First Artist to raise £1.37m

29th Jun 2009 11:01

Sport and entertainment management group First Artist plans to raise about £1.37m and said it may sell its football business.It also announced the appointment of William Fitzpatrick as finance director with immediate effect.The group successfully placed 13.73m shares of 2.5p at 10p each, representing a discount of 35% on the closing middle market price on 24 June. The proceeds from the placing will be used to reduce debt and increase the group's working capital. Talks with management regarding the possible sale of the Football business are at an early stage and may or may not result in a transaction, it said.