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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 503.00 | 503.00 | 504.00 | 505.00 | 498.50 | 501.00 | 201,047 | 11:32:30 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Equip Rental & Leasing, Nec | 328.01M | 37.37M | 0.1889 | 26.52 | 994.9M |
RNS Number:7750D First Artist Corporation PLC 13 September 2007 First Artist Corporation plc ("First Artist" or "the Group") Final Earn-Out Payment Optimal Wealth Management Limited First Artist Corporation plc, the integrated marketing, sport and entertainment management group, is pleased to announce that its wealth management company, Optimal Wealth Management Limited ("Optimal") has exceeded the second and final set of financial performance targets detailed under the terms of the acquisition agreement dated 21st July 2005. As a result the sellers of the company have achieved maximum earn-out payments. Following the earn-out payments, the total consideration paid is #3 million. Optimal, formerly known as ABG Financial Management Limited, has achieved a 16% like for like increase in operating profit for the year ended 30th June 2007, totalling #964,180. The increase resulted from organic growth within the business and the continued benefits of integration within the First Artist group of companies. Fisher Family Office LLP, the joint venture set up last year with financial services firm H W Fisher & Company, has now started to produce positive income, with further growth opportunities being generated. As a result of the agreed performance targets being exceeded, the second and final tranche of earn-out consideration has become payable to the sellers of Optimal ("Optimal Sellers"). This consideration is to be satisfied by (in aggregate): *The payment by the Company to the Optimal Sellers of #450,000 in cash. *The allotment by the Company to the Optimal Sellers of 391,700 new ordinary shares of 2.5 pence each in the capital of the Company ("New Ordinary Shares") on the basis of an average mid-market price of 96.10 pence per New Ordinary Share. The Optimal Sellers have agreed not to dispose of any New Ordinary Shares for a period of 12 months following allotment. Application has therefore been made for the admission of the New Ordinary Shares to trading on the AIM market of the London Stock Exchange. Upon issue, the New Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares. It is expected that admission will become effective and that dealings in the New Ordinary Shares will commence on 19th September 2007 ("Admission"). Following Admission, the Company will have a total issued share capital of 13,503,036 Ordinary Shares. Jon Smith, Chief Executive of First Artist Corporation plc, said: "Optimal has proved to be a very profitable and earnings enhancing acquisition for our shareholders, and with the directors of Optimal agreeing to new contracts with the company the future prosperity of the business continues to be assured, with further opportunities for growth". - ends - Enquiries First Artist Corporation plc Jon Smith, Chief Executive Richard Hughes, Group Managing Director Tel: +44(0) 208 900 1818 Bell Pottinger Corporate & Financial Ann-Marie Wilkinson / Peter Otero Tel: +44(0) 207 861 3232 Dawnay, Day Corporate Finance Limited David Floyd Tel: +44(0) 207 509 4570 This information is provided by RNS The company news service from the London Stock Exchange END MSCEAXNAFLLXEFE
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