Information  X 
Enter a valid email address

Stanley Gibbons Grp (SGI)

  Print   

Monday 15 November, 2021

Stanley Gibbons Grp

Purchase of Minority Stake in Showpiece Technology

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 £2,000 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 £8,000.

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

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 [email protected] 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

a d v e r t i s e m e n t