FAN Volution Group Plc

RNS Number:7051V
First Artist Corporation PLC
30 April 2007


                          First Artist Corporation plc


           First Artist Corporation plc acquires Yell Communications


First Artist Corporation plc ("First Artist" or the "Group"), the integrated
marketing, sport and entertainment management group is pleased to announce that
it has purchased the whole of the issued share capital of Yell Communications
Limited ("Yell Communications"), the event and delegate management business.


The initial purchase consideration of #100,000 plus net assets as at completion,
(expected to amount to approximately #280,000) will be funded from the Group's
existing cash resources. The final purchase consideration, including the initial
amount, will total #1,000,000 plus net assets and will be payable over three
years. The final consideration will be contingent on the achievement of Yell
Communications Limited of certain profitability targets.


In the un-audited Financial Statements for the year 31 March 2006, Yell
Communications had revenues of #1,131,772 and pre.tax operating profits of
#246,704. Its net assets at that date were #297,080. First Artist expects the
acquisition to be immediately earnings and cashflow enhancing. The business of
Yell will be integrated directly into the Group's own event business, The
Finishing Touch.


This acquisition is part of First Artist's stated strategy to grow a broad based
integrated group around the five balanced business areas; Marketing, Sport,
Wealth Management, Events and Entertainment.


Richard Hughes, Group Managing Director of First Artist Corporation said:


"Yell Communications specialises in events and delegate management, particularly
for clients in the financial services industry. This acquisition enables us to
further expand our corporate events business, The Finishing Touch and to enhance
our own delivery of multi-site delegate and conference management services; it
sits well within our stated strategy of growing a broad based Group around the
five distinct divisions."


                                    - ends -


Enquiries

First Artist Management plc
Jon Smith, Chief Executive
Richard Hughes, Group Managing Director             Tel: +44(0) 208 900 1818


Bell Pottinger Corporate & Financial
Peter Otero / Rosanne Perry                         Tel: +44(0) 207 861 3232




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
ACQPUUBUCUPMGMM

Volution (LSE:FAN)
Historical Stock Chart
From Jun 2024 to Jul 2024

Volution (LSE:FAN)
Historical Stock Chart
From Jul 2023 to Jul 2024