22nd Jul 2022 09:33
(Alliance News) - Stanley Gibbons Group PLC on Friday said it seeking shareholder approval to delist from London's AIM junior market, following discussions with its largest shareholder Phoenix SG.
Phoenix holds a 58% stake in the Jersey-based rare stamp dealer and provides all its debt facilities.
An extraordinary general meeting is expected to take place on August 30, where shareholders will vote on the possible AIM cancellation. In accordance with the requirements of AIM rules, the cancellation is conditional upon the approval of at least 75% of votes cast.
Stanley Gibbons said that the long term potential of the company remains "unchanged", but it believes that there are benefits both from a financial and business perspective to delisting its shares.
It added that if the resolution is not passed, Phoenix may reconsider its continued financial support of the company.
The London Stock Exchange is expected to remove the company from trading on AIM on September 7, if the resolution is passed.
Stanley Gibbons Chief Executive Officer Graham Shircore, meanwhile, announced he plans to step down after four years in the post. He plans to return to work at Phoenix.
It is expected that Shircore will step down on September 12 and will become a non-executive director of the company.
Tom Pickford will replace Shircore as CEO.
Stanley Gibbons said that Pickford has "a wealth of experience in delivering successful business growth and a strong track record in the digital world".
Chair Harry Wilson said: "I would like to thank Graham for his hard work and achievements over the last four years during what has been one of the most challenging periods in retail history. I am pleased that the group will continue to benefit from his input as a non-executive director as we move into the next phase of our development."
Shares in Stanley Gibbons were up 13% to 1.64 pence each in London on Friday morning.
By Sophie Rose; [email protected]
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