30 May 2017 07:00
THE STANLEY GIBBONS GROUP PLC
(the "Company" or the "Group")
Sale of interest in Masterpiece London Ltd
The Stanley Gibbons Group plc (AIM:SGI), is pleased to announce the sale ("the Sale") by its subsidiary, Mallett & Son (Antiques) Limited, of its 25 per cent. interest in Masterpiece London Limited ("Masterpiece"), the operator of the annual Masterpiece London art and antiques fair, to Masterpiece for a total consideration of £1.4 million payable in cash.
In the year to 31 March 2017 a dividend of £40,000 was received from Masterpiece and the 25 per cent. interest was held on the Group's balance sheet at £6,000.
It is intended that the proceeds of the Sale will be used to further reduce bank debt, support the ongoing rationalisation programme and to provide additional working capital for the Group.
This follows the announcement, on 9th May, of the sale of certain assets and liabilities of the Company's Interiors division for £2.4 million.
Following the Sale the Group retains the Mallett inventory, the rental income from the former Mallett New York premises, the Bloomsbury auction and retail business and other associated companies, which will allow the Company to derive additional value from the Interiors division in the coming months.
Today's transaction is further demonstrable evidence of how the restructuring programme has, over the last 18 months, transformed the Group, which now has a clear focus and achievable corporate goals.
Following the Sale, the core activities of the Group will continue to be conducted via Baldwin's, Stanley Gibbons, Murray Payne and Apex, which share similar characteristics alongside the competitive advantages associated with being market leaders in the numismatic and philatelic markets respectively.
For further information, contact:
The Stanley Gibbons Group plc
Harry Wilson
Andrew Cook
+44 (0)1534 766 711
finnCap Ltd (Nomad and Broker)
Stuart Andrews / Christopher Raggett (corporate finance)
Tim Redfern / Simon Johnson (corporate broking)
+44 (0)20 7220 0500
Yellow Jersey PR (Financial PR)
Charles Goodwin
+44 (0)7747 788 221