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
Volution (LSE:FAN)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Volution Charts.
Volution (LSE:FAN)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Volution Charts.