Stanley Gibbons Group PLC Sale of Premises & Board Appointments (0680Z)
May 24 2016 - 2:02AM
UK Regulatory
TIDMSGI
RNS Number : 0680Z
Stanley Gibbons Group PLC
24 May 2016
THE STANLEY GIBBONS GROUP PLC
(the "Company" or the "Group")
Sale of Premises & Board Appointments
The Stanley Gibbons Group Plc (AIM:SGI) announces that it has
exchanged contracts to sell the Group's leases over Ely House,
Dover Street, Mayfair and another adjacent property. The Company
will receive total gross consideration of GBP2.5 million, which,
after costs will enable the Group to reduce its indebtedness by
approximately GBP2.4 million.
The Group is also pleased to announce that it has completed the
sublet of a substantial part of its New York premises at 929
Madison Avenue.
The successful completion of both these property transactions,
which will have a profit and cashflow benefit of approximately
GBP1.3 million in a full year, represents an encouraging start
towards the cost-saving target of GBP5 million per year.
Board Appointments
As indicated in the announcement of 17 May 2016, at the board
meeting to approve the above transactions, Harry Wilson was
appointed as Chairman of the Group with immediate effect.
Additionally, the Group announces the appointment of Henry
Turcan as a Non-Executive Director with immediate effect. Mr Turcan
is an employee of Henderson Global Investors, a significant
shareholder in the Company. Mr Turcan joined Henderson in 2015. He
was previously a co-founder and director of Novum Securities, an
independent stockbroking business focused on UK listed securities,
and prior this this he was a corporate finance director at
Evolution Securities where he led and oversaw numerous
transactions, both private and public across many sectors.
The following information regarding the appointment of Henry
Arthur John Turcan, aged 42, is disclosed under Schedule 2(g) of
the AIM Rules for Companies:
Current directorships and/or Former directorships and/or
partnerships: partnerships (within the
last five years):
Eland Oil & Gas plc Novum Securities Limited
HAJT Limited Novum Nominees Limited
Minds + Machines Group Novum Private Clients
Ltd Limited
At the date of this announcement, Mr Turcan does not have any
beneficial interest in the ordinary shares of the Group. Henderson
Global Investors, Mr Turcan's employer, holds 52,173,987- ordinary
shares in the Group, representing 29.16% of the Company's issued
share capital.
There are no further disclosures required under Schedule 2(g) of
the AIM Rules for Companies.
For further information, contact:
The Stanley Gibbons Group plc
Michael Hall, Chief Executive +44 (0)1534 766
Donal Duff, Chief Finance Officer 711
finnCap Ltd (Nomad & Broker)
Stuart Andrews / Christopher Raggett
(corporate finance)
Tim Redfern / Simon Johnson (corporate +44 (0)20 7220
broking) 0500
+44 (0)20 7920
Tavistock (Financial PR) 3150
Lulu Bridges / Niall Walsh
This information is provided by RNS
The company news service from the London Stock Exchange
END
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