertise across all the sectors in which it operates This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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