Disposal

 

TIDMFAN 
 
RNS Number : 5122G 
First Artist Corporation PLC 
02 February 2010 
 
 
 
 
                          First Artist Corporation plc 
                ("First Artist" or the "Company" or the "Group") 
 
                  Disposal of Optimal Wealth Management Limited 
 
 
First Artist Corporation plc (AIM:FAN) is pleased to announce that it has 
completed the sale of its independent financial advisory firm, Optimal Wealth 
Management Limited ("Optimal"), to Conforto Financial Management Limited 
("Conforto") for a total consideration of GBP1.5 million, to be satisfied wholly 
in cash.  GBP1.3 million of the consideration was paid upon completion, with two 
further payments of GBP100,000 to be made in April and July 2010. 
 
The net proceeds of sale will be used for the reduction of debt. 
 
Optimal, formerly known as ABG Financial Management Limited, was acquired by 
First Artist in August 2005.  Its joint Managing Directors, Sean Scahill and 
Peter Kelsey, have continued to lead the business and each of them are due from 
First Artist a sum of around GBP100,000, to be satisfied in cash or shares, or a 
combination of the two, following the successful conclusion of its sale. In 
September 2007 the Group announced that Optimal had achieved its maximum earn 
out payments, following which the total consideration paid was GBP3 million. In 
the financial year ended 31 August 2009 the business produced an operating 
profit of GBP285,300 on a turnover of GBP1.836 million.  Its net assets at that 
date were GBP145,012. 
 
The sale follows the Company's announcement in June 2009 that it was exploring 
its strategic options with regard to its non-core businesses. 
 
Conforto is an innovative, fee based independent wealth management firm best 
known for its expertise in advising professional sportspeople, entrepreneurs and 
business owners, and as such represents an ideal fit for Optimal. 
 
Commenting on the disposal, Jon Smith, Chief Executive of First Artist, said: 
 
"The sale of Optimal is a significant step towards our stated goals of reshaping 
the Group as a highly focused media business, and reducing debt.  We also 
believe that its acquisition by Conforto will provide real opportunities and 
benefits for Optimal's clients and employees.  We extend our thanks to Sean 
Scahill, Peter Kelsey and their team for their contribution over the last four 
and a half years, and we wish them and Conforto all the very best for the 
future". 
 
Peter Klauber, Chairman of Conforto, said: 
 
"We are delighted to have secured Optimal, a business which shares our vision 
for the future of the financial services market in the UK.  We are excited to be 
working with their excellent team and look forward to the next stage of the 
strategic growth plan". 
 
 
                                  -     ends - 
 
For further information: 
 
+------------------------------------------------------------------------+----------------------------+ 
| First Artist Corporation plc                                           | tel: [phone]         | 
| Jon Smith, Chief Executive                                             | www.firstartist.com        | 
| Julianne Coutts, Director & Company Secretary                          |                            | 
|                                                                        |                            | 
+------------------------------------------------------------------------+----------------------------+ 
| Daniel Stewart & Company plc, Nominated Adviser and Broker             | tel: [phone]         | 
| Stewart Dickson/Graham Webster                                         | www.danielstewart.co.uk    | 
|                                                                        |                            | 
+------------------------------------------------------------------------+----------------------------+ 
 
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 - offers a broad range of 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. 
 
Entertainment/Sport - representation of media personalities and football 
players/clubs across the UK, Europe and the US by First Artist Management and 
the Sport division. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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