Stanley Gibbons (AIM:SGI) Group PLC, which owns the famous stamp emporium at 399 The Strand, London has unveiled plans to delist from AIM after an often turbulent two decades as a public company.
It has been asked to do so by Phoenix Asset Management Partners, on behalf of the company’s biggest investor, Phoenix SG, which owns 58% of the philatelic, coins and medals specialist.
It is seen as cost-effective to exit the market, a move it hopes will also help stem the “negative operational influences on the business”.
A process will be put in place that allows investors who do not want to hold unlisted stock in Stanley Gibbons (AIM:SGI) to sell their shares for 1.5p each, which was last night’s closing price.
“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,” the company said in documentation outlining its plans.
In a separate announcement, SG said Graham Shircore will step down as chief executive and return to work at Phoenix Asset Management. He will be replaced by Tom Pickford, who formerly worked at The Hut Group and before that Procter & Gamble (NYSE:PG).
“Tom has a wealth of experience in delivering successful business growth and a strong track record in the digital world,” investors were told.
“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.”