Disposal of the Finishing Touch (1441B)

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      [phone] 
 Jeremy Barbera / David Stoller 
 
 Seymour Pierce Limited            [phone] 
 Stewart Dickson / Tom Sheldon 
 
 Bishopsate Communications         [phone] 
 Duncan McCormick 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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