Stanley Gibbons London share price tumbles ............

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Re: Stanley Gibbons London share price tumbles ............

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Mr. Channon pulls the rug .................... he now wants to own it ALLLLLLL.




Stanley Gibbons' Biggest Shareholder Asks for Delisting from LSE's AIM

Stanley Gibbons Group (SGI) proposed to cancel its listing on the London stock exchange's AIM following a request from its largest shareholder, Phoenix SG.

The shareholder said it would "reconsider its continued financial support" for the rare stamp merchant if the resolution is not passed, according to a Friday release.

Stanley Gibbons will seek approval for the move from shareholders at an extraordinary general meeting on Aug. 30. The listing is set to be canceled on Sept. 7.


https://www.tradingview.com/news/mtnewswires.com:20220722:G2 ... lse-s-aim/
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Re: Stanley Gibbons London share price tumbles ............

Post by Global Administrator »

Does the phrase rats and sinking ship come to anyone's mind?

Tom WHO?


RNS Number : 3686T
Stanley Gibbons Group PLC
22 July 2022


THE STANLEY GIBBONS GROUP PLC

(the "Group")

Change of CEO

The Stanley Gibbons Group PLC today announces that Graham Shircore, Group CEO will be stepping down on September 12th 2022 to return to work at Phoenix Asset Management Partners, the Group's majority shareholder. It is anticipated that Graham will become a non-executive director of the Group at this stage

The Board is pleased to announce that Tom Pickford will replace Graham as CEO at that time. Tom has a wealth of experience in delivering successful business growth and a strong track record in the digital world.

Combined with a strong focus on sales and customers, the Board believes that Tom has the ideal mix of abilities required for the next stage in the Group's journey which began with its recapitalisation just over four years ago.

Harry Wilson, Group Chairman, commented: "I am delighted that Tom has accepted the opportunity to lead the Group in the coming years as we continue to build on the progress made in recent times and accelerate the progress towards our ambitious longer-term goals."

"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."

Graham Shircore, Group CEO, said: "With many of the issues we have faced over the last four years hopefully behind us, the business now has the opportunity to build on its wonderful brands. With this in mind, now is the right time to hand over to someone with the skillset required to realise this potential. It has been a privilege to lead this wonderful business over the last four years and I look forward to being able to continue to help Tom and the rest of my colleagues in any way I can."


For further information, please contact:

The Stanley Gibbons Group plc

Tel: +44 (0)207 836 8444

Graham Shirecore

Harry Wils
on
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Re: Stanley Gibbons London share price tumbles ............

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Fuller detais -



Proposed Delisting

Stanley Gibbons Group PLC

22 July 2022



THE STANLEY GIBBONS GROUP PLC

(the "Company" or the "Group")

Proposed Cancellation of Admission to Trading on AIM

publication of Circular and Trading Update



Introduction

The Company announces that it is today posting a circular to shareholders (the "Circular") in connection with a proposal for the cancellation of admission of the ordinary shares in the Company (the "Ordinary Shares") to trading on AIM (the "Cancellation"), pursuant to Rule 41 of the AIM Rules for Companies (the "AIM Rules"). The Circular includes notice of an extraordinary general meeting of the Company which is being convened for 10.00 a.m. on 30 August 2022 (the "Extraordinary General Meeting") for the purposes considering and, if thought fit, passing the requisite shareholder resolution to approve the Cancellation. In accordance with the requirements of the AIM Rules, the Cancellation is conditional upon the approval of not less than 75 per cent. of the votes cast by Shareholders (whether present in person or by proxy) at the Extraordinary General Meeting.

Further information on the proposed Cancellation and the Extraordinary General Meeting is set out below. Terms defined in this announcement bear the meanings set out in the Appendix to this announcement.

Background and reasons for the Cancellation

The Independent Directors have been in discussion with the Company's largest shareholder, Phoenix S.G., regarding the merits of continuing with the Company's listing on AIM. Phoenix Asset Management Partners (on behalf of Phoenix S.G.) has expressed the view that, whilst its thoughts about the long-term potential of the Company are unchanged (as is its wish to continue to provide support in order that the Company can fulfil its potential), it believes that there are clear benefits both from a financial and business perspective to terminating the listing. As a result, Phoenix S.G. has requested that the Board put forward the Resolution for consideration by Shareholders to give effect to the Cancellation.

The Independent Directors have listened carefully to the drawbacks identified by Phoenix Asset Management Partners of retaining the Company's listing on AIM. These have included the following:

· the continued listing on AIM is unlikely to provide the Company with significantly wider or more cost-effective access to capital than the funding options it already has from the majority shareholder in the near to mid-term;

· the considerable cost, management time and the legal and regulatory burden associated with maintaining the Company's admission to trading on AIM are disproportionate to the benefits to the Company;

· there are negative operational influences on the business which come about directly as a result of being listed, something which is accentuated by operating in an industry where the vast majority of the Company's peers are privately owned. The Company's peers also have far greater insight into its strategy, operational activities and future plans than the Company has into theirs, a factor which reduces the Company's relative competitiveness;

· there is also a limited free float and liquidity in the Ordinary Shares with the consequence that the AIM listing of the Ordinary Shares does not offer investors the opportunity to trade in meaningful volumes or with frequency within an active market.

The Independent Directors recognise the merits of these considerations and believe they are factors that may resonate with Shareholders when it comes to considering the Resolution.

However, Phoenix Asset Management Partners has also confirmed to the Independent Directors that if the Resolution is not passed, it would be necessary for Phoenix S.G. to reconsider its continued financial support for the Company and the Company should not rely on that support if the Cancellation is not effected.

As the Company's largest Shareholder and the provider of all of its existing debt facilities, the continuing support of Phoenix S.G., is fundamental to the ability of the Company to continue to trade and the Independent Directors do not believe it would be possible to find a third party willing to provide such support on equivalent terms. The continued support of Phoenix S.G. will also be a pre-requisite to obtaining auditor sign-off as a going concern in respect of the Company's audited accounts for the year ended 31st March 2022.

Following careful consideration of all relevant factors and in light of the above, the Directors believe that it is in the best interests of the Company and Shareholders, taken as a whole, to seek the proposed Cancellation at the earliest opportunity. As a result, the Company is seeking Shareholders' approval of the Cancellation at the Extraordinary General Meeting, which is being convened for 10.00 a.m. on 30 August 2022 at the Company's office at 399 Strand, London WC2R 0LX, England. Notice of the Extraordinary General Meeting will be set out in the Circular.

Pursuant to Rule 41 of the AIM Rules, the Company (through its nominated adviser, Liberum Capital Limited) has notified the London Stock Exchange of the date of the proposed Cancellation, which is expected to become effective at 7.00 a.m. on 7 September 2022 if the Resolution is passed at the Extraordinary General Meeting.

As noted above, the Cancellation is conditional upon the approval of not less than 75 per cent. of the votes cast by Shareholders (whether present in person or by proxy) at the Extraordinary General Meeting. It should be noted that Phoenix S.G., as beneficial owner of approximately 58% of the Company's voting share capital, is entitled to procure votes on the Resolution and Phoenix Asset Management Partners has irrevocably undertaken to procure those votes in favour of the Resolution. In addition, those Directors who own Ordinary Shares have also entered into similar commitments.

Given that there is a strong likelihood that the Resolution will be passed, the Independent Directors have been keen to ensure that all Shareholders have an opportunity (if they so wish) to sell their Ordinary Shares notwithstanding the proposed Cancellation. Following discussion with the Board, Phoenix Asset Management Partners has agreed with the Company that on the date of this announcement, it will place, or procure that one of its group companies will place the Standing Purchase Order, pursuant to which its broker will be instructed to purchase in the market any Ordinary Shares offered for sale at a price of 1.5 pence per Ordinary Share. This represents a small premium of 3.5 per cent. to the closing mid-market price of an Ordinary Share at close of business on 21 July 2022, the last business day prior to the publication of this announcement. Phoenix Asset Management Partners has committed to procure that such order will remain open until the last trading day on AIM, currently expected to be 6 September 2022. Further details of the Standing Purchase Order are set out later in this announcement.

For those Shareholders who do not wish to sell their Ordinary Shares pursuant to the Standing Purchase Order, in the event that the Resolution is passed and the Cancellation proceeds, the Company intends to put in place the Matched Bargain Facility, further details of which are also set out later in this announcement. However, Shareholders should note that if the Cancellation proceeds, their ability to realise their Ordinary Shares will be significantly reduced and will be dependent on the availability of a willing buyer for the time being.

Process for, and principal effects of, the Cancellation

The Directors are aware that certain Shareholders may be unable or unwilling to hold Ordinary Shares in the event that the Cancellation is approved and becomes effective. Such Shareholders should consider selling their Ordinary Shares in the market prior to the Cancellation becoming effective (either pursuant to the Standing Purchase Order referred to below or otherwise).

Under the AIM Rules, the Company is required to give at least 20 clear Business Days' notice of Cancellation. Additionally, Cancellation will not take effect until at least 5 clear Business Days have passed following the passing of the Resolution. If the Resolution is passed at the Extraordinary General Meeting, it is proposed that the last day of trading in Ordinary Shares on AIM will be 6 September 2022 and that the Cancellation will take effect at 7.00 a.m. on 7 September2022.

The principal effects of the Cancellation will be that:

· there will be no formal market mechanism enabling the Shareholders to trade Ordinary Shares. Save for the proposed Matched Bargain Facility referred to below, no other recognised market or trading facility is intended to be put in place to facilitate the trading of the Ordinary Shares following the Cancellation;


· while the Ordinary Shares will remain freely transferrable, it is possible that the liquidity and marketability of the Ordinary Shares will, in the future, be even more constrained than at present and the value of such Ordinary Shares may be adversely affected as a consequence;

· in the absence of a formal market and quote, it may be more difficult for Shareholders to determine the market value of their investment in the Company at any given time;

· the regulatory and financial reporting regime applicable to companies whose shares are admitted to trading on AIM will no longer apply;

· Shareholders will no longer be afforded the protections given by the AIM Rules, such as the requirement to be notified of certain events (including substantial transactions, financing transactions, related party transactions and certain acquisitions and disposals) and the separate requirement to seek shareholder approval for certain other corporate events such as reverse takeovers or fundamental changes in the Company's business;

· the legal requirements applicable to private companies relating to transparency and corporate governance are less stringent than those applicable to public companies quoted on AIM;

· the Company will cease to have an independent nominated adviser and broker;

· whilst the Company's CREST facility will remain in place for at least 12 months following the Cancellation, the Company's CREST facility may be cancelled in the future. In such circumstances, although the Ordinary Shares will remain transferable, they would cease to be transferable through CREST. In this instance, Shareholders who hold Ordinary Shares in CREST would receive share certificates; and

· the Cancellation may have taxation or other commercial consequences for Shareholders. Shareholders who are in any doubt about their tax position should consult their own professional independent tax adviser.

The Company will remain registered with the Registrar of Companies in Jersey in accordance with and subject to the Law, notwithstanding the Cancellation. Shareholders should also note that the Takeover Code will continue to apply to the Company following the Cancellation for a period of 10 years from the date of Cancellation (although it should also be noted that, as Phoenix S.G. owns in excess of 50 per cent. of the existing Ordinary Shares, it is free to acquire further Ordinary Shares without any restriction under the Takeover Code).

The Company will also continue to be bound by the Articles (which require shareholder approval for certain matters) following the Cancellation. Whilst the Company currently has no intention to amend the Articles and Phoenix S.G. has committed to procure that the Company does not to do so for at least 12 months following the Cancellation, following the expiry of this period, the Company may seek Shareholder approval to amend the Articles in the future.

The above considerations are not exhaustive and Shareholders should seek their own independent advice when assessing the likely impact of the Cancellation on them.

The Company currently intends (and Phoenix Asset Management Partners has committed to exercise its powers to procure) that it will continue to provide certain facilities and services to Shareholders that they currently enjoy as shareholders of an AIM company. The Company will:

· continue to communicate information about the Company (including annual accounts) to its Shareholders, as required by the Law;

· continue to hold annual general meetings;

· continue, for at least 12 months following the Cancellation, to maintain its corporate website, www.stanleygibbonsplc.com and to post updates on the website from time to time, although Shareholders should be aware that there will be no obligation on the Company to include all of the information required under AIM Rule 26 or to update the website as required by the AIM Rules;

· continue, for at least 12 months following the Cancellation, to maintain the Company's CREST facility;

· continue, for at least 12 months following the Cancellation, to maintain a Board structure with at least one independent non-executive director and at least as many independent non-executive directors as non-executive directors who are considered not to be independent of the Company's majority shareholder; and

· appoint JP Jenkins or another FCA regulated firm to provide shareholders with an off-market dealing service for the ordinary shares for at least 12 months following the Cancellation. Further details of this can be found below and will be set out in the Circular.

Board Structure and management

In the event that the Resolution is passed and the Cancellation becomes effective, it is expected that Louis Castro and Mark West will step down as independent non-executive directors so as to achieve some of the cost savings referred to earlier in this announcement. Henry Wilson will continue in his role as independent non-executive Chairman.

The Group has also today announced that Graham Shircore, has formally notified the Board of his intention to resign from his executive responsibilities, pending appointment of his replacement, in order to pursue a new role within the Phoenix Asset Management Partners group of companies.

In conjunction with this, the Group has today announced Tom Pickford as Graham's successor as Group CEO. Tom is expected to join the Group as CEO on 12 September 2022 at which point it is anticipated that Graham will become a non-executive director of the Group.

Tom most recently worked for The Hut Group prior to which he had a long and successful career at Proctor and Gamble. Tom has a strong background in the digital world and a track record of successful, significant business growth. Combined with a strong focus on the end customer, his experiences and abilities align closely with the requirements of the Group as it moves into the next stage of the long term strategy which it has been working towards.

Transaction in the Ordinary Shares prior to and post the proposed Cancellation

Whether or not Shareholders seek to sell their Ordinary Shares in light of the proposed Cancellation is a matter for individual Shareholders and will depend on their personal circumstances, including their willingness to remain as a minority shareholder in an unlisted company under the control of Phoenix S.G. The Independent Directors make no recommendation in this respect and any Shareholders who are in any doubt as to what they should do are advised to seek their own independent advice from a professional adviser duly authorised and regulated by the Financial Conduct Authority. All Shareholders should note, however, that following Cancellation, the ability for Shareholders to dispose of their Ordinary Shares will be significantly diminished and will be dependent on there being a willing buyer for those Ordinary Shares for the time being.

For those Shareholders who do wish to realise their Ordinary Shares, the Independent Directors have facilitated the following:-

Prior to the Cancellation

The Independent Directors are concerned to ensure that Shareholders have an opportunity to sell their Ordinary Shares notwithstanding the proposed Cancellation. At the request of the Board therefore, Phoenix Asset Management Partners has agreed with the Company that on the date of this announcement, it will, or procure that Phoenix S.G. or one of its group companies will, place the Share Purchase Order, pursuant to which its broker will be instructed to purchase in the market any Ordinary Shares offered for sale at a price of 1.5 pence per Ordinary Share. This represents a small premium of 3.5 per cent. to the closing mid-market price of an Ordinary Share at close of business on 21 July 2022, the last business day prior to the publication of this announcement. Phoenix Asset Management Partners has committed to procure that such order will remain open until the last trading day on AIM being 6 September 2022. All Shareholders who wish to sell their Ordinary Shares in the market at that price will therefore have the opportunity to do so. Shareholders should consult with their own independent financial adviser and/or broker should they wish to consider selling their interests in the market prior to the Cancellation becoming effective, as it will be necessary to instruct a broker to place an order in the market for the sale of the relevant Ordinary Shares.

Following the Cancellation

The Independent Directors are aware that the proposed Cancellation, should it be approved by Shareholders at the Extraordinary General Meeting, would make it more difficult for Shareholders to buy and sell Ordinary Shares should they wish to do so.

Therefore, the Company is making arrangements for a Matched Bargain Facility to assist Shareholders to trade in the Ordinary Shares to be put in place from the date of Cancellation, if the Resolution is passed. The Matched Bargain Facility will be provided by J P Jenkins. JP Jenkins is part of Peterhouse Corporate Finance Limited, which is authorised and Regulated by the Financial Conduct Authority, a Member of the London Stock Exchange, an Aquis Stock Exchange Corporate Adviser.

Under the Matched Bargain Facility, Shareholders or persons wishing to acquire or dispose of Ordinary Shares will be able to leave an indication with JP Jenkins, through their stockbroker (JP Jenkins is unable to deal directly with members of the public), of the number of Ordinary Shares that they are prepared to buy or sell at an agreed price. In the event that J P Jenkins is able to match that order with an opposite sell or buy instruction, it would contact both parties and then effect the bargain. Should the Cancellation become effective and the Company put in place the Matched Bargain Facility, details will be made available to Shareholders on the Company's website at www.stanleygibbonsplc.com

At the request of the Board, Phoenix Asset Management Partners has confirmed to the Company that following the Cancellation, it will continue to purchase, or procure that one of its group companies will continue to purchase, further Ordinary Shares at a price of 1.5 pence per Ordinary Share through the Matched Bargain Facility, although its commitment to do so will expire on 19 October 2022 (being 30 days following the Cancellation). This will provide all Shareholders who wish to sell their Ordinary Shares at that price after the Cancellation becomes effective with an opportunity to do so. Following expiry of this period, the ability of Shareholders to be able to sell Ordinary Shares through the Matched Bargain Facility will be entirely dependent on their being a willing buyer for the time being.

Current Trading, Strategy and Prospects

Following completion of its financial year end on March 31st 2022, the Company provides the following update on its headline results for the previous financial year as well as a further trading and corporate update. It should be noted that these results are unaudited and that the Company does not now plan to publish its audited accounts until after the Extraordinary General Meeting has been held. These headline results are accurate to the best of the knowledge and belief of the Directors, but without having been audited and should therefore be reviewed in that context. It is also intended that the Company's next annual general meeting will be deferred until after the audited accounts are published, expected to be in the third quarter of 2022:


Restated*

Financial Highlights (unaudited) (not great deted to save space- admin!)



Group Summary

The financial year to end March 2022 saw significant progress in most areas of the business as the effects of the COVID-19 pandemic began to recede and we started to see the benefit of certain actions we had previously taken.

We set ourselves the ambitious target of being sustainably cash positive by the end of the financial year. At an underlying business level, the second half was the first 6-month period for many years in which we operated on a sustainably cash positive basis. This was no small achievement, however, strictly speaking we did not achieve our aims. The cost drag of various corporate and legal elements alongside the ongoing contributions being made into our legacy defined benefit pension schemes meant that despite our best efforts we were cash negative for the period and therefore for the full year.

Despite this we have continued to invest in and position the business for long term success, eschewing the temptation to reduce our level of investment in order to achieve shorter-term targets. This long-term approach has been a consistent theme for several years now and will remain unchanged.

We also continue to work hard to find the optimal outcome for the aforementioned corporate issues. Both of the previously announced legal disputes in which we are involved continue to make progress albeit they are taking longer than we had expected to be concluded. There is no new information which would lead us to believe that the outcome of either will be materially different to our previous expectations.

In the case involving Mallett Inc (in insolvency), the legal process is continuing and an insolvency trustee has been appointed by the court but we are also continuing to engage with the other party with the aim of reaching an agreement through mediation.

Regarding the case being brought against the Group in Guernsey, the legal process is continuing and we do not expect any tangible resolution to be reached prior to next summer. The advice we have received about the strength of our case remains unchanged, namely, that we are in a strong position to successfully defend the claim.

While there has been no definitive agreement at this stage our long-running and generally constructive dialogue with the pension scheme trustees is also continuing and progress is being made on a proposal which, if agreed, would reduce the cash burden on the Group for a period of three years. This proposal does not however include any reduction in/write down of, the Group's pension liabilities

Showpiece, the fractional ownership business in which we have a 20% stake continues to develop and has ambitious plans for accelerated growth in the coming months and years.

Divisional Review

During the financial year to end March 2022 the Philatelic division saw underlying profitability improve in both dealing and auctions as a result of increased levels of activity, particularly in the second half. The financial year to end March 2020 was the last year which was unaffected by COVID and underlying profitability in fiscal 2022 was ahead of this despite the first half in particular still being impacted by the pandemic. We also continued to sell off legacy inventory, some of which was sold at a loss, generating cash for the business but pulling down reported profitability.

The Publishing division also improved in the second half with turnover and profitability ahead of the second half of the year to end March 2021. The previous year had seen some benefit from the effects of the pandemic and people purchasing more albums and accessories however the improvement was still not quite as good as we would have hoped.

The Numismatic division, which had traded well through the depths of the pandemic saw further progress, buoyed in particular by bringing our coins auction business back in house.

Revenue from fractional ownership was a result of sales, through Showpiece, of partial ownership of the 1c Magenta to over 1,000 individual collectors. Approximately 15 per cent. of the 1c Magenta has been sold through Showpiece in fractions to date. There are currently no more fractions being made available for sale but we may choose to sell more at a later date.

Core costs were once again reduced. While the opportunities to do this without damaging the future prospects of the business are noticeably less now than in the past, we continue to look for ways to reduce our spending wherever we can.

Interest and finance costs increased primarily as a result of increased borrowings, the majority of which relates to funding for the purchase of the 1c Magenta.

Phoenix S.G. continues to fund the business and has recently provided further finance. Total facilities and borrowings amount to £23.1m, which are fully drawn.

Post Year End Update

Since the year end, the business has continued to make progress albeit momentum has been a bit more sporadic. Our coins business continues to make good progress both in terms of retail and auctions with some strong consignments coming through. On the philatelic side short term trading has been slightly weaker than we would have hoped. We have purchased strongly recently and have an attractive outlook for the auctions business both in terms of consignments confirmed and in the pipeline. In combination, these bode well for the second half of the year. Our publications business has fared less well albeit the impact is not material at this stage. The cause of this is a confluence of a number of factors and we are taking remedial action where appropriate.

Overall, we are hopeful of making further progress this year and demonstrating a full year of underlying, sustainable cash profitability for the first time in many years.

As discussed above, our majority shareholder continues to be very supportive of the business itself, albeit they do not believe that it is in the best interests of the business to remain as a listed company. The debt which is owed to them becomes due in March 2023. No formal agreement regarding an extension to these facilities has been negotiated and is unlikely to be received until the result of the extraordinary general meeting is known, however it is the Board's very strong expectation that an agreement will be reached which will allow the auditors to sign off the Group accounts as a going concern and for the Group to continue to trade and invest in its long term prospects.

Following the Cancellation, the Company will continue to pursue its strategy of rebuilding the business for the long term and will seek to further accelerate its future growth plans, investing further in the business where appropriate.

Irrevocable Undertakings

The Company has received irrevocable undertakings from Phoenix Asset Management Partners and all Directors who own Ordinary Shares, to vote or procure votes in favour of the Resolution, in respect of all Ordinary Shares held by each of them (or in which they are interested) on the date of the Extraordinary General Meeting but currently amounting to 250,705,741 Ordinary Shares in aggregate, representing approximately 58.72 per cent. of the issued share capital of the Company.

In respect of the irrevocable undertakings signed by the Directors, the number of Ordinary Shares that the Directors hold may decrease by virtue of Ordinary Shares that they may sell and their respective irrevocable undertakings are to use best endeavours to procure votes where their interests are held through investment vehicles they cannot legally control.

Similarly, in respect of the irrevocable undertakings signed by Phoenix Asset Management Partners, the number of Ordinary Shares held by Phoenix Asset Management Partners, Phoenix S.G. and its group companies may increase by virtue of Ordinary Shares that it may acquire pursuant to the Standing Purchase Order.

In light of these irrevocable undertakings, the Independent Directors believe it is likely that the Resolution will be passed at the Extraordinary General Meeting. However Shareholders should be aware that in the event that the Resolution is not passed there is a material uncertainty surrounding the Company's ability to continue trading as a going concern past the Extraordinary General Meeting. In light of the above, the Independent Directors believe that it is important that the Shareholders pass the Resolution.

Process for Cancellation

Under the AIM Rules, it is a requirement that the Cancellation must be approved by not less than 75 per cent. of votes cast by Shareholders at an Extraordinary General Meeting. Accordingly, the Notice of Extraordinary General Meeting to be set out in the Circular will contain a special resolution to approve the Cancellation. It should be noted that Phoenix S.G., as beneficial owner of approximately 58% of the Company's voting share capital, is entitled to procure votes on the Resolution and Phoenix Asset Management Partners has irrevocably undertaken to procure votes in favour of the Resolution.

Furthermore, Rule 41 of the AIM Rules requires any AIM company that wishes the London Stock Exchange to cancel the admission of its shares to trading on AIM to notify shareholders and to separately inform the London Stock Exchange of its preferred cancellation date at least 20 Business Days prior to such date. In accordance with AIM Rule 41, the Directors have notified the London Stock Exchange of the Company's intention, subject to the Resolution being passed at the Extraordinary General Meeting, to cancel the Company's admission of the Ordinary Shares to trading on AIM on 7 September 2022. If the Cancellation becomes effective, Liberum Capital Ltd will cease to be nominated adviser of the Company and the Company will no longer be required to comply with the AIM Rules.

Extraordinary General Meeting

The Extraordinary General Meeting will be held at the Company's office at 399 Strand, London WC2R 0LX, England commencing at 10.00 a.m. on 30 August 2012. The Notice of Extraordinary General Meeting will be set out in the Circular.

Action to be taken

Shareholders will not receive a hard copy form of proxy for the Extraordinary General Meeting in the post. Instead, Shareholders will be able to vote electronically using the link www.signalshares.com. Shareholders will need to log into your Signal Shares account or register if you have not previously done so. To register, Shareholders will need their Investor Code, which will be detailed on the relevant share certificate or available from the Company's Registrar, Link Group.

Voting by proxy prior to the Extraordinary General Meeting does not affect a Shareholder's right to attend the Extraordinary General Meeting and vote in person should you so wish. Proxy votes must be received no later than 10.00 a.m. on 28 August 2022.

If a Shareholders needs help with voting online, please contact our Registrar, Link Group, on Tel: 0371 664 0391. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales. Or email Link at shareholderenquiries@linkgroup.co.uk.

Further details relating to voting and appointing a proxy will be set out in the Circular.

Recommendation

For the reasons outlined in this announcement, the Directors consider that the Cancellation is in the best interests of the Company and its Shareholders as a whole and therefore unanimously intend to recommend in the Circular that you vote in favour of the Resolution.

The Independent Directors make no recommendation as to whether or not Shareholders should seek to sell their Ordinary Shares in light of the proposed Cancellation and Shareholders who are in any doubt are advised to seek their own independent financial advice from a financial adviser duly authorised and regulated by the Financial Conduct Authority.

Expected timetable of principal events

Notice provided to the London Stock Exchange to notify it of the proposed Cancellation


21 July 2022

Publication and posting of Circular and Form of Proxy to Shareholders

25 July 2022

Commencement of market purchases of Ordinary Shares by Phoenix S.G. pursuant to the Standing Purchase Order


22 July 2022

Latest time and date for receipt of proxy votes (2) in respect of the Extraordinary General Meeting


10.00 a.m. on 28 August 2022

Time and date of the Extraordinary General Meeting


10.00 a.m. on 30 August 2022

Expected last day of market purchases of Ordinary Shares by Phoenix S.G.(3) pursuant to the Standing Purchase Order(4)


6 September2022

Expected last day of dealings in Ordinary Shares on AIM(5)


6 September 2022

Expected time and date of Cancellation(6)


7.00 a.m. on 7 September 2022

Expected last day of committed purchases of Ordinary

Shares by Phoenix S.G.(3) through the Matched Bargain Facility(4)


Notes:

(1) All of the times referred to in this announcement refer to London time, unless otherwise stated.

(2) See Circular for instructions on proxy voting.

(3) Phoenix Asset Management Partners has agreed to procure that Phoenix S.G. will place the Standing Purchase Order or procure that one of its group companies places the Standing Purchase Order, as described above

(4) See paragraph 4.1 of Part I of the Circular for further information.

(5) Each of the times and dates in the above timetable is subject to change. If any of the above times and/or dates change, the revised times and dates will be notified to Shareholders by an announcement through a Regulatory Information Service.

(6) The Cancellation requires the approval of not less than 75 per cent. of the votes cast by Shareholders at the Extraordinary General Meeting. It should be noted that Phoenix S.G., which is the beneficial owner of approximately 58% of the voting share capital of the Company, is entitled to procure that its nominee attends the Extraordinary General Meeting and votes on the Resolution


19 October 2022

For further information, please contact:

The Stanley Gibbons Group plc


Tel: +44 (0)207 836 8444

Graham Shircore

Harry Wilson

Liberum (Nominated Adviser and Broker)

Tel: +44 (0)203 100 2000


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Re: Stanley Gibbons London share price tumbles ............

Post by Number-O-Ne »

Wow! Having to make a choice between delisting and liquidation...
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »


Press Release wrote:"The Company's peers also have far greater insight into its strategy, operational activities and future plans than the Company has into theirs, a factor which reduces the Company's relative competitiveness"

I think their general lack of business knowledge, market shifts in their core businesses, and deep ignorance / abuse of their customer base have contributed "far more, to their demise".

The top two (CEO / CFO) are now, without any knowledge of the stamp heritage, about to strip it down "off radar".

The "sad day" was actually six years ago (2016) .... this announcement is really just confirmation that "the last mammoth has been hunted".

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Re: Stanley Gibbons London share price tumbles ............

Post by norvic »

Following careful consideration of all relevant factors and in light of the above, the Directors believe that it is in the best interests of the Company and Shareholders, taken as a whole, to seek the proposed Cancellation at the earliest opportunity.
No sh1t Sherlock!

Showing the actual tables which Glen's post stretches out to half a metre:

Screenshot 2022-07-22 at 11.51.21.png
Screenshot 2022-07-22 at 11.51.33.png
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Re: Stanley Gibbons London share price tumbles ............

Post by norvic »

Note in the table above that they made a £57,000 loss on philatelic sales of £5.5 million and covered it with a £96,000 profit on publishing sales of £1.94 million. That's a bigger loss on higher philatelic sales than the previous year.

Coins and medals are much more profitable. They also show a profit on fractional ownership.
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Re: Stanley Gibbons London share price tumbles ............

Post by Global Administrator »

Ian .. note the figures you post above are UNAUDITED! :lol: :lol: :lol: :lol:

''Phoenix S.G. continues to fund the business and has recently provided further finance. Total facilities and borrowings amount to £23.1m, which are fully drawn.''

So lets see. another few million to hoover up the shares they do not already own, and another mega poultice in legals and fees to unwind it all.

So say £30 million cost to Channon, to own an outfit only valued by the informed market today at just £6.4 million - brilliant business!

Sell Guano for £5m maybe, sell SG stock a few more M, a bit more for publishing etc, and total LOSS facing him about £20 million PLUS al the legal liability for CI legal action etc, pension fund issues, Malletts USA mess etc.
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Re: The Pitfalls & Pleasures of Buying Stamps on eBay

Post by norvic »

Just landed in my inbox, an email from the company leading to an article headlined:
Screenshot 2022-07-22 at 12.38.27.png

Victoria Lajer, Managing Director of Philately at Stanley Gibbons, is reasonably relaxed about the idea. “Purchasing from a site like eBay is fine,” she says, before adding the caveat: “But you need to know what you’re doing and you need to accept the stamps won’t always come as described.”

George James is our Head of Commonwealth. He also suggests there are benefits to browsing such online sites. “It can be a minefield, but there are occasional diamonds in the rough,” he says. Other experts, however, sound some stronger notes of caution…

Bad Bids

Auction Operations Assistant Andrew Ellis sums up his views on buying from eBay and its like in one word: “Risky!”. Robert Smith, a computer science graduate who left coding to become our Commonwealth Specialist, gives a fuller answer. “It’s an excellent way to get fleeced,” he warns. “The vast majority of collectors don’t know what they’re doing and neither do most of the sellers! Most collectors blithely assume the seller is honest and competent, and the stamp they think they’re buying for a bargain price is exactly what the seller says it is.”

Chief Executive Officer Graham Shircore, meanwhile, shares his experiences of buying on such sites. “I used auction sites like eBay for a while,” he reveals. “But I ended up sending 30-40 per cent of my purchases back as they weren’t as described.”
I wonder should somebody now write an article about the

The Pitfalls of Selling Stamps through Stanley Gibbons other than for cash.
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Re: Stanley Gibbons London share price tumbles ............

Post by Global Administrator »

I think I'll sue for plagiarising my comments of the past decade!


''SG Auction Operations Assistant Andrew Ellis sums up his views on buying from eBay and its like in one word: “Risky!”.

Robert Smith, a computer science graduate who left coding to become our Commonwealth Specialist, gives a fuller answer. “It’s an excellent way to get fleeced,” he warns. “The vast majority of collectors don’t know what they’re doing and neither do most of the sellers! Most collectors blithely assume the seller is honest and competent, and the stamp they think they’re buying for a bargain price is exactly what the seller says it is.”
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Re: Stanley Gibbons London share price tumbles ............

Post by Number-O-Ne »

norvic wrote: 22 Jul 2022 21:56 They also show a profit on fractional ownership.
Sale of shares minus cost of marketing, I would think. It does not include the sunk cost of buying the stamp. This is probably shown (buried) elsewhere to make the numbers look not as bad as they are.
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Re: The Pitfalls & Pleasures of Buying Stamps on eBay

Post by ViccyVFU »

norvic wrote: 22 Jul 2022 22:42 from SG ....

Victoria Lajer, Managing Director of Philately at Stanley Gibbons, is reasonably relaxed about the idea. “Purchasing from a site like eBay is fine,” she says, before adding the caveat: “But you need to know what you’re doing and you need to accept the stamps won’t always come as described.”

George James is our Head of Commonwealth. He also suggests there are benefits to browsing such online sites. “It can be a minefield, but there are occasional diamonds in the rough,” he says. Other experts, however, sound some stronger notes of caution…

Bad Bids

Auction Operations Assistant Andrew Ellis sums up his views on buying from eBay and its like in one word: “Risky!”. Robert Smith, a computer science graduate who left coding to become our Commonwealth Specialist, gives a fuller answer. “It’s an excellent way to get fleeced,” he warns. “The vast majority of collectors don’t know what they’re doing and neither do most of the sellers! Most collectors blithely assume the seller is honest and competent, and the stamp they think they’re buying for a bargain price is exactly what the seller says it is.”

Chief Executive Officer Graham Shircore, meanwhile, shares his experiences of buying on such sites. “I used auction sites like eBay for a while,” he reveals. “But I ended up sending 30-40 per cent of my purchases back as they weren’t as described.”

I'm sorry, I don't recognise any of those four as "experts", which is at the root of the SG issues / saga.

Of course they are going to imply "eBay is riskier than them" (but they'd be wrong).

Its also deeply offensive to many PTS members, who work tirelessly to offer quality materials there.

I'd quite like eBay to pursue Graham Shirt-tugger, if his statement is, as I suspect, "a complete fabrication".

(If it is true, then clearly "he's really no expert at all"...... Q.E.D. :D )

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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

Number-O-Ne wrote: 22 Jul 2022 23:10
norvic wrote: 22 Jul 2022 21:56 They also show a profit on fractional ownership.
Sale of shares minus cost of marketing, I would think. It does not include the sunk cost of buying the stamp. This is probably shown (buried) elsewhere to make the numbers look not as bad as they are.

£6.2M divided by 80,000 shares gives a purchase cost of £77.50 each.
Those they sold at £90 made £12.50 per unit, so that's £114k
Those they sold at £100 made £22.50 per unit, so another £62k
Gross profit of £176k

.... but the Profit share with Phoenix (at the net level) reduced it to £130k, I suspect.

So, in the period of highest interest from punters, they banked about 2% real money return "on the sum invested" (at the headline level).

They will be hoping for capital growth, but I'd say that was far from assured for "this tatty piece of paper".

(No wonder they want to step out of the spotlight, to cut some deals).

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Re: The Pitfalls & Pleasures of Buying Stamps on eBay

Post by Global Administrator »

ViccyVFU wrote: 22 Jul 2022 23:15
Its also deeply offensive to many PTS members, who work tirelessly to offer quality materials there.

Norvic sadly omitted the following section from the SG email -


Tom Hazell, our Head of Auctions, echoes this experience. “I wouldn’t purchase high-value stamps from unknown sellers on eBay,” he says. “I once went to see someone who was selling what they thought were high-value stamps. It turned out they were photocopies".

Best Buying Practices

So what’s the safest route to navigating the world’s biggest auction site and those like it? Oscar Young, Stanley Gibbons Philatelist and YouTube host, suggests buyers need to do their homework. “Only purchase rare stamps from reputable dealers,” he advises. “There are dishonest dealers who’ll gladly sell you either a misdescribed or a forged stamp. As the old saying goes, ‘If it looks too good to be true, it probably is!’”
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Re: Stanley Gibbons London share price tumbles ............

Post by Number-O-Ne »

ViccyVFU wrote: 22 Jul 2022 23:32
Number-O-Ne wrote: 22 Jul 2022 23:10
norvic wrote: 22 Jul 2022 21:56 They also show a profit on fractional ownership.
Sale of shares minus cost of marketing, I would think. It does not include the sunk cost of buying the stamp. This is probably shown (buried) elsewhere to make the numbers look not as bad as they are.

£6.2M divided by 80,000 shares gives a purchase cost of £77.50 each.
Those they sold at £90 made £12.50 per unit, so that's £114k
Those they sold at £100 made £22.50 per unit, so another £62k
Gross profit of £176k

.... but the Profit share with Phoenix (at the net level) reduced it to £130k, I suspect.
Yes. There may be some profits showing up based on what they were able to sell. However, assuming they made £200K total sales, there is still 6.2-0.2 = £6M sunk cost that relies on accounting gimmicks to be kept out of sight.
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Re: Stanley Gibbons London share price tumbles ............

Post by Global Administrator »

Very MANY millions of SG shares traded already today at 1.5p up to lunchtime

Channon buying up to get to 75% to secure the de-listing.

https://www.sharesmagazine.co.uk/shares/share/SGI/trades
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Re: Stanley Gibbons London share price tumbles ............

Post by Rog »

So what happens when it's delisted?

Are shares then worthless?

I know nothing much about stocks.
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Re: Stanley Gibbons London share price tumbles ............

Post by DJCMH »

The statement of intent sounds very much like the fat lady beginning her solo in the final act of this tragic opera
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Re: Stanley Gibbons London share price tumbles ............

Post by norvic »

Rog wrote: 23 Jul 2022 00:24 So what happens when it's delisted?

Are shares then worthless?

I know nothing much about stocks.
From the earlier post
The principal effects of the Cancellation will be that:

· there will be no formal market mechanism enabling the Shareholders to trade Ordinary Shares. Save for the proposed Matched Bargain Facility referred to below, no other recognised market or trading facility is intended to be put in place to facilitate the trading of the Ordinary Shares following the Cancellation;


· while the Ordinary Shares will remain freely transferrable, it is possible that the liquidity and marketability of the Ordinary Shares will, in the future, be even more constrained than at present and the value of such Ordinary Shares may be adversely affected as a consequence;

· in the absence of a formal market and quote, it may be more difficult for Shareholders to determine the market value of their investment in the Company at any given time;

· the regulatory and financial reporting regime applicable to companies whose shares are admitted to trading on AIM will no longer apply;

· Shareholders will no longer be afforded the protections given by the AIM Rules, such as the requirement to be notified of certain events (including substantial transactions, financing transactions, related party transactions and certain acquisitions and disposals) and the separate requirement to seek shareholder approval for certain other corporate events such as reverse takeovers or fundamental changes in the Company's business;

· the legal requirements applicable to private companies relating to transparency and corporate governance are less stringent than those applicable to public companies quoted on AIM;

· the Company will cease to have an independent nominated adviser and broker;
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Re: Stanley Gibbons London share price tumbles ............

Post by Rog »

Thanks Ian, I should have guessed there was mention in the wall of text.

So 6 September 2022 is the last day for regular trading it appears from above.
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Re: Stanley Gibbons London share price tumbles ............

Post by NikE »

Rog wrote: 23 Jul 2022 01:31 So 6 September 2022 is the last day for regular trading it appears from above.
If I have understood correctly, 6th September is the "Expected Date" i.e., if the resolution for Delisting is approved at the EGM.
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Re: Stanley Gibbons London share price tumbles ............

Post by Rog »

Ok thanks. I'll stick to stamps (no pun).
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Re: Stanley Gibbons London share price tumbles ............

Post by beerwagen »

SG sells stamps at inflated price. How can they lose money on stamp trading alone???

Just look at the stamps on sale on their website.
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Re: Stanley Gibbons London share price tumbles ............

Post by 22028 »

beerwagen wrote: 23 Jul 2022 02:49 SG sells stamps at inflated price. How can they lose money on stamp trading alone???

Just look at the stamps on sale on their website.
You mean they offer stamps at inflated price. There is a huge difference between offering and selling...
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Re: Stanley Gibbons London share price tumbles ............

Post by norvic »

beerwagen wrote: 23 Jul 2022 02:49 SG sells stamps at inflated price. How can they lose money on stamp trading alone???

Just look at the stamps on sale on their website.
Look at how long some of them stay on their website; there are only so many buyers - which is fine if you are not in a hurry to sell. But they really ought to sell more.
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

norvic wrote: 23 Jul 2022 03:07 Look at how long some of them stay on their website; there are only so many buyers - which is fine if you are not in a hurry to sell. But they really ought to sell more.

Sell more, spend less. Once again, "not rocket science".

(What did they do?... Sell less, spend more ..... hardly "the expertise of recovery").

Why have they "yet again" failed to embrace the internet? It's where their market (customers) are transacting "day in, day out".

They should have been fully listed on eBay (no sale, no fee)........ not delivering their own "half cocked website".

Instead, all the top numpties at SG have resolved a consensus, and told their (almost non existent) customer base "not to shop there".

This insults their customers, who never stopped buying stamps (just "not from them), the trade, who never stopped selling stamps (most, with high visibility there), and the new guy coming in as CEO, who wants to lead "a digital strategy for business recovery".

Would I buy stamps from them? - Only for immediate delivery
Would I consign to auction with them? - Nope
Would I buy at auction from them? - Only for immediate delivery
Would I buy digital products from them? - Nope
Would I buy physical publications from them? - Only for immediate delivery

For every one of those strands (even their own publications!), I can buy cheaper, and with more confidence, from suppliers that have embraced the internet.

When they get their de-listing, expect "some very severe restructuring, before xmas", including more resignations than "a Boris Cabinet".

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Re: Stanley Gibbons London share price tumbles ............

Post by Rog »

They are still selling things on ebay: https://www.ebay.co.uk/str/stanleygibbonsgroup

I would buy further digital publications from them, my next one would be the newest QV Specialised.

To be fair, I have more items listed on eBay than Gibbons does. And I sell things, which helps.
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Re: Stanley Gibbons London share price tumbles ............

Post by The Pom »

Following on from the above post, SG have 104 items listed on ebay.

Apparently all revenues & fiscals, hardly a red hot seller.

Total value of the whole lot, should they sell them? Just over £10,000.

Why bother?
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Re: Stanley Gibbons London share price tumbles ............

Post by GB 789 »

The Pom wrote: 23 Jul 2022 06:55 Following on from the above post, SG have 104 items listed on ebay.

Apparently all revenues & fiscals, hardly a red hot seller.

Total value of the whole lot, should they sell them? Just over £10,000.

Why bother?
Maybe these lots are just ‘unsolds’ from previous SG auctions as I’m sure I recognise a couple of these items from previous auctions.

To be fair, quite a few dealers shift unsold lots from their traditional auctions on eBay as at least it brings in some revenue.
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Re: Stanley Gibbons London share price tumbles ............

Post by Rog »

Could be. UPA do this too, I've bought leftover lots before.

I occasionally buy revenues when they appeal to me - mainly things like the long KGV/QV Canadian ones - Gibbons' prices there seem pretty good.
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Re: Stanley Gibbons London share price tumbles ............

Post by Rog »

Rog wrote: 23 Jul 2022 05:39 To be fair, I have more items listed on eBay than Gibbons does. And I sell things, which helps.
I take that back. They are selling things I realised when I took a look at their feedback. 100% and lots of happy customers.

I can't help feeling they should list more though.
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Re: Stanley Gibbons London share price tumbles ............

Post by mozzerb »

There was a piece in the business pages of tonight's London Evening Standard, which came at the story from a different and unexpected angle:

https://www.standard.co.uk/business/aim-exit-stanley-gibbons ... 14077.html

AIM stalwart eyes exit in further blow for London’s junior market

The UK’s high-growth market looks set to suffer its second exit in a week after registering the lowest number of IPOs since 2009 in Q2 this year.

London’s market for high-growth companies has suffered another blow as stalwart Stanley Gibbons seeks to axe its listing after nearly 40 years on the junior market.

The rare coin and stamp seller, founded in 1856 by English stamp dealer Edward Stanley Gibbons, wants to exit the UK’s Alternative Investment Market, or AIM, because of the lack of benefits of remaining listed.

The move comes just days after Abcam, the innovative Cambridge biotech firm, abandoned its AIM market listing in favour of New York’s Nasdaq, raising further questions about the ongoing allure of AIM in its current form.

Some commentators believe part of AIMs problem is an unintended attack from wider market reforms being proposed by the Financial Conduct Authority.

The regulator has submitted proposals about market reforms that include a model to make it easier for firms to list on the Main Market, leading some to believe that this will hurt the AIM market.

Corporate services firm Elemental said “any reform that makes Main Market listing requirements simpler and more competitive could surely hurt AIM”.

The AIM market saw a net 33 companies join in 2021, the first year of net growth since 2007, taking it to 852 firms. But this is well below its heyday of 1,694 companies in 2007.

But in the second quarter of this year, AIM had its lowest number of IPOs since 2009 – just one flotation - according to research by accountancy firm UHY Hacker Young.

Stanley Gibbons said the “considerable cost, management time and the legal and regulatory burden” linked to being on AIM were “disproportionate to the benefits to the company”, adding that there were “clear benefits from a financial and business perspective to terminating the listing”.

The firm stated that there were also “negative operational influences which come about directly as a result of being listed”, notably that the vast majority of its peers were private and so did not have to make as much information public as it did, putting it at a competitive disadvantage.

Its largest shareholder, pension firm Phoenix SG, warned that if the proposal, which requires 75 per cent shareholder approval, was not passed it would reconsider its financial support for the firm, which includes providing all the firm’s debt.

Stanley Gibbons first listed on AIM’s predecessor, the Unlisted Securities Market (USM), in 1984, meaning its move to leave the bourse could be a blow for the junior market.

A negative view of the decision will be amplified by the fact Phoenix said it still believes in the long-term potential of the firm, and that the proposed exit from AIM is not because of solvency issues.

Since launching in 1995 when it replaced the USM, AIM has helped more than 3,865 companies to raise over £115 billion.

Financial firms have until 28 July to submit responses to the FCA’s Discussion Paper DP22/2.
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Re: Stanley Gibbons London share price tumbles ............

Post by DigitalPhilatelist »

ViccyVFU wrote: 16 May 2022 22:24
(I struggle to watch the Victoria ones ... time and time again "she clearly doesn't want to be there").
Totally agree!!! They should NEVER put her in any videos. She comes across with zero interest and personality.
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

mozzerb wrote: 23 Jul 2022 11:07 There was a piece in the business pages of tonight's London Evening Standard, which came at the story from a different and unexpected angle:

AIM stalwart eyes exit in further blow for London’s junior market

London’s market for high-growth companies has suffered another blow as stalwart Stanley Gibbons seeks to axe its listing after nearly 40 years on the junior market.

The rare coin and stamp seller, founded in 1856 by English stamp dealer Edward Stanley Gibbons, wants to exit the UK’s Alternative Investment Market, or AIM, because of the lack of benefits of remaining listed.

This is the classic case of "a story to misdirect".

Castelnau (CGL) would probably also like to de-list from AIM (being as it is performing so abominably).
Lots of companies, doing badly, would rather do so "in the shade" rather than "in full media view".

SG isn't wanting to de-list because of "lack of benefits on aim", it was just an excuse given "to make it seem more palatable". Complete poisson rouge ("Red herring").

Its generally accepted that "its difficult to scrap a supertanker, whilst its still plying its trade on the high seas".

The AIM microscope "demands transparency", and that's a real inhibitor to change "on the scale, and timescale, necessary for SG".

Phoenix own 58% of the shares, but need a special resolution to effect the change, which needs 75% of the VOTES.

What it did, in all the wordy documents, is put out an offer to other shareholders to buy more shares (It needs another 73 million, which sounds a lot, but its only just over a million in cash.

Yesterday, over 11 million shares traded.

What happens if it doesn't get the 75% support (their 58% + bought + "supporters")
- Well, they cannot delist, so the slow death continues.

They have said they will pull the plug on their loans (Or to be fair "Simply no longer allow these endless defaults).
Not their fault, they tried.

Shareholders get virtually nothing, but Phoenix get all the securities they have been squirrelling away along the journey. (Stamp stock, BG, Brand, IP etc) ...

They might even sell at mates rates to a colleague, and go "all in" on a digital offering.

Off AIM is off radar (Though they still have to maintain a share register even if they come off CREST).


What happens if it gets the 75% - by buying up shares with their offer.
Well, then they can apply to "compulsorily purchase" the remaining minority interest "At an offer no less disadvantageous as the maximum they offered before".

This gives some laggards a classic default action - You can sit it out, and see, but chances are you will be bought out.

Once they have 100% - They can then absorb it "as they see fit", and not be tied by others meddling or hoops to jump through.

I think this is "their likely end game" with the words they announced.

Own it all - Maybe move the SG Brand name to Showpiece, to give it some credibility, and extend its fractional ownership and NFT nonsense under a "trusted"(?) brand name.

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Re: Stanley Gibbons London share price tumbles ............

Post by The Pom »

DigitalPhilatelist wrote: 23 Jul 2022 17:26
ViccyVFU wrote: 16 May 2022 22:24
(I struggle to watch the Victoria ones ... time and time again "she clearly doesn't want to be there").
Totally agree!!! They should NEVER put her in any videos. She comes across with zero interest and personality.
Given what the poor girl has been saddled with, you could forgive her lack of apparent enthusiasm.
Always on the lookout for Australian pre decimal First Day Covers.
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

The Pom wrote: 23 Jul 2022 23:34
DigitalPhilatelist wrote: 23 Jul 2022 17:26
ViccyVFU wrote: 16 May 2022 22:24
(I struggle to watch the Victoria ones ... time and time again "she clearly doesn't want to be there").
Totally agree!!! They should NEVER put her in any videos. She comes across with zero interest and personality.
Given what the poor girl has been saddled with, you could forgive her lack of apparent enthusiasm.

Errm, no. She is Managing Director, and should fulfil that role.

However, maybe the role of a modern MD is not "fronting a Youtube video", but "finding the right people to front it, and ensure it's a brand consistent offering".

(Its sad, for me, because face to face she is quite captivating, and knowledgeable).

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Re: Stanley Gibbons London share price tumbles ............

Post by Cephus »

ViccyVFU wrote: 23 Jul 2022 23:42
Errm, no. She is Managing Director, and should fulfil that role.

However, maybe the role of a modern MD is not "fronting a Youtube video", but "finding the right people to front it, and ensure it's a brand consistent offering".

(Its sad, for me, because face to face she is quite captivating, and knowledgeable).

It's not just SG with problems making videos. Every single month when the APS puts out videos, they are so completely incompetently done that I can't get through them. Someone needs to explain the concept of normalizing sound to these people because the audio mixing is ridiculously out of balance.
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Re: Stanley Gibbons London share price tumbles ............

Post by Global Administrator »

Global Administrator wrote: 22 Jul 2022 22:09 Ian .. note the figures you post above are UNAUDITED! :lol: :lol: :lol: :lol:

''Phoenix S.G. continues to fund the business and has recently provided further finance. Total facilities and borrowings amount to £23.1m, which are fully drawn.''

So lets see. Another few million to hoover up the shares they do not already own to get them past the 75% they need, and another mega poultice in legals and fees to then unwind it all to essentially private ownership.

So say £30 million cost to Channon, to own an outfit only valued by the informed market today at just £6.4 million - brilliant business!

Sell Guano for £5m maybe, sell all SG stock a few more Million real world, a bit more for publishing arm etc, and the total LOSS facing him is about £20 million PLUS all the future legal liability for CI legal action etc, pension fund issues, Malletts USA mess etc. And the ton of ongoing legals for all those.

This remains the real issue. ''You cannot polish a turd, and call it a flawless Diamond!''

Around £20 or so million in the hole is where Phoenix stand financially, listed or not. AFTER they sell anything of value SG owns, it seems.

Paying 70 staffers to this day, a decent chunk of them clearly pretty hopeless. THAT is the issue.

They still owe me a refund on a misdescribed stamp. I better join the conga line. :)

You really can't make this stuff up.

Clueless Management for a decade or so, gets you to this result. :!:
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Re: Stanley Gibbons London share price tumbles ............

Post by Bruny 7250 »

It does seem that the performance of SG will be hidden from view with the de-listing from AIM. I suspect the stamp stock will be offloaded and the publishing arm floated in a new entity.

The latter will be a complete success if capable management is found (i.e. no one currently 'managing' or 'decision making' continues to do so).

An empty vessel will be left to fight over.
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Re: Stanley Gibbons London share price tumbles ............

Post by Global Administrator »

The Pom wrote: 23 Jul 2022 06:55 Following on from the above post, SG have 104 items listed on ebay.

Apparently all revenues & fiscals, hardly a red hot seller.

Total value of the whole lot, should they sell them? Just over £10,000.

Why bother?

Selling stamps retail, involves WORK for the Hooray Henry set at The Strand. Heavens Forbid. :lol: :lol: :lol:

Highly profitable, but WORK.

Maybe dumping a few boxes in wholesale job lots, cranks up the monthly figures? Who knows?

Capture.JPG
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Re: Stanley Gibbons London share price tumbles ............

Post by mozzerb »

Assuming they're not from a collector who never wrote anything up, I suspect what Mark Bloxham has got is a bunch of "investment package" lots from someone who didn't let SG keep them for him.
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

Global Administrator wrote: 26 Jul 2022 22:52
Selling stamps retail, involves WORK for the Hooray Henry set at The Strand. Heavens Forbid. :lol: :lol: :lol:

Highly profitable, but WORK.

Maybe dumping a few boxes in wholesale job lots, cranks up the monthly figures? Who knows?
Image

They did mention this in their restated figures (you quoted earlier)
(You know, the 4.5 metres of emissions)...

Global Administrator wrote: 22 Jul 2022 20:03 (Ex SG Announcement)

Current Trading, Strategy and Prospects
Following completion of its financial year end on March 31st 2022, the Company provides the following update on its headline results for the previous financial year as well as a further trading and corporate update.


Restated* - Divisional Review - Philatelic Division
We also continued to sell off legacy inventory, some of which was sold at a loss, generating cash for the business but pulling down reported profitability
.


and then went on .... (and on ...)

Post Year End Update
We have purchased strongly recently and have an attractive outlook for the auctions business both in terms of consignments confirmed and in the pipeline.


"Any fool can buy (or give it away) ... Its selling it "at a profit" that's the tricky bit" :D


(Edit : Just saw MozzerB's comments after posting - That's also a distinct possibility, too)

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Re: Stanley Gibbons London share price tumbles ............

Post by Global Administrator »

ViccyVFU wrote: 26 Jul 2022 23:08
''We also continued to sell off legacy inventory, some of which was sold at a loss, generating cash for the business but pulling down reported profitability''


"Any fool can buy (or give it away) ... Its selling it "at a profit" that's the tricky bit" :D


Yes, as my stamp dealer mentor Ken Baker (who lived to age 104!) told me many times -

"Son, it takes no skill or talent whatsoever, to sell quality stamp items for a small fraction of what they are truly worth."

Probably why he was the most successful stamp dealer we have ever seen in this country. :)

A few months back I suggested to probably Britain's largest stamp seller to offer them a million quid cash for 3 million quid of retail of his choosing, and I had a feeling they were so desperate for trading figures to match the Annual Report hype they'd likely go for it.

Sometimes in a business life only one such Golden Goose opportunity presents itself. :!:

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Re: Stanley Gibbons London share price tumbles ............

Post by capetriangle »

A former employer of mine in Los Angeles had something similar to say, "There is no trick to selling something for what it is worth."

His retail prices were always priced well into the future. To be fair to him he would occasionally concede, "My prices may not always be the cheapest."

Of course, he ended up keeping stock for literally decades. I left his employment in 1986 to move back east and ended up dealing with some of his material in New York almost thirty years later recognizing some stamps on the same stock-cards. Some of it had not improved in the intervening years.

Ah, memory lane.

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Re: Stanley Gibbons London share price tumbles ............

Post by Derbyboi2 »

ViccyVFU wrote: 26 Jul 2022 23:08
Global Administrator wrote: 26 Jul 2022 22:52
Selling stamps retail, involves WORK for the Hooray Henry set at The Strand. Heavens Forbid. :lol: :lol: :lol:

Highly profitable, but WORK.

Maybe dumping a few boxes in wholesale job lots, cranks up the monthly figures? Who knows?
Image

They did mention this in their restated figures (you quoted earlier)
(You know, the 4.5 metres of emissions)...

Global Administrator wrote: 22 Jul 2022 20:03 (Ex SG Announcement)

Current Trading, Strategy and Prospects
Following completion of its financial year end on March 31st 2022, the Company provides the following update on its headline results for the previous financial year as well as a further trading and corporate update.


Restated* - Divisional Review - Philatelic Division
We also continued to sell off legacy inventory, some of which was sold at a loss, generating cash for the business but pulling down reported profitability
.


and then went on .... (and on ...)

Post Year End Update
We have purchased strongly recently and have an attractive outlook for the auctions business both in terms of consignments confirmed and in the pipeline.


"Any fool can buy (or give it away) ... Its selling it "at a profit" that's the tricky bit" :D


(Edit : Just saw MozzerB's comments after posting - That's also a distinct possibility, too)

and have scans of most

I keep a close eye on most vendor dealer's/auctioneer's high end stock in my area of collecting. Yesterday Mark Bloxham put up two items on e-Bay which I have scans of from the SG website. One was priced at £575 (£175 less than the SG price) and one at £1950 (£550 less than the SG price. On the latter item I received a buy it now offer from Mark [at] £1775. He must still be making a profit on that so I reckon SG sold the stock off at a very considerable discount.....
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Re: Stanley Gibbons London share price tumbles ............

Post by Derbyboi2 »

ViccyVFU wrote: 26 Jul 2022 23:08
Global Administrator wrote: 26 Jul 2022 22:52
Selling stamps retail, involves WORK for the Hooray Henry set at The Strand. Heavens Forbid. :lol: :lol: :lol:

Highly profitable, but WORK.

Maybe dumping a few boxes in wholesale job lots, cranks up the monthly figures? Who knows?
Image

They did mention this in their restated figures (you quoted earlier)
(You know, the 4.5 metres of emissions)...

Global Administrator wrote: 22 Jul 2022 20:03 (Ex SG Announcement)

Current Trading, Strategy and Prospects
Following completion of its financial year end on March 31st 2022, the Company provides the following update on its headline results for the previous financial year as well as a further trading and corporate update.


Restated* - Divisional Review - Philatelic Division
We also continued to sell off legacy inventory, some of which was sold at a loss, generating cash for the business but pulling down reported profitability
.


and then went on .... (and on ...)

Post Year End Update
We have purchased strongly recently and have an attractive outlook for the auctions business both in terms of consignments confirmed and in the pipeline.


"Any fool can buy (or give it away) ... Its selling it "at a profit" that's the tricky bit" :D


(Edit : Just saw MozzerB's comments after posting - That's also a distinct possibility, too)



I keep a close eye on most vendor dealer's/auctioneer's high end stock in my area of collecting. Yesterday Mark Bloxham put up two items on e-Bay which I have scans of from the SG website. One was priced at £575 (£175 less than the SG price) and one at £1950 (£550 less than the SG price. On the latter item I received a buy it now offer from Mark [at] £1775. He must still be making a profit on that so I reckon SG sold the stock off at a very considerable discount.....
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

Derbyboi2 wrote: 27 Jul 2022 02:31 I keep a close eye on most vendor dealer's/auctioneer's high end stock in my area of collecting. Yesterday Mark Bloxham put up two items on e-Bay which I have scans of from the SG website. One was priced at £575 (£175 less than the SG price) and one at £1950 (£550 less than the SG price. On the latter item I received a buy it now offer from Mark (at) £1775. He must still be making a profit on that so I reckon SG sold the stock off at a very considerable discount.....

You should always check Mark's site. for anything he lists on ebay.

MB1.jpg
(Three countries fit the criteria you mentioned ... I'll plump for this, to illustrate)

He's basically offering it to you "at 1% less than he'd sell it to a complete stranger" (or my dog).

I would "imagine" (i.e. "pure speculation, on my part") he got it at ballpark 33% of SG card price, with Phoenix agreeing the deal (Remember, SG can't sell their own stuff, without permission nowadays, due to "loan conditions").

If you are interested, talk to him. "The guy lives for doing quick deals".

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Re: Stanley Gibbons London share price tumbles ............

Post by Derbyboi2 »

ViccyVFU wrote: 27 Jul 2022 03:51
Derbyboi2 wrote: 27 Jul 2022 02:31 I keep a close eye on most vendor dealer's/auctioneer's high end stock in my area of collecting. Yesterday Mark Bloxham put up two items on e-Bay which I have scans of from the SG website. One was priced at £575 (£175 less than the SG price) and one at £1950 (£550 less than the SG price. On the latter item I received a buy it now offer from Mark (at) £1775. He must still be making a profit on that so I reckon SG sold the stock off at a very considerable discount.....

You should always check Mark's site. for anything he lists on ebay.

Image
(Three countries fit the criteria you mentioned ... I'll plump for this, to illustrate)

He's basically offering it to you "at 1% less than he'd sell it to a complete stranger" (or my dog).

I would "imagine" (i.e. "pure speculation, on my part") he got it at ballpark 33% of SG card price, with Phoenix agreeing the deal (Remember, SG can't sell their own stuff, without permission nowadays, due to "loan conditions").

If you are interested, talk to him. "The guy lives for doing quick deals".

Not the Wildings but thanks for the illustrative tip. I agree something like 33% of what was on the card. I shall illustrate the Block I am interested in (form the original SG Site).

3d Die 1 Dir 2 pane SG.jpg
For some perverse reason SG catalogues mint Die 1 Die 2 pairs at £425 each and there are 7 possible in this block making a total catalogue value (as pairs and singles including the Die 1's) of £3,750. That having been said anyone buying this wouldn't want to split it up hopefully. It would make a fine addition to my specialised collection of Australia and NWPI 3d 'Roo stamps and covers.......There are a couple of what I think are grease marks especially on L55 which has the variety 'white flaw over T of Three'. Similarly the Arnhem flaw at L59 is obscured by the overprint.
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

Derbyboi2 wrote: 27 Jul 2022 07:30 I shall illustrate the Block I am interested in (form the original SG Site).

For some perverse reason SG catalogues mint Die 1 Die 2 pairs at £425 each and there are 7 possible in this block making a total catalogue value (as pairs and singles including the Die 1's) of £3,750. That having been said anyone buying this wouldn't want to split it up hopefully. It would make a fine addition to my specialised collection of Australia and NWPI 3d 'Roo stamps and covers.......There are a couple of what I think are grease marks especially on L55 which has the variety 'white flaw over T of Three'. Similarly the Arnhem flaw at L59 is obscured by the overprint.

Its easy to find on the Bloxham site, and "the savings arithmetic" works for this one too.

mark_01.jpg
mark_02.jpg
mark_03.jpg
mark_04.jpg

What amazes me, (other than the sheer quality of the items they have in stock "for so long"), is the fact SG could have listed it themselves, on eBay, a while back, and definitely ended up with "higher net receipts".

The sheer insanity of "a stamp company, that cannot make a profit trading stamps",
whilst those "that work really hard, to make sales" seem to have gone from strength to strength "over the same period".

Pity "there was no one that understood the business" put in charge ....
Things might well have worked out differently.

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Re: Stanley Gibbons London share price tumbles ............

Post by GB 789 »

Derbyboi, is that 3d block a well known piece? Would it be possible to find out how long SG had it in stock for and what they originally paid for it?
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