Stanley Gibbons Group PLC Sale of interest in Masterpiece London Ltd (4410G)
May 30 2017 - 2:01AM
UK Regulatory
TIDMSGI
RNS Number : 4410G
Stanley Gibbons Group PLC
30 May 2017
THE STANLEY GIBBONS GROUP PLC
(the "Company" or the "Group")
Sale of interest in Masterpiece London Ltd
The Stanley Gibbons Group plc (AIM:SGI), is pleased to announce
the sale ("the Sale") by its subsidiary, Mallett & Son
(Antiques) Limited, of its 25 per cent. interest in Masterpiece
London Limited ("Masterpiece"), the operator of the annual
Masterpiece London art and antiques fair, to Masterpiece for a
total consideration of GBP1.4 million payable in cash.
In the year to 31 March 2017 a dividend of GBP40,000 was
received from Masterpiece and the 25 per cent. interest was held on
the Group's balance sheet at GBP6,000.
It is intended that the proceeds of the Sale will be used to
further reduce bank debt, support the ongoing rationalisation
programme and to provide additional working capital for the
Group.
This follows the announcement, on 9th May, of the sale of
certain assets and liabilities of the Company's Interiors division
for GBP2.4 million.
Following the Sale the Group retains the Mallett inventory, the
rental income from the former Mallett New York premises, the
Bloomsbury auction and retail business and other associated
companies, which will allow the Company to derive additional value
from the Interiors division in the coming months.
Today's transaction is further demonstrable evidence of how the
restructuring programme has, over the last 18 months, transformed
the Group, which now has a clear focus and achievable corporate
goals.
Following the Sale, the core activities of the Group will
continue to be conducted via Baldwin's, Stanley Gibbons, Murray
Payne and Apex, which share similar characteristics alongside the
competitive advantages associated with being market leaders in the
numismatic and philatelic markets respectively.
For further information, contact:
The Stanley Gibbons Group plc
Harry Wilson
Andrew Cook
+44 (0)1534 766 711
finnCap Ltd (Nomad and Broker)
Stuart Andrews / Christopher Raggett (corporate finance)
Tim Redfern / Simon Johnson (corporate broking)
+44 (0)20 7220 0500
Yellow Jersey PR (Financial PR)
Charles Goodwin
+44 (0)7747 788 221
This information is provided by RNS
The company news service from the London Stock Exchange
END
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