Stanley Gibbons Group PLC Update on Interiors Division (1216N)
August 04 2017 - 2:01AM
UK Regulatory
TIDMSGI
RNS Number : 1216N
Stanley Gibbons Group PLC
04 August 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
Further to recent announcements, Stanley Gibbons has been
working with Millicent Holdings Limited ("Millicent") towards
completion of the agreement (the "Agreement") for the sale of part
of the Group's interiors division to Millicent originally announced
on 9 May 2017 (the "Sale").
Despite the Company's best efforts and the latitude it has shown
to Millicent in extending the deadline for completion, it is now
apparent that Millicent is unable to access the funds it had
earmarked for payment of the consideration due on completion
pursuant to the Agreement.
In the meantime, as a result of the Formal Sales Process
announced on 12 June 2017, the Company believes that there are
other parties interested in acquiring the Group's interiors
division.
Accordingly, the Company has decided not to proceed with the
Sale to Millicent and has exercised certain termination rights
pursuant to the Agreement. A termination fee is now payable to the
Company by Millicent under the terms of the Agreement and the
Company will now seek to recover this by enforcing certain
collateral that was provided to the Company.
As announced on 9 May 2017, the Company currently trades at a
broadly cash neutral basis and in the absence of the proceeds of
the Sale, the Company will continue to manage its cashflow
carefully.
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
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