(Alliance News) - Stanley Gibbons Group PLC on Friday said it will offer fractional ownership in its recently-acquired 1c-Black on Magenta stamp.
The London-based collectable postage stamp merchant acquired the world's "most famous and valuable stamp" in June for USD8.3 million.
Now, Stanley Gibbons is offering fractional ownership in the stamp.
The company explained: "In order to facilitate fractional ownership, the previous chattel mortgage held over the stamp by the group's majority shareholder, Phoenix SG Ltd, a company controlled by Phoenix Asset Management Partners, is being replaced by a fixed charge security over the proportion of the stamp in which the company has beneficial interest and any proceeds of sales of fractional entitlements not remitted by the company to PSG to pay down the loan."
Phoenix SG own a 58% stake in Stanley.
Stanley has agreed to terms of a GBP6.5 million 5-year loan, which can be extended by agreement between both parties.
"The loan is interest-free with 50% of any profit made on the sale of the fractions by the company, post the loan value being repaid, due to PSG," Stanley added.
Chief Executive Graham Shircore said: "We're extremely excited to be able to offer this unique, first-of-its-kind opportunity which will not only make a true global treasure available to all to own but increase interest in the hobby more widely."
Shares closed up 1.3% and 3.04 pence on Friday in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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