LONDON (Alliance News) - Stanley Gibbons Group PLC Friday said it has acquired stamp producer Murray Payne for GBP1 million which will include the issue of 63,470 shares of 1 pence each in the company.
These shares are subject to a three year lock-in agreement, the collectables dealer said.
Application will be made for the shares to admitted to trading on AIM and these shares will rank equally with the existing shares of the company.
The dealings are expected to commence on February 6.
Following admission the company's total issued share capital will comprise 46.6 million shares.
The acquisition is expected to be immediately earnings enhancing and the board of Stanley Gibbons believes it will deliver a number of strategic benefits.These include the strengthening of the auction department management team enabling us to be better placed to secure key collections.
The stock was trading at 375.00 pence Friday afternoon, up 1.00 pence or 0.3%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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