Stanley Gibbons Group PLC Purchase of Minority Stake in Showpiece Technology (3015S)
15 November 2021 - 6:00PM
UK Regulatory
TIDMSGI
RNS Number : 3015S
Stanley Gibbons Group PLC
15 November 2021
15 November 2021
THE STANLEY GIBBONS GROUP PLC
(the "Company" or the "Group")
Purchase of minority stake in Showpiece Technologies Ltd
Stanley Gibbons plc is pleased to announce the purchase of 20%
of the equity in Showpiece Technologies Ltd ("Showpiece") from
Phoenix Asset Management Partners ("PAMP"), through its subsidiary
Stanley Gibbons Limited.
Showpiece is the fractional ownership platform through which the
company is making available for sale, beneficial title in fractions
of the world's most valuable stamp, the 1c-Magenta at
www.showpiece.com .
The cash price of the transaction of GBP2,000 is equivalent to
20% of the value of the equity in the business, all of which is
held in cash. The other 80% is contemporaneously being purchased by
Castelnau Group plc, a Company controlled by PAMP, for
GBP8,000.
Showpiece is a technology platform business which focuses on
providing fractional ownership of culturally significant items. It
was incorporated in August 2021 and as of the date of the
transaction has not recorded any revenue, profit or loss.
Graham Shircore, CEO of Stanley Gibbons said: 'When Showpiece
was created, it was always the intention that as its first partner,
Stanley Gibbons, would take a minority stake in the business for a
nominal amount. I am very pleased to be able to say that this has
now been completed and we hope that it is just the beginning of an
exciting and profitable journey.'
'As a market leader in one of the world's longest standing
hobbies, the opportunity to become involved in a platform which is
at the cutting edge of changing collecting habits has a natural
symbiosis from which both businesses can benefit over time.'
Related Party Transaction s
PAMP is currently interested in 58.09 per cent. of the issued
share capital of the Company through its subsidiary Phoenix S.G.
Ltd and, as a result of aggregation with previous transactions
between the Company and PAMP in accordance with AIM Rule 16, the
purchase of 20% of the equity of Showpiece constitutes a related
party transaction for the purposes of AIM Rule 13.
The Independent Directors of the Company consider, having
consulted with the Company's nominated adviser, Liberum Capital
Limited, that the terms of both transactions are fair and
reasonable so far as the Company's shareholders are concerned.
Graham Shircore is the CEO of the Company, a director of Showpiece
and a Partner of PAMP and is not considered independent for the
purpose of this transaction. He does not take any salary or
benefits of any kind from Showpiece.
For further information, please contact:
The Stanley Gibbons Group plc Tel: +44 (0)207 836
8444
Graham Shircore
Harry Wilson
Liberum (Nominated Adviser and Broker) Tel: +44 (0)203 100
2000
Andrew Godber
Edward Thomas
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQEANFAFEEFFFA
(END) Dow Jones Newswires
November 15, 2021 02:00 ET (07:00 GMT)
Stanley Gibbons (LSE:SGI)
Historical Stock Chart
From Jul 2024 to Aug 2024
Stanley Gibbons (LSE:SGI)
Historical Stock Chart
From Aug 2023 to Aug 2024