14th Jul 2017 07:30
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 |
Related Shares:
SGI.L