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Stanley Gibbons Group PLC  -  SGI   

Update on Disposal of Interiors Division

Released 07:30 14-Jul-2017

RNS Number : 0577L
Stanley Gibbons Group PLC
14 July 2017
 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014

The Stanley Gibbons Group plc

("Stanley Gibbons", the "Group" or the "Company")

Update on sale of certain assets and liabilities of the Interiors division

 

On 9 May 2017, the Company announced that agreement had been reached for the sale of a part of the Group's interiors division (comprising certain assets and liabilities of Dreweatts and the intellectual property rights and goodwill in respect of the Mallett and Made by Meta Brands (the "Sale")) to Millicent Holdings Limited ("Millicent"). 

The Board has now been informed that the funding arrangements of Millicent for payment of the initial £2.25 million payable on completion of the Sale have been delayed as a result of a change in the financial backers of Millicent. The Board of Stanley Gibbons is working with Millicent towards completion of the Sale prior to 31 July 2017, the contractual long-stop date for completion of the Sale. A further announcement will be made in due course.

 

Enquiries:

 

The Stanley Gibbons Group plc

Harry Wilson

Andrew Cook 

 

+44 (0)207 836 8444

finnCap Ltd (Nomad and Broker)

Stuart Andrews / Christopher Raggett / Anthony Adams (corporate finance)

 

+44 (0)20 7220 0500

Yellow Jersey PR (Financial PR)

Charles Goodwin

+44 (0)7747 788 221



 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Update on Disposal of Interiors Division - RNS