17/08/2006
Sports management group First Artist is continuing its takeover spree by buying Sponsorship Consulting Ltd (SCL) for up to £750,000.
AIM-quoted First Artist, chaired by colourful ex-boxing promoter Jarvis Astaire, is paying an initial £230,000 cash and issuing £50,000-worth of shares (priced 44 per cent above today's market) to acquire Sponsorship Consulting, which offers 'strategic advice' on sponsorship. Further payments in loan notes and shares depend on performance milestones over the next three years.
Run by chief executive Wendy Stephenson, SCL made £4,800 operating profit on £809,000 turnover last year. The company has a client list including Corus, Shell and the London Mayor and was behind electronics giant Siemens' £3.2 million sponsorship of the British rowing team through to the 2012 Olympics.
Last month, First Artist announced an interim turnaround from £312,000 losses to £67,000 pre-tax profits on turnover up from £1 million to £4.5 million. Floated at 50p in December 2001, the shares plunged to 2.37p in 2003 under previous management and have been unsteadily rallying since then.
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