Acquisition of First Artist Corp's Events Division
February 14 2011 - 1:00AM
UK Regulatory
TIDMRIVP TIDMFAN
14 February 2011
RIVINGTON STREET HOLDINGS PLC
PLUS: RIVP
("RSH" or "the Company")
Acquisition of First Artist Corporation's Events Division
The Board of Rivington Street Holdings, the PLUS quoted conglomerate, is
pleased to announce that ExEvents Ltd, a subsidiary of RSV, an Isle of man
based division of Rivington Street Holdings plc ("RSH") has agreed with First
Artist Corporation Plc ("First Artist") to acquire its entire Event Management
Division - The Finishing Touch ("FT").
HIGHLIGHTS
* RSV will purchase the entire issued equity share capital of FT for a
consideration of GBP101,000 in cash, which was paid on completion on 11
February and 50% of the profits attributable to existing FT customers over
the next three years.
* In the year to November 30th 2010 FT generated a pre-tax loss of GBP200,000
on sales of GBP2.4 million. RSH believe that as a result of tighter cost
management within FT and the synergies creating it by merging it with its
own ExEvents and Presentation Matters businesses this transaction will
rapidly add value to the enlarged group.
RSH's Chief Executive Officer Tom Winnifrith commented:
"We are delighted with this latest acquisition. FT will be a great addition to
our growing events division -it has a great track record and a blue-chip
customer base and the management team of ExEvents is capable and incentivized
to take this enlarged unit forward rapidly."
The Directors of the issuer accept responsibility for this announcement.
-ENDS-
Enquiries:
Rivington Street Holdings Plc
Tom Winnifrith, CEO 01624 676848
VSA Capital Limited
Peter Damouni, Charlie Wilson 0203 005 5000
Bishopsgate Communications
Laura Stevens,Giang Nguyen 020 7562 3350
END
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