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Stanley Gibbons Group PLC  -  SGI   

Update on Interiors Division

Released 07:00 04-Aug-2017

RNS Number : 1216N
Stanley Gibbons Group PLC
04 August 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

 

Further to recent announcements, Stanley Gibbons has been working with Millicent Holdings Limited ("Millicent") towards completion of the agreement (the "Agreement") for the sale of part of the Group's interiors division to Millicent originally announced on 9 May 2017 (the "Sale").

Despite the Company's best efforts and the latitude it has shown to Millicent in extending the deadline for completion, it is now apparent that Millicent is unable to access the funds it had earmarked for payment of the consideration due on completion pursuant to the Agreement.

In the meantime, as a result of the Formal Sales Process announced on 12 June 2017, the Company believes that there are other parties interested in acquiring the Group's interiors division.

Accordingly, the Company has decided not to proceed with the Sale to Millicent and has exercised certain termination rights pursuant to the Agreement. A termination fee is now payable to the Company by Millicent under the terms of the Agreement and the Company will now seek to recover this by enforcing certain collateral that was provided to the Company.

As announced on 9 May 2017, the Company currently trades at a broadly cash neutral basis and in the absence of the proceeds of the Sale, the Company will continue to manage its cashflow carefully.

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 Interiors Division - RNS