Stanley Gibbons Group PLC Acquisition of Murray Payne Ltd (0325Z)
January 31 2014 - 9:41AM
UK Regulatory
TIDMSGI
RNS Number : 0325Z
Stanley Gibbons Group PLC
31 January 2014
Friday 31 January 2014
The Stanley Gibbons Group plc
("Stanley Gibbons" or the "Company")
Acquisition of Murray Payne Ltd ("Murray Payne" or "the
business")
World's leading dealer in British Commonwealth King George VI
stamps
Stanley Gibbons (AIM: SGI.L) announces that it has acquired
Murray Payne, the world's leading dealer in British Commonwealth
King George VI stamps, for a total consideration of GBP1million,
which will include the issue of 63,470 new ordinary shares of 1
pence each in the Company ("Ordinary Shares"). These Ordinary
Shares are subject to a three-year lock-in agreement.
Application will be made for 63,470 Ordinary Shares to be
admitted to trading on AIM ("Admission"). These shares will rank
pari passu with the existing shares of the Company and dealings are
expected to commence on Thursday, 6(th) February 2014. Following
Admission the Company's total issued share capital will comprise
46,597,859 Ordinary Shares.
Murray Payne was founded in 1990 by respected philatelists
Stuart (Murray) Babbington and Dickon (Payne) Pollard. The business
has grown to be widely regarded as a leading expert in all aspects
of British Commonwealth philately with specialist knowledge in
stamps and memorabilia from the reign of King George VI. The
business has a long history of profitability.
Mike Hall, Chief Executive Stanley Gibbons commented:
"This acquisition is in line with Stanley Gibbons' stated
strategy of growing its market share of the rare collectibles
auction market and is complementary with APEX Philatelics, which
was acquired via the purchase of Noble Investments (UK) plc
("Noble") in November 2013. The acquisition is expected to be
immediately earnings enhancing and the Board of Stanley Gibbons
believes it will deliver a number of strategic benefits. These
include the strengthening of the auction department management team
enabling us to be better placed to secure key collections.
Following the retirement of our auction director in June last
year, we had a gap in our senior management team specifically in
the stamp auctions arena. The acquisition of Murray Payne brings
with it recognised managerial expertise, which will assist us in
developing our UK stamp auctions business. The team at Murray Payne
are well respected in the philatelic market and give us a wider
breadth of specialist expertise in British Commonwealth stamps,
which represents a key element of our brand at the same time as
further enhancing the quality of our inventory in that area."
ends
For further information, please contact:
The Stanley Gibbons Group plc
Michael Hall, Chief Executive +44 (0) 1534 766711
Donal Duff, Chief Operating Officer and Finance
Director
Peel Hunt LLP, NOMAD/Broker
Dan Webster/Matthew Armitt/Richard Brown +44 (0) 20 7418 8900
Tavistock Communications
John West/Teresa Towner +44 (0) 20 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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