Disposal of Entertainment Management Business

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 £200,000, less a post completion working capital adjustment of up to £25,000, 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 £3,942 on a turnover of £535,819. Its net assets at that date were £17,823.

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."

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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.