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Stanley Gibbons Group PLC  -  SGI   

Sale of Premises & Board Appointments

Released 07:00 24-May-2016

RNS Number : 0680Z
Stanley Gibbons Group PLC
24 May 2016
 

 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


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Sale of Premises & Board Appointments - RNS