Stanley Gibbons Group PLC Update on Disposal of Interiors Division (0577L)
July 14 2017 - 2:30AM
UK Regulatory
TIDMSGI
RNS Number : 0577L
Stanley Gibbons Group PLC
14 July 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
The Stanley Gibbons Group plc
("Stanley Gibbons", the "Group" or the "Company")
Update on sale of certain assets and liabilities of the
Interiors division
On 9 May 2017, the Company announced that agreement had been
reached for the sale of a part of the Group's interiors division
(comprising certain assets and liabilities of Dreweatts and the
intellectual property rights and goodwill in respect of the Mallett
and Made by Meta Brands (the "Sale")) to Millicent Holdings Limited
("Millicent").
The Board has now been informed that the funding arrangements of
Millicent for payment of the initial GBP2.25 million payable on
completion of the Sale have been delayed as a result of a change in
the financial backers of Millicent. The Board of Stanley Gibbons is
working with Millicent towards completion of the Sale prior to 31
July 2017, the contractual long-stop date for completion of the
Sale. A further announcement will be made in due course.
Enquiries:
The Stanley Gibbons Group plc
Harry Wilson +44 (0)207 836
Andrew Cook 8444
finnCap Ltd (Nomad and Broker)
Stuart Andrews / Christopher Raggett +44 (0)20 7220
/ Anthony Adams (corporate finance) 0500
Yellow Jersey PR (Financial PR) +44 (0)7747
Charles Goodwin 788 221
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISEAAXDFSXXEAF
(END) Dow Jones Newswires
July 14, 2017 02:30 ET (06:30 GMT)
Stanley Gibbons (LSE:SGI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Stanley Gibbons (LSE:SGI)
Historical Stock Chart
From Jul 2023 to Jul 2024