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Stanley Gibbons to seal Mallett acquisition

Published: 17:47 20 Oct 2014 BST

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Stanley Gibbons (LON:SGI) told investors that its proposed acquisition of Mallett Plc has now become wholly unconditional.

The AIM quoted collectables specialist said it now has acceptances for 95.2% of Mallett’s shares.

"We are delighted that our offer has been accepted by the Mallett shareholders,” said chief executive Michael Hall.

Hall adds that the acquisition provides Stanley Gibbons with “exceptional and prestigious” premises on London's Dover Street and New York's Madison Avenue.

“The board believes that the addition of the valuable Mallett brand and related expertise represents a critical enhancement to the Stanley Gibbons Group's services and a major step forward to deliver on its stated strategy, in particular providing a stronger online auction platform to enhance its online collectibles marketplace, due to launch later this year,"  he said.

Stanley Gibbons expects the acquired business to be earnings positive in the first full year of ownership, as a result of revenue opportunities and readily achievable cost savings.

September’s recommended offer for Mallett was pitched at £8.6mln. The offer is due to close on November 3.

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