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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Volution Group Plc | LSE:FAN | London | Ordinary Share | GB00BN3ZZ526 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
7.00 | 1.30% | 545.00 | 543.00 | 545.00 | 544.00 | 529.00 | 529.00 | 225,719 | 16:35:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Equip Rental & Leasing, Nec | 347.61M | 42.8M | 0.2163 | 25.15 | 1.06B |
Date | Subject | Author | Discuss |
---|---|---|---|
26/2/2011 09:37 | Lets hope so.!!! FAN is in first place in my ten for 2011, looks like it should 10 bag by year end[from 7p] | tara7 | |
26/2/2011 08:20 | tara In fact he sold out nearer 6p I believe. But I gather he has 50k AVN amongst other holdings so will be sleeping peacefully. | argy2 | |
25/2/2011 19:07 | Where is our old mate GG, who sold out at about 10p. Anyone who buys shares should never ever be an accountant.!! | tara7 | |
25/2/2011 15:48 | usually get a TU in Feb don't we? | tsmith2 | |
25/2/2011 14:50 | Wishful thinking or a reason? | argy2 | |
25/2/2011 14:38 | I get the feeling we could be about to rush significantly higher. | tsmith2 | |
25/2/2011 14:24 | 28-30p advfn prices wrong | argy2 | |
25/2/2011 14:10 | anyone make sense of today's trades? seem to we've buying at 29/30p yet the ADVFN showing otherwise.. | tsmith2 | |
25/2/2011 10:16 | The next round of funding will be crucial - when and at what price. With a fair wind and some brains behind the operation this is now under valued | moorsie2 | |
25/2/2011 09:15 | lol...you got in cheap compared to most of TW's subscribers! | argy2 | |
25/2/2011 09:13 | Target price of 65p would return me my investment less lost interest. | lionheart79 | |
24/2/2011 17:35 | First Artist: Initiation of coverage. Buy at 26.75p with a target price of 65p Key Data EPIC FAN Share Price 26.75p Spread 26p - 27.5p Total no of Shares 49.86 million NMS 3,000 Market Cap £13.3 million 12 Month Range 7p - 30.5p Market AIM Website www.firstartist.com Sector Media Contact Jeremy Barbera, Executive Chairman, +1-212-520-4140 First Artist Group, the media, events and entertainment management group has today completed the latest step in its financial, organisational and strategic transformation. A £2 million fund raise at 20p and the recent sale of its loss making Events business reduces the company's debt balance, net of deferred consideration, towards its previously announced target of £14.5 million, and more significantly in terms of the profit and loss account leaves the company one step away from obtaining a far better rate of interest from its bankers. The company is in advanced negotiations to raise a further £2 million from theatres industry contacts in the near future. We expect this second round funding to be completed at a higher price than the first and within weeks. On completion of this additional capital raising, we estimate that the cost of the most expensive portion of First Artist's debt will reduce from 10% over base to 3% over base. These steps will save First Artist significant sum on its annual interest charges while the disposal enhances core profitability still further. Balance sheet enhancement This is the second much needed cash injection the company has received during the last 3 months. On the 8th December 2010 it emerged that the identity of a previously announced potential purchaser for First Artist, was Pivot Entertainment, a New York based entertainment marketing company. Whilst no offer transpired, Pivot did invest £1.1 million at a share price of 11p. Simultaneously First Artist entered into an agreement with Pivot to provide the Company with an unsecured loan facility of £1.4m The Loan is for a maximum term of 5 years. The Loan attracts interest at 8 per cent per annum. Enhanced management team Pivot's principals have significant experience working in the performing and visual artists industry. The partnership with Pivot has enabled First Artist to recruit some heavyweight names from the Media industry to the Board. On 16th December 2010 it was announced that David Stoller and Jeremy Barbera had been appointed as Executive Chairman and Chief Executive Officer respectively. The Stoller family has had a significant involvement in the arts as investors, performers, organizers and promoters for over 30 years. Mr. Stoller has been Chairman and CEO of Transload America Inc. since 2003. David Stoller has considerable experience in project finance and private equity. In 1993, Mr. Stoller, through the Charterhouse Environmental Capital Group, launched American Disposal Services, an integrated waste management company that ultimately acquired and consolidated, with $34 million in equity capital, more than 80 waste management companies. American Disposal had a successful IPO in July 1996 and was sold in 1998 to Allied Waste at a price exceeding $1.1 billion. Mr. Barbera has been Chairman of the Board and Chief Executive of MSGI and its predecessor businesses since he founded MSGI Direct as an Entertainment Marketing company in 1987. Mr. Barbera pioneered the practice of database marketing for the live entertainment industry in the 1980's, achieving nearly one hundred percent market share in New York. Under his leadership, MSGI, through their Pegasus Internet subsidiary, originated the business of web-based ticketing in 1995 and became the dominant services provider in every major entertainment market in America. Their principal areas of concentration also included: financial services, fundraising and publishing. New focus on core business activities and cost reduction First Artist's poor financial record over recent years can be attributed to underperforming legacy operations and its debt burden as well as a bloated central overhead. The new Board members plan to implement an immediate and significant cost reduction programme. The disposal of the Events business Finishing Touch (to ExEvents a firm owned by RSH the ultimate owner of GE&CR) for £100,001 plus an earnout of 50% of the profits attributable to existing FT customers over the next three years, removes from the group a unit that contributed a loss of £200,000 in the year to November 30th 2010. We believe that synergies with ExEvents will allow for the earnout arrangement to be profitable for both parties. We expect the last legacy business (a football player representation agency) to be sold imminently. Core Businesses The core business that remain are within First Artists's Media division which generated sales of £35 million in the 6 months ending May 2010. Dewynters is a leading UK based arts and entertainment agency. The company provides marketing and promotion services to the arts sector, focussing largely on theatrical productions. Dewynters has defined entertainment and theatre industry marketing in the UK and the US with iconic advertising and merchandising campaigns for productions ranging from Cats, The Phantom of the Opera and The Sound of Music to Les Miserables and The Royal Opera House. The agency's client list extends into the leisure and tourism sectors, with an offer that includes design, merchandise and digital marketing as well as full-service advertising. Newman Displays, a subsidiary of Dewynters is the UK's leading front of house and fascia display company. As well as producing the displays for all major theatre productions including Spamalot and Mamma Mia!, Newman also works with all the leading West-End cinemas. Spotco based in New York is another entertainment advertising agency. In June 2010, SpotCo's clients took home 19 of the 26 Tony Awards, including the four "BEST SHOW" categories. Forecasts and valuation We believe that the invigorated management team will be able to drive revenues forward by at least 10% during 2011 to £80.3 million. This coupled with the cut in overheads would translate into a 6 fold increase in EBITDA to £3.2 million. With a reduced interest charge this should result in a £3.8 million swing into pre-tax profit from continuing operations of £1.7 million. First Artist has strong brands within this niche market and as of today a much less onerous debt burden. The new Board additions have a wealth of experience with which to drive the business forward. In 2012, the first full year of operations following this restructuring, we believe that EBITDA of £4.7 million is an achievable target. The company has much to prove to investors and we are valuing the shares just shy of a 10x 2012 EV/EBITDA ratio on a restructured annualised basis, generating a target price of 65p. However if, as we expect, the new management team shows clear delivery on our forecasts we believe that a higher multiple would be warranted. We initiate our coverage at 26.75p with a stance of Buy. | tsmith2 | |
24/2/2011 16:14 | "representing new investors from the UK" I thought t1ps took 30% of the placing. Hardly new. | argy2 | |
24/2/2011 13:39 | I suspect we'll get a write up TW's site too later on.. | tsmith2 | |
24/2/2011 13:02 | is on share crazy.. suit TW, me and everyone else who owns! | tsmith2 | |
24/2/2011 12:56 | No problems for you with copyright then tsmith2? Presumably it suits TW with FAN? | argy2 | |
24/2/2011 12:22 | The guys are buying for long term! Greta news - finally on a very very sound financial footing! Re-rating First Artist - Total Nil Brainer First Artist has today raised £2 million at 20p (it was as it happened raised by RSCF not its hapless and hopeless Nomad). The SF Growth Fund put up 30% of that cash and we now own well over 10% of First. This is a complete nil brainer. Put it this way I also put in a material sum personally. And for what it is worth I was not the only RSH director to do so. Another £2 million will be raised shortly in New York at 20p or higher. So worst case scenario there will be 60 million shares in issue. I expect Jon Smith's football interests to be flogged for a pittance shortly. That leaves the core theatre business which will do EBITDA of c£6million this year. When the second tranche comes in the base rate First pays on its debts (by then down to c£11 million) will fall from 10% over base to c3% over base. Central PLC charges are being slashed by the new management team from c£2million to c£800,000. So this is a business that is now set to do £5.2 million EBITDA or £4.5 million pre and post tax profits. At 22p the fully diluted market cap would (post placing 2 ) be a maximum of £13.2 million ie a PE of sub 3. This company has a cracking management team ( google David Stoller and Jeremy Barbera), it is paying down its debts and should have them cleared within 3 years, its interest cover is going through the roof, trading is strong and a clear growth path is underway. I would argue that a PE of 10 is about right. That is £45 million or 75p per share. This is, in my humble opinion, a total nil brainer. If you want a slam dunk winner from the non resource sector look no further. | tsmith2 | |
24/2/2011 11:10 | Further fund raising soon might peg back any rise sadly. | argy2 | |
24/2/2011 11:08 | Placing at 20p so at least we now know the reason for the sharp fall in the share price this week.Proceeds are, per the RNS, being put to good use in reducing exhorbitant interest charges so good chance the share price will recover a bit IMO. | standish11 | |
21/2/2011 18:10 | Miro - thanks interesting video and very positive for FA | sofie811 | |
14/2/2011 13:18 | Apparently Smith's still lurking around, I suspect still creaming off his slice. The new FD is apparently on a wack too - will they never learn Agree though once football's gone then they can concentrate on Theatre and the whole group will be well structured | hh9 | |
14/2/2011 09:54 | Just leaves the football side of things to be hived off and we have a cleaner simplier play. | moorsie2 |
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