Stanley Gibbons Group PLC Update on Disposal of Interiors Division (0577L)

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

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July 14, 2017 02:30 ET (06:30 GMT)

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