24 May 2016 07:00
THE STANLEY GIBBONS GROUP PLC
(the "Company" or the "Group")
Sale of Premises & Board Appointments
The Stanley Gibbons Group Plc (AIM:SGI) announces that it has exchanged contracts to sell the Group's leases over Ely House, Dover Street, Mayfair and another adjacent property. The Company will receive total gross consideration of £2.5 million, which, after costs will enable the Group to reduce its indebtedness by approximately £2.4 million.
The Group is also pleased to announce that it has completed the sublet of a substantial part of its New York premises at 929 Madison Avenue.
The successful completion of both these property transactions, which will have a profit and cashflow benefit of approximately £1.3 million in a full year, represents an encouraging start towards the cost-saving target of £5 million per year.
Board Appointments
As indicated in the announcement of 17 May 2016, at the board meeting to approve the above transactions, Harry Wilson was appointed as Chairman of the Group with immediate effect.
Additionally, the Group announces the appointment of Henry Turcan as a Non-Executive Director with immediate effect. Mr Turcan is an employee of Henderson Global Investors, a significant shareholder in the Company. Mr Turcan joined Henderson in 2015. He was previously a co-founder and director of Novum Securities, an independent stockbroking business focused on UK listed securities, and prior this this he was a corporate finance director at Evolution Securities where he led and oversaw numerous transactions, both private and public across many sectors.
The following information regarding the appointment of Henry Arthur John Turcan, aged 42, is disclosed under Schedule 2(g) of the AIM Rules for Companies:
Current directorships and/or partnerships: | Former directorships and/or partnerships (within the last five years): |
Eland Oil & Gas plc | Novum Securities Limited |
HAJT Limited | Novum Nominees Limited |
Minds + Machines Group Ltd | Novum Private Clients Limited |
At the date of this announcement, Mr Turcan does not have any beneficial interest in the ordinary shares of the Group. Henderson Global Investors, Mr Turcan's employer, holds 52,173,987- ordinary shares in the Group, representing 29.16% of the Company's issued share capital.
There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies.
For further information, contact:
The Stanley Gibbons Group plc Michael Hall, Chief Executive Donal Duff, Chief Finance Officer
| +44 (0)1534 766 711 |
finnCap Ltd (Nomad & Broker) Stuart Andrews / Christopher Raggett (corporate finance) Tim Redfern / Simon Johnson (corporate broking)
| +44 (0)20 7220 0500 |
Tavistock (Financial PR) | +44 (0)20 7920 3150 |
Lulu Bridges / Niall Walsh |