Disposal of the Finishing Touch (1441B)
February 14 2011 - 1:00AM
UK Regulatory
TIDMFAN
RNS Number : 1441B
First Artist Corporation PLC
14 February 2011
FIRST ARTIST CORPORATION PLC
Disposal of Loss Making Non Core asset - Finishing Touch
First Artist Corporation plc (AIM:FAN), is pleased to announce
that it has sold its loss making events management business for
GBP100,001 plus a deferred consideration.
First Artist announced in June 2009 that it was reviewing its
options with regard to its non-core businesses, in keeping with its
stated objectives of debt reduction and the redefinition of the
Group with media as its principal focus.
In line with these objectives, First Artist is pleased to
announce that it has completed the sale of its live event
management company, The Finishing Touch ("FT"), to ExEvents Ltd, a
subsidiary of Rivington Street Holdings plc ("RSH") for a total
consideration of GBP100,001, to be satisfied wholly in cash.
In the fiscal year ended November 30th 2010, the division
generated a loss of approximately GBP200,000. The total
consideration was paid on completion on 14th February with ExEvents
also agreeing to pay 50% of the net profits generated by existing
FT customers over each of the next three years.
Commenting on today's announcement Jeremy Barbera, Chief
Executive of First Artist, said: "The sale of FT is another step
towards our stated goal of reshaping the Group as a highly focused
profitable media and entertainment business. We have a new Board in
place with a sustainable strategic vision and a long-term unsecured
loan provided by Pivot, intended to enhance the business and reduce
bank debt."
Enquiries:
First Artist Corporation Plc +44 20 79930000
Jeremy Barbera / David Stoller
Seymour Pierce Limited +44 20 71078000
Stewart Dickson / Tom Sheldon
Bishopsate Communications +44 20 7562 3350
Duncan McCormick
This information is provided by RNS
The company news service from the London Stock Exchange
END
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