TIDMSGI
RNS Number : 2189B
Stanley Gibbons Group PLC
08 June 2021
The Stanley Gibbons Group plc ("Stanley Gibbons", the "Company"
or the "Group")
Stanley Gibbons Purchases The World's Most Valuable Stamp
Stanley Gibbons plc is delighted to announce that its wholly
owned subsidiary, Stanley Gibbons Limited has purchased the world's
most famous and valuable stamp - the 1856 1c Magenta from British
Guiana - the only one in existence.
The unique 1c Magenta was purchased at auction in the USA for a
total consideration of US$8.307mn (including buyer's premium and
overhead fee) and as a result the world's most valuable stamp will
now be owned by the world's longest established rare stamp
merchant.
The stamp will be displayed at the Stanley Gibbons flagship
store at 399 Strand, London. It is also the Group's intention to
make it available for everybody to enjoy owning a piece of this
unique and storied item through the increasingly popular concepts
of fractional ownership and the creation of digital
collections.
The purchase will be financed through an interest free loan from
Phoenix S.G. Ltd (PSG), the Company's majority shareholder.
The Group is also considering partnering with Castelnau Group
Ltd (Castelnau), a company controlled by Phoenix Asset Management
Partners, as Castelnau seek to develop a new digital platform on
which to buy, sell and most importantly, enjoy collectible assets.
The proposed partnership with Castelnau has the potential to
provide the Group with a minority shareholding in the new digital
platform at zero cost as well as cost free access to the platform
itself.
Any future agreement with Castelnau could constitute a related
party transaction under the AIM rules and further updates will be
provided in due course.
For more details about the stamp and to register your interest
in learning more about the possibility of purchasing a piece of
history, please visit www.1c-magenta.com
Graham Shircore, Group CEO said,
'We are delighted to bring together the world's largest stamp
dealer and the world's most valuable stamp'. We look forward to
making this historic artefact available to a much wider audience
than ever before, and to bringing it back to the Home of Stamp
Collecting'.
'We are also excited about the potential opportunity to work
further with Castelnau in creating a world leading digital platform
for collectibles and the significant benefits that this may bring
to the Group.'
Harry Wilson, Group Chairman said,
'This purchase represents a new and highly significant next step
in the rebuilding of the world's oldest stamp dealer. Not only does
it demonstrate the belief of our majority shareholder in its
prospects but also the Group's increasing confidence in its own
prospects.'
Details of the Loan Facility
The material elements of the new loan facility between Stanley
Gibbons Limited, a wholly owned subsidiary of the Group, and our
majority shareholder are:
-Interest free with 50% of any profit made on the sale of the
item due to PSG.
-Secured solely against the item with no further recourse to any
group companies.
-An initial 5-year term, which can be extended by agreement
between the parties.
-If the item is unsold at maturity, the loan can be settled
through return of the item to PSG.
-If the item is sold for less than the outstanding value of the
loan, the net proceeds of the sale will be
deemed to be sufficient consideration to satisfy the loan obligation in full.
-Sale of the item requires PSG approval.
Related Party Transaction
PSG is currently interested in 58.09 per cent. of the issued
share capital of the Company and the provision of the above loan
facility 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 the transaction are fair and
reasonable so far as the Company's shareholders are concerned.
Graham Shircore is the CEO of the Company and a Partner of Phoenix
Asset Management Partners (PAMP). As a nominee of PAMP on the
Company's Board, he is not considered independent for the purposes
of this transaction.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
For further information, contact:
The Stanley Gibbons Group plc
+44 (0)207 836 8444
Graham Shircore
Anthony Gee
Liberum Capital Limited (Nomad and Broker) +44 (0)203 100
2000
Andrew Godber
Edward Thomas
Maitland / AMO (PR) +44 (0)7785 292617
William Clutterbuck
Jason Ochere
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END
ACQKZGGVDRLGMZM
(END) Dow Jones Newswires
June 08, 2021 11:03 ET (15:03 GMT)
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