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

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

Post by David Smitham »

Assume, for the sake of discussion that:

SG &/or Phoenix did not care about the financial situation at SG at the moment, and that
SG put up the 1c British Guiana for auction next year with a reserve price of GBP 10,000 ....

What price do you think that the stamp would likely sell for?

Obviously a hypothetical situation as I am sure that neither SG nor Phoenix would want to sell it (at a loss).

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

Post by Tod.Moore »

David Smitham wrote:
12 Sep 2021 15:18
Assume, for the sake of discussion that:

SG &/or Phoenix did not care about the financial situation at SG at the moment, and that
SG put up the 1c British Guiana for auction next year with a reserve price of GBP 10,000 ....

What price do you think that the stamp would likely sell for?

Obviously a hypothetical situation as I am sure that neither SG nor Phoenix would want to sell it (at a loss).

David.
Hi David.

If the “Imperium” Collection of British Guiana sells in October, intact, to a collector with very deep pockets, then the 1c Magenta might fetch a fat sum. ... Perhaps?

Cheers. Tod. :)

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

Post by GB 789 »

Whilst sorting out a couple of storage boxes today I came across this copy of Gibbons Stamp Monthly from 2006 (September copy so exactly 15 years ago).

I thought it would be interesting to see and compare dealer prices on a number of stamps with today. However, when flicking through, this article in the news section caught my eye self congratulating themselves on ‘record profits’. What SG would give now to go back to those heady days!

Some very interesting comments from the former big ‘boss’ such as internet sales increasing 18% as well as a rise of 15% in new customers. They also seriously ‘bigged up’ autographs as significant earners back then too.

Another point is that Mr Fraser points out the soon to happen (in 2006) move of the investment division to Guernsey. If only they knew how that would turn out!

2006 GSM article makes for interesting reading!
2006 GSM article makes for interesting reading!

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

Post by Global Administrator »

timbromania wrote:
08 Sep 2021 07:01

Note that deal was "up to" £19.45 million. We don't know the actual amount they shelled out.

The Phoenix deal had three prongs:

(i) the share deal for 58%. Phoenix paid 2.5p a share.

(ii) the purchase of the investment stock from the receiver of the Guernsey liquidation. This was £3million for about £12 million of stock.

(iii) the debt owed to the banks which was approx £17 million. £7 million was "absorbed" by SG itself. The other £10 million was acquired by Phoenix. At the time Joel, on this thread, pointed out that Phoenix would have purchased this from the banks at a very large discount.

This must have looked like a very good deal for Phoenix back in 2018.

See here:

https://www.stanleygibbonsplc.com/wp-content/uploads/2020/04/Circular-Final-27-Feb-2018.pdf
.


JoelK is a VERY senior banker.

He seems to feel in this post from early 2018 that Phoenix did in fact stump up the full £19.45 million, or thereabouts.

So what have they got to show for that near 20 MILLION quid in just that one funds injection alone? The ENTIRE market cap of the business is near half that at 12 million quid (and Phoenix own only 58% of those shares or 7 million quid.) And in a fire sale you never get that. :idea:



joelk wrote:
24 Feb 2018 00:38

Timbromania,

I doubt that very much.

The consideration for the payment to RBS is not disclosed.

It would have been at most 10m (+ the half million contingency) paid by Phoenix. The 7 million put into SGF is unlikely to have been paid anything, since SG (and SGF by extension) have no cash other than what they draw from their credit lines at this point.

Also, look at the announcement, which is very telling: investment of up to 19.45 million, which I broke down into 10m for debt, 0.5 for contingency + 6.2m cash +2.75m Guernsey debt.

There is no space for the extra 7 million, and no way that the SG subsidiary pays 7 million for the debt of its parent (where would the money come from?).

Also, no one in their right mind would pay par for SG debt.

Finally, look at the language in the announcement: To the extent that on completion of the Proposed Transaction the RBS Debt exceeds £17.0 million, Phoenix UK Fund has agreed to pay RBS up to £500,000 to purchase at par the amount of such excess.

This means that SG is so strapped for cash that they will probably need to draw more money on their credit lines to survive until the closing of the transaction, and RBS ain't giving it for free.

That means Phoenix pays at par for the excess, but would certainly imply they are not paying at par for the rest of the debt...

Cheers,
Joel.
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

Global Administrator wrote:
13 Sep 2021 18:59

JoelK is a VERY senior banker.

He seems to feel in this post from early 2018 that Phoenix did in fact stump up the full £19.45 million, or thereabouts.

So what have they got to show for that near 20 MILLION quid in just that one funds injection alone? The ENTIRE market cap of the business is near half that at 12 million quid (and Phoenix own only 58% of those shares or 7 million quid.) And in a fire sale you never get that. :idea:

People appear to be looking in the wrong places. Its classic misdirection.

Lets say they paid £19.5M (Joel's going to be right :D )

£10.5M expended to effectively buy the "imminently almost worthless" debt of £17.5M from RBS / Natwest.
.... But it wasn't expended as such..... RBS just put the lower loan sum to Phoenix's account, and Phoenix back-to-backed that with a loan to SG (Effectively becoming the master loaner). Whether the cash actually moved or not, its more of a "conceptual paper move" (they could always have borrowed it elsewhere).

For that loan to SG, Phoenix took security, by way of deed, over all the Brand, Intellectual Property (I.P.), websites etc of SG, thereby denying other shareholders any claim to them, if they went "down a hole".

That IP today is probably worth around £10 - 15M, but Phoenix are hamstrung in "realising that investment value in the company, in its current form".

RBS will have seen the £6.2M of new cash going in via shares (a sum they approximately wrote off themselves, and will have felt it was a good negotiated position from a very risky loan "technically in imminent default").

Second sum expended was the £3M for £12M of stock.

That, if sold via their "trusted brand, on commission only" would certainly be a big contribution towards the net cost of their "IP loan". IF they made the £9M profit (they haven't, yet), the net cost of that loan would be reduced to around £2M, for £10M++ of IP value? Sounds like a good deal, to me.

Third sum expended was the shares. £6.2M for 248 million shares.

Now, they clearly had ambition, and you can tell that by the price that executive share options are outstanding. The current share price would have to be four times todays rate, for them to be worth anything, so that leg of the plan has gone abysmally. (Still, they are worth today "approximately what they paid for them").

So, maybe, assuming they do go under, the net cost to them of the unencumbered IP would be the £2M net of loan, and the valueless shares (at a cost of £6.2M), a total of £8.2M, against IP worth 25% to 100% more than that.
(Not an exact figure, as there have been extra smaller loans, and stock transactions along the way).

Now, "hypothetically" ....

If they found a way to bust the company (You know, negative balance sheet, pension funding issues, unresolved tenants, poor turnover and a possible lawsuit by aggrieved SG Guernsey punters ... that sort of thing) then they could go into liquidation, walk away with unencumbered IP, and leave the shareholders (with valueless holdings) to fight amongst themselves.

Just a thought :D

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

Post by Finchley Chris »

More bad news (and the share price is dropping....) :

https://www.londonstockexchange.com/news-article/SGI/update- ... y/15136976

16 September 2021

THE STANLEY GIBBONS GROUP PLC

(the "Company" or the "Group")

Update re Subsidiary and New York Property

"The Company's wholly owned subsidiary Mallett Inc (Mallett), has been involved in a legal dispute regarding a leasehold property in New York which it sub-let as described in the Company's final results announced on 10 August 2021. In April 2020 Mallett's tenant ceased paying the rent, which in turn meant that Mallett was unable to pay the landlord. In August 2021 Mallett reached a settlement agreement with the tenant which terminated their tenancy. Mallett Inc has been unable to negotiate a settlement with the landlord for the outstanding rental arrears and has been unable to negotiate early termination of the lease.

On the advice of its attorneys, the Directors of Mallett have agreed to enter Mallett into a Chapter 11 process in the United States. The Chapter 11 bankruptcy filing will allow Mallett to promptly liquidate its assets in the order of priority required by the US federal Bankruptcy Code, with timing and amount paid to creditors approved by the New York Bankruptcy Court before distributions are made.

Mallett is a cross guarantor of the Group's finance facilities with Phoenix S.G. Limited ("Phoenix"), the Group's 58.09% majority shareholder and principal lender. As a result of Mallett Inc entering Chapter 11 proceedings in the United States, the Group is in technical default of its loan facility. As a result of this the loan facility would become immediately due if called by Phoenix.

The Group's Directors requested and have received from Phoenix S.G. Limited a signed letter of intent stating their intention not to call in the loans and to continue to support the Group. This letter is consistent with the support that Phoenix have offered throughout their involvement as lender to the Group but is not a waiver of the default and the loan facility is payable on demand.

At 31 August 2021 the carrying value of right of use asset in the Group's balance sheet for the New York leasehold property is £2.6m whereas the total carrying value of the lease liability is £4.3m. The Mallett balance sheet at 31 August 2021 has approximately £2.5m of net assets. Under the Chapter 11 process, these assets will be divided between the creditors of Mallett according to the creditors share of the liabilities. Other than the landlord, Mallett's other creditors are mainly amounts owed to other Group companies.

The Chapter 11 process will apply the US federal Bankruptcy Code to creditors which will limit some of the liabilities. The Directors have been advised by the Mallett attorneys that no claim from this process can be attached back to other Group companies and the Directors are hopeful that on conclusion of this process some of the assets will be distributed to Group companies.

The Company will update shareholders on any material developments in the Chapter 11 process as and when they occur.

Graham Shircore CEO said:

"It was always our hope that we could reach a negotiated settlement with all parties in connection with the New York lease. Unfortunately, this has not been possible with regard to one of the parties concerned. Therefore, in order to protect the Group's remaining assets and minimise the future liabilities the decision to place Mallett Inc in to Chapter 11 has been taken.

Phoenix continue to show their support for the business and we hope that the Chapter 11 process in the United States can be concluded as swiftly as possible and in a manner which is optimal for all creditors which include a number of other Group companies."."

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

Post by Global Administrator »

.
Mallett is just ANOTHER of the moronic purchases by the board of a non stamp related business they knew NOTHING about.

When this mess is added in, and the massive legal sum a Chapter 11 incurs, it will have cost SG shareholders about TEN MILLION QUID when all the earlier USA Anti-Trust or whatever legal proceedings are added in.

Trained Chimps could have made wiser purchases. :!:


(Early 2018)’’ Stanley Gibbons said its best estimate of the costs in assisting US authorities' action against a former client and former director of Mallett PLC, which it acquired in 2014, is around GBP700,000. The company said it is considering civil action against the director.’’

The losses and messes have continued ever since.


From back in 2014 - they dumbly PAID 8.6 million Quid for Mallett Furnishings who have simply cost them money ever since. Idiots.

norvic wrote:
02 Oct 2014 19:07

Re: Stanley Gibbons acquires antiques dealer Mallett for £8.6m

Still on the acquisitions trail, The Fine Art Auction Group Limited (a wholly-owned subsidiary of The Stanley Gibbons Group plc) as acquired Mallett PLC (incorporated in England and Wales).

On Monday, stamp specialist Stanley Gibbons acquired art and antiques dealer Mallett in an £8.6 million ($13.9 million) deal. Public shares of Mallett, established in 1865, rose around 22 percent following the acquisition, which Stanley Gibbons describes as an effort to expand the company’s wheelhouse.

In a statement, Stanley Gibbons chairman Martin Bralsford said: “Stanley Gibbons is committed to delivering its established strategy to become a leading online collectibles marketplace and a global auction house for fine and decorative arts, collectibles and other valuables.”
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

Finchley Chris wrote:
16 Sep 2021 23:58

Graham Shircore CEO said:

"Therefore, in order to protect the Group's remaining assets and minimise the future liabilities the decision to place Mallett Inc in to Chapter 11 has been taken.
I think Group companies can "go whistle" for their balances with Mallett, which means more write downs are inevitable.

Its a huge blow to marketing anything like non Fungible Tokens (NFT's) in Ma & Pa America, who now will headline this message to be : "SG are in trouble".

What we are seeing, for the second time in five years, is them hiding behind corporate structure to avoid liabilities, and leave other people out of pocket.

Think on that, when you read their "soon to be published" offer.

They were already on their last pile (tranche C = £1M) of drawdown of current Phoenix loan facilities, and when you read their 2021 accounts closely (Note 16, last sentence) you will note "they are borrowing off people they are buying collections from". (I wouldn't have given them 24 months credit).

Chapter 11, with a few chargeable space cadets (to run the administration), and legal costs,
devours that "within days".

Their "revaluation of reference material" (every 5 years = March 2021) is overdue, but if their holding prices are even a bit short of the prices their stock is currently not selling at, I think its almost "show time".

(Bear in mind the last valuation (in 2016) was near "a previous peak".... which was SG engineered!).

Next Thursdays shareholder meeting, against a backdrop of this news, a (probable) slow first half to the year, directors "going concern" issues in the annual report, and the "NFT" becoming "NFU" in the eyes of American investors, is shaping up to be epic!!.

I hope Phoenix have a blank cheque they can fill out on stage, to restore calm!! :D


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

Post by norvic »

Meanwhile, Gibbons have announced "New Product Information" to the trade.
Queen Victoria Album (1840-1901) - Item RQV £855.00 (Unmounted)

Stanley Gibbons is proud to present the Queen Victoria Album Set covering stamps issued between
1840 and 1901. The Queen Victoria Album Set is spread across ten volumes, each in its own luxury
padded binder, and housed in five slipcases. All albums are handmade with a 22 Ring mechanism to
securely hold your collection and comes supplied with a matching slipcase. Every page is pre-printed
on cream acid free paper and contains spaces for all the main SG numbers as per our
Commonwealth and Empire stamp catalogue. This album set covers all Postage, Postal Fiscal and
Official Stamps. There are spaces for all perforation and watermark changes (including sideways but not inverted or reversed), different plates, Types and Dies, Shades and Varieties are not included. Indian States are not included in this album. The Queen Victoria Album set is currently available unmounted - the mounted version will follow in December. All leaves are punched 22 Ring. Leaf Size 222 x 280m
Just £855 for 10 volumes, so for collectors of this area, possibly not a bad deal, although this excludes mounts.

But can anybody correctly explain what the portion highlighted in red means? What is in, and what is not? I can't get through to Gibbons, email replies were rejected!
The Highgrove World Set of Leaves – Item RHIG-WA £29.50
The perfect replacement for the discontinued Stanley Gibbons Worldex leaves. Start Collecting stamps from around the globe with this brand-new beginner friendly set of leaves from Stanley Gibbons. Featuring an easy-to-use index, first arranged by Continent and then separated by Country. With spaces for the most popular countries*, this unique set of leaves is perfect for any budding collector looking to add some structure to their stamp collection. The Highgrove World leaves have been created to fit the Stanley Gibbons 22 Ring binders as well as the Stanley Gibbons Spring back binder. Once a page is filled the Stanley Gibbons blank and quadrille leaves fit seamlessly with the Highgrove, allowing a collector to keep expanding upon their collection.
WHAT???
* The pages are blank, quadrille pages with the country name at the head; they could have included all countries, popular and unpopular by including some pages with no header!
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Re: Stanley Gibbons London share price tumbles ............

Post by mozzerb »

norvic wrote:
17 Sep 2021 01:59
There are spaces for all perforation and watermark changes (including sideways but not inverted or reversed), different plates, Types and Dies, Shades and Varieties are not included.
...
But can anybody correctly explain what the portion highlighted in red means? What is in, and what is not? I can't get through to Gibbons, email replies were rejected!
Bad drafting with a comma fault by the look of it. Unfortunately there are at least two reasonable interpretations:

"There are spaces for all perforation and watermark changes (including sideways but not inverted or reversed). <new sentence> Different plates, Types and Dies, Shades and Varieties are not included."

"There are spaces for all perforation and watermark changes (including sideways but not inverted or reversed), different plates, Types and Dies. <new sentence> Shades and Varieties are not included."

Since there's an "and" between "Types" and "Dies" I suppose the second of these is more likely -- apparently whoever wrote it lost track of what they were doing in the sentence, and tacked on a clause about shades and varieties. That would mean the album includes all the main Part 1 catalogued varieties (especially the GB plate numbers) without getting into the weeds of minor varieties.

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

Post by norvic »

mozzerb wrote:
17 Sep 2021 02:23
norvic wrote:
17 Sep 2021 01:59
There are spaces for all perforation and watermark changes (including sideways but not inverted or reversed), different plates, Types and Dies, Shades and Varieties are not included.
...
But can anybody correctly explain what the portion highlighted in red means? What is in, and what is not? I can't get through to Gibbons, email replies were rejected!
Bad drafting with a comma fault by the look of it. Unfortunately there are at least two reasonable interpretations:

"There are spaces for all perforation and watermark changes (including sideways but not inverted or reversed). <new sentence> Different plates, Types and Dies, Shades and Varieties are not included."

"There are spaces for all perforation and watermark changes (including sideways but not inverted or reversed), different plates, Types and Dies. <new sentence> Shades and Varieties are not included."

Since there's an "and" between "Types" and "Dies" I suppose the second of these is more likely -- apparently whoever wrote it lost track of what they were doing in the sentence, and tacked on a clause about shades and varieties. That would mean the album includes all the main Part 1 catalogued varieties (especially the GB plate numbers) without getting into the weeds of minor varieties.
After a phone discussion, the highlighted in blue is the correct explanation. Apparently it's exactly the same wording as used for the KG6 album and "nobody has ever noticed it before". :roll:
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

norvic wrote:
17 Sep 2021 04:00
After a phone discussion, the highlighted in blue is the correct explanation. Apparently it's exactly the same wording as used for the KG6 album and "nobody has ever noticed it before". :roll:
No, its just sloppy, and persists on their other current albums available ...

new_age.jpg
SG New Age Album (per S.G. Website)


Of course, the Victoria one was the first to be announced, but the last to be released .....

albums2.jpg
Current Album Line-up (per S.G. Website)

A full set (to 1962, so far) is going to ballpark over £2,500 for printed, and nearer £4,500 with mounts.

I'll be sticking with my SG Century Album (from 1902), which covers the Victorian era, but for the whole world.

If 1% of collectors "bought the range", you can bet that, of those, less than 1% will make significant progress in completing the pages!!

Seems to confirm (indirectly) they are really only going to be stocking Part 1 stamps for GB and Commonwealth.


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

Post by satsuma »

The problem isn't really the punctuation - it's the actual composition.

Previously proposed option:
"There are spaces for all perforation and watermark changes (including sideways but not inverted or reversed), different plates, Types and Dies. <new sentence> Shades and Varieties are not included."

Part of the problem is the unnecessary capitalisation; it would read better thus:

"There are spaces for all different plates, types, and dies. Perforations and watermark changes (including sideways but not inverted or reversed) are included, but shades and varieties are not."

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

Post by Global Administrator »

.
SG have far larger problem then spell checkers in the sales department.

Most trades yesterday were at 2.5 pence -

https://www.londonstockexchange.com/stock/SGI/stanley-gibbons-group-plc/company-page
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

Global Administrator wrote:
17 Sep 2021 14:15
Most trades yesterday were at 2.5 pence
Given the bid - offer spread, it was people offloading.

You'd only need 34,200 to pay for a set of new shiny Victoria albums.

I wonder if they are pre- ordering that, too?

(10 volumes, plus a chapter 11. What a day!)

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

Post by Greg Ioannou »

ViccyVFU wrote:
06 Sep 2021 20:55
But NEVER, even on a bad day, discount a title BEFORE its been published ... there are too many downsides:

1) You are discounting for ALL customers, even those that would have paid full price. (That's a BIG hit on profits).
OK, so I own a small publishing company. We don't offer prepublication discounts for books we sell directly to consumers.

BUT when we publish a book, we offer it at a discount to retailers. Same discount to all retailers. One of our biggest retailers offers each book at a big prepublication discount, trying to generate a lot of advance sales. Sometimes they sell a lot (so they buy a lot from us) and sometimes they sell none whatever (so they don't order that book).

But whether they sell none or hundreds, my publishing company gets the same amount for each one sold. By selling it cheaply, the retailer is generating more sales, so they're helping the publisher.

And the Gibbons catalogues are being offered at a pre-publication discount by a retailer, no?

Greg

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

Post by ViccyVFU »


Greg Ioannou wrote:
20 Sep 2021 05:02
ViccyVFU wrote:
06 Sep 2021 20:55
But NEVER, even on a bad day, discount a title BEFORE its been published ... there are too many downsides:

1) You are discounting for ALL customers, even those that would have paid full price. (That's a BIG hit on profits).
We don't offer prepublication discounts for books we sell directly to consumers.
So that sounds like agreement. My quote was part of a five part list in response to the Sheriffs suggestion of the publisher "offering a pre publication discount".
Greg Ioannou wrote:
20 Sep 2021 05:02
BUT when we publish a book, we offer it at a discount to retailers. Same discount to all retailers. One of our biggest retailers offers each book at a big prepublication discount, trying to generate a lot of advance sales. Sometimes they sell a lot (so they buy a lot from us) and sometimes they sell none whatever (so they don't order that book).

But whether they sell none or hundreds, my publishing company gets the same amount for each one sold. By selling it cheaply, the retailer is generating more sales, so they're helping the publisher.
You don't specify, but are those books "highly specialised catalogues, with a defined market and a fairly regular clientele?". Libraries and dealers want the latest volume at the keenest prices, and that's a huge part of their market. Then there are keyboard warrior that are extremely price sensitive in their decision making. If all those can access cheaper routes of supply, then "internet procurement says they will".

Yes, there are a casual few that are "not that price sensitive", that maybe impulse buy off the shelf, or buy from "the home of stamp collecting", but I think they are in a minority nowadays.

Greg Ioannou wrote:
20 Sep 2021 05:02

And the Gibbons catalogues are being offered at a pre-publication discount by a retailer, no?

Now, I'm guessing the first word was intended to be "Are", and in that case, the answer is yes.

Speedyhen, a UK generalist supplier of discount books, is offering it, to pre-order, for £68.06 (that's nearly 25% LESS than the SG cover price offer of £89.95).

If they are both pre-order, why wouldn't you go with the supplier "at lower cost, and much lower risk",
and change to that supplier in perpetuity?

(They have also abandoned their traditional distribution network of smaller outlets / dealers, offering them unviable margins to stock it).

Flagship publication, available with heavy discount from day 1?

Why give all that margin away? (Its a fairly captive audience).



Anyway, show-time this week, with both the AGM and Part1 publication due on Wednesday (22nd),
... (plus, of course, more details of their BG particle promotion, if we are lucky :D)


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

Post by faro »

ViccyVFU wrote:
20 Sep 2021 21:33
Speedyhen, a UK generalist supplier of discount books, is offering it, to pre-order, for £68.06 (that's nearly 25% LESS than the SG cover price offer of £89.95).

If they are both pre-order, why wouldn't you go with the supplier "at lower cost, and much lower risk",
and change to that supplier in perpetuity?

(They have also abandoned their traditional distribution network of smaller outlets / dealers, offering them unviable margins to stock it).

Flagship publication, available with heavy discount from day 1?
Was available. They'll have more stock along soon, no doubt.

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

Post by Finchley Chris »

The shares closed at a 52-week low of 2.3p yesterday.

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

Post by norvic »

US philatelic paper Linn’s reporting the chapter 11 story, reveals that the tenant who stopped paying rent in April 2020 was fashion store owner Stella McCartney.
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Re: Stanley Gibbons London share price tumbles ............

Post by 22028 »

norvic wrote:
21 Sep 2021 17:39
US philatelic paper Linn’s reporting the chapter 11 story, reveals that the tenant who stopped paying rent in April 2020 was fashion store owner Stella McCartney.
I guess she claimed that due to Covind 19 business was bad...
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Re: Stanley Gibbons London share price tumbles ............

Post by MJ's pet »



Stella McCartney Countersues NYC Landlord Over $10M Pandemic Rent Fight

The luxury fashion brand said the coronavirus' impact “eviscerated” Madison Avenue shopping, effectively canceling its sublease.

By Kali Hays, 28 Jan 2021

Stella McCartney is one brand pushing back hard on a sub-landlord trying to recoup millions of dollars in rent amid the ongoing coronavirus pandemic. The brand, majority-owned by Stella McCartney herself with a minority stake now held by LVMH Moët Hennessy Louis Vuitton, filed a countersuit earlier this month in local New York court again.


22028 ^ Edit: yes covid.

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

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Longer story here: https://www.dailymail.co.uk/news/article-9511859/Stella-McCa ... demic.html

Stella McCartney in $1.4 million rent row over Manhattan store that shut its doors a year ago because of the pandemic



*The fashion house has been renting from coin dealer Stanley Gibbons since 2016
*It has allegedly failed to pay any rent since it was forced to close last April
*Stanley Gibbons ran down the deposit and has not received extra funds, it claims
*The luxury label has suffered a torrid year announcing losses of $44 million


By JACK NEWMAN FOR MAILONLINE / PUBLISHED: 21:14 AEST, 26 April 2021

Stella McCartney's fashion house has allegedly failed to pay any rent at its Madison Avenue store in New York for the past year, costing the landlord around $1.4million (£1million).

The luxury label set up by Sir Paul McCartney's daughter which prides itself on ethics and sustainability has been renting from the rare stamps and coins dealer Stanley Gibbons since 2016.

The store in the heart of Manhattan, one of 51 McCartney shops around the world, was forced to close last April due to the Covid pandemic and since then, Stanley Gibbons says it has not received any rent.

stella mac shop.png
The store in the heart of Manhattan (pictured), one of 51 McCartney shops around the world, was forced to close last April due to the Covid pandemic

The landlord has run down the security deposit which covered rent until September but has not received any extra funds to top up the deposit or pay the overdue rent, according to The Times.

The fashion house, which designed the Duchess of Sussex's wedding reception dress, has sold from the New York store in the prime location on the upper east side near other labels including Christian Louboutin and Ralph Lauren.

It was formerly leased by antiques dealer Mallett, which was also owned by Stanley Gibbons.

The coin dealer retained the lease to the store after selling Mallett five years ago, and the current lease lasts until February 2027.

The store is being sublet to Stella McCartney, which agreed to take on the lease until its expiry.

The building landlord is Solil Management, which is owned by the wealthy Goldman family.

The daughter of the Beatle and his late wife Linda, who launched her fashion house in 2001, allegedly wants to walk away from the deal which has frustrated Stanley Gibbons.

Her label has struggled in the past year with low footfall in the world's shopping capitals such as London, Paris and Milan due to the pandemic.

In March, Stella McCartney's fashion brand saw losses reach almost $44million (£31million).

The drop was so big that accounts show that a dividend due to Stella two years ago of more than half a million dollars has not been paid, although she was paid more than $3million (£2.16million) last year.

Figures in the accounts show sales were down from $58million (£41.8million) in 2018 to $52million (£37.5million) in 2019.

Rising costs and administrative costsman meant the company made the loss of $44million compared to a loss of $15million (£10.8million) the year before.

Her house was launched with Kering, the French luxury goods company which also works with Gucci and Yves Saint Laurent, while LVMH hold a minority stake.

Edward Stanley Gibbons was born in England in 1840 and set up the world's oldest stamp business in 1856.

It opened its first shop in 1891 on The Strand in London where it continues to trade today, after opening a stamp counter at his father's chemist shop in Plymouth.

Chief executive Graham Shircore said about Stella McCartney's alleged rent payments: 'Our sub-lessor, despite being backed by one of the largest and most profitable businesses in the world, is attempting to walk away from their lease commitments without making any form of restitution.

'We are challenging this and while the process is a long one, we are hopeful of a mediation-driven resolution in the coming months.'

A third-party mediator is attempting to resolve the dispute.

MailOnline has contacted representatives from Stella McCartney.

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

Post by ViccyVFU »

MJ's pet wrote:
21 Sep 2021 18:02

Chief executive Graham Shircore said about Stella McCartney's alleged rent payments: 'Our sub-lessor, despite being backed by one of the largest and most profitable businesses in the world, is attempting to walk away from their lease commitments without making any form of restitution.

Hmmm.... Pop the words "subsidiary" in (for "sub-lessor") and "guarantee" in (for "lease"),
and you can see that Shircore has no shame at all.

Since when have losses of $44M and $15M been regarded as "profitable business"?

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

Post by ViccyVFU »

faro wrote:
21 Sep 2021 00:30
ViccyVFU wrote:
20 Sep 2021 21:33
Speedyhen, a UK generalist supplier of discount books, is offering it, to pre-order, for £68.06 (that's nearly 25% LESS than the SG cover price offer of £89.95).
Was available. They'll have more stock along soon, no doubt.

Well I broke my "usual cycle" to order one .... It may be the last revision "for a few years"!!

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

Post by MJ's pet »

Shircore is talking about LMVH, who can afford rent.

LMVH.png

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

Post by ViccyVFU »

MJ's pet wrote:
21 Sep 2021 18:45
Shircore is talking about LMVH, who can afford rent.
But they are a minority shareholder, not a controlling interest.

If you follow some weird kind of logic that "they have brass, they should pay", then SG PLC, who 100% owned SG Guernsey, should have "stood up to the plate".

Its not how Limited companies work.

LVMH invested in McCartney shops, and their rewards (or not) will be reflected in the returns on their shares.

(If McCartney lost $59M in two years, this minor debacle is hardly a significant dot, but there will be others).

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

Post by Global Administrator »

.
norvic wrote:
21 Sep 2021 17:39
US philatelic paper Linn’s reporting the chapter 11 story, reveals that the tenant who stopped paying rent in April 2020 was fashion store owner Stella McCartney.

It was reported here 3 weeks back the tenant was Stella McCartney.

Hope they get the money from her.

Stella can afford to pay it, but SG cannot afford NOT to receive it. A deal is a deal.

Stella's business is allegedly based on "ethics" - really?

MJ's pet wrote:
21 Sep 2021 18:02

The luxury label set up by Sir Paul McCartney's daughter which prides itself on ethics and sustainability has been renting from the rare stamps and coins dealer Stanley Gibbons since 2016.
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Re: Stanley Gibbons London share price tumbles ............

Post by norvic »

Global Administrator wrote:
21 Sep 2021 19:06
.
norvic wrote:
21 Sep 2021 17:39
US philatelic paper Linn’s reporting the chapter 11 story, reveals that the tenant who stopped paying rent in April 2020 was fashion store owner Stella McCartney.

It was reported here 3 weeks back the tenant was Stella McCartney.
mozzerb wrote:
31 Aug 2021 02:12
That first paragraph from the Art Newspaper article is somewhat misleading by itself, presumably because the paper were trying to highlight the contrast -- the second paragraph says:
fashion designer Stella McCartney took on the New York showroom at 929 Madison Avenue for an undisclosed figure.
Hope they get the money from her.

Stella can afford to pay it, but SG cannot afford NOT to receive it. A deal is a deal.
I missed that one-liner from Mozzerb. Given the huge scale of the losses of that business - $44m in covid year, and $15m the year before, $1.4m for property is small beer, but one can still see why it has been held back.
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

Global Administrator wrote:
21 Sep 2021 19:06

Stella can afford to pay it, but SG cannot afford NOT to receive it. A deal is a deal.

Yes, a lot of people felt that about SG Guernsey ... and now have difficulty with any phrase containing "SG and ethics".

I don't think the rent will save them, they are simply operationally losing money too fast, and are trying to "externalise failure" by concentrating on "isolated fires", rather than "the entire slash and burn required".

I think all remaining value in the company is going to be consumed in a quagmire of advisers / legal costs, leaving rank and file shareholders with nothing.

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

Post by MJ's pet »

A couple of points.

The rental once owed by Stella MCartney may be more than $1.4M. We are talking about Madison Ave here. One headline said it was a "$10M" rental dispute. Mallett were drawing on the bond when she stopped paying, then that ran out too.

"In April 2020 Mallett's tenant ceased paying the rent, which in turn meant that Mallett was unable to pay the landlord. In August 2021 Mallett reached a settlement agreement with the tenant which terminated their tenancy." = 17 months rent.

SG Group PLC told the LSE: "At 31 August 2021 the carrying value of right of use asset in the Group's balance sheet for the New York leasehold property is £2.6m whereas the total carrying value of the lease liability is £4.3m." https://www.londonstockexchange.com/news-article/SGI/update- ... y/15136976

Realistically, what do people expect Phoenix to do here? Pay rent until 2027 on a zombie store with no tenant? Continue to sue Stella and any monies will be gobbled up in fees?

Stella has no defence here. Mallett/SG never guaranteed her X amount of foot traffic, never could, never would, never did. What if every shopkeeper in the western world "just stopped" paying rent because of covid?

Shircore has every right to be aggrieved on this issue. They were sub-letting to a business of substance (McCartney/backed by LVMH) not one of straw.

Some people here are obviously cheering that SG/Phoenix were given the big middle finger and got their just desserts.

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

Post by MJ's pet »

This is from The Times. Most of it is behind a paywall unfortunately. (Does anyone have the whole thing?).

https://www.thetimes.co.uk/article/stella-mccartney-rent-row ... -nf56w3rvc

This was only 5 days ago. SG/Phoenix will be mortified at the headline. The people that read this are (presumably) the same ones that SG is trying to raise 1c BG money from :shock: :shock:

The Times wrote:Stella McCartney rent row leaves stamp dealer on brink of collapse

Simon Duke
Friday September 17 2021, 12.01am BST, The Times

stella.jpg
Stella McCartney’s fashion house had been renting a store on Madison Avenue from Stanley Gibbons since 2016 / KRISTY SPAROW/WIREIMAGE
Stanley Gibbons, the rare stamps and coins dealer, has put its American division into administration after a dispute with Stella McCartney.

The fashion house, which trumpets its ethical ethos, closed its boutique in Manhattan in April last year and stopped paying its landlord, Stanley Gibbons. The stamp seller had sub-let the property on Madison Avenue to the fashion label and was out of pocket to the tune of $1.3 million (£942,000).

After failing to cut a deal with the shop’s owner, Stanley Gibbons requested Chapter 11 protection for its US subsidiary, Mallett Inc. This pauses a company’s obligations to creditors, allowing it time to sell assets and restructure debts.

Stanley Gibbons said it had reached a “settlement agreement” with the fashion brand last month...

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

Post by polisciguy2011 »

I don't want to just parrot Glen here, but why in the world were SG--stamp dealers and catalogue writers--getting involved in the notoriously cutthroat New York property market in the first place?
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Re: Stanley Gibbons London share price tumbles ............

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.
It seems the totally moronic decision to buy Malletts (along with a bunch of other non STAMP related businesses) came with it, things such as these toxic leases and huge costs in legals and time t try and sort with all the legal battles with Uncle Same over their dodgy director and fraud there etc. The Mallett etc disasters has cost them MILLIONS of quid in real money AND taken the focus of management away from SELLING STAMPS.

Had SG stuck to just selling STAMPS, they too would be riding the wave of record profits all large dealers have seen in the past coupe of years of COVID, where hobby activity sales have exploded due to millions of folks being stuck inside. I have personally been doing 100 hour weeks for over 6 months.

They missed the boat totally over this.
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Re: Stanley Gibbons London share price tumbles ............

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https://englishantiques.medium.com/the-death-of-mallett-67200e897fae

The death of Mallett

Chappell & McCullar, Oct 12 2017

mallett 1.jpg
Mallett at 40 New Bond Street- the glory years


Something we always did when walking down Bond Street was press our noses against the glass looking in to Mallett’s exquisite showroom. We rarely went in. I suppose relative to the contents and the locked door and the warder at the front, Keith and I felt ourselves the modern day equivalent of Dickensian street urchins, knowing we’d never be able to purchase anything inside, but were nevertheless inclined to see how the other half lived.

Nearly 40 years’ on from our first nose-against- plate glass, and 20 years on from our debut in the trade, we can’t help but feel wistful about the closure of Mallett, and saddened it died such a hard death. For nearly its entire existence since it began in 1865, Mallett has been the ne plus ultra in the trade in English antiques, and certainly for the bulk of the 20th century, the preferred dealer patronized by oil sheiks, international bankers, and, more recently, Russian oligarchs. If one was looking for a bargain, however, it was not to be found there. For us, Mallett’s pricing became something of a yardstick- if we had a similar item in stock, we sought to achieve 25% of Mallett’s sticker.

Expensive, yes, but location and reputation and cachet are substantial factors in pricing. As well, in the glory days in the trade in the 1950’s through the 1980’s, Mallett had a long enough purse it could acquire pieces either privately or at auction, salt them away for a few years, and then bring them to buying public as fresh to the trade, with some extraordinary pieces always on offer at the crowning event of the London season, the Grosvenor House fair, itself now only a thing of memory. Quality and condition were always Mallett’s hallmarks, even if those features might have been a bit overdone for collectors. ‘Malletized’ was the sub-rosa term used in the trade for items that might have had a bit more restoration than absolutely necessary.

mallet 2.jpg
Mallett no more- vacant and surplus to requirements


For many years, Mallett had existed as a public company, and while at one time fairly well capitalized, it nevertheless had to pay out a lot in salaries and occupancy for its locations on Bond Street in London and Madison Avenue in New York, and with declining revenues and changes in taste, could not skinny back its overhead expenses to match declines in revenue. Auction sales of inventory at several times in the last decade, and the sale of its leasehold on Bond Street were quickly gobbled up, and served only as very temporary stop gaps. As well, Mallett’s reputation suffered the embarrassment of having its New York director jailed on fraud charges, the effect of which, frankly, was less severe than it might have been otherwise, given that Mallett overall had by then generally hit the skids. Moving twice in five years to cheaper premises in London, and its purchase by another company clearly have made no difference, with until fairly recently the only thing remaining was the Mallett name. Even that doesn’t appear saleable - erstwhile dealer and auctioneer Mark Law failed a few weeks ago in his attempt to purchase it.

Now, saddest of all, Mallett’s final premises in Pall Mall are now vacant with a ‘To Let’ sign in the front windows. This week’s issue of The Antiques Trade Gazette quotes a terse statement from the company’s current owner Stanley Gibbons Ltd that the space is ‘surplus to requirements’.

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

Post by norvic »

polisciguy2011 wrote:
22 Sep 2021 13:05
I don't want to just parrot Glen here, but why in the world were SG--stamp dealers and catalogue writers--getting involved in the notoriously cutthroat New York property market in the first place?
The same reason that farmers are opening campsites an holiday cottages, just as one example. It’s called diversification.

Gibbons are just very bad at it.
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Re: Stanley Gibbons London share price tumbles ............

Post by ViccyVFU »

norvic wrote:
22 Sep 2021 17:21
polisciguy2011 wrote:
22 Sep 2021 13:05
I don't want to just parrot Glen here, but why in the world were SG--stamp dealers and catalogue writers--getting involved in the notoriously cutthroat New York property market in the first place?
The same reason that farmers are opening campsites an holiday cottages, just as one example. It’s called diversification.

Gibbons are just very bad at it.


Yes, SG did not directly invest in the cut throat New York property market, its just an item that came in "the goody bag" when they acquired Mallets (That, along with a fraudulent director etc ....)

Quite often, when you acquire a bag of sundries with an acquisition, the integration team will look at the perceived value of each item "to the enlarged Group", and, if surplus, liquidate it within the re-org timescales.

Malletts premises in New York were on a lease to 2027, when SG acquired them. They found a sub lessee, to ameliorate their rents payable, but did nothing to address the underlying risk of "rent default".

For their integration team (in hindsight) it would have been better to try and re-assign the master lease to Stella, but its a difficult pressure to reconcile when that option "maybe takes a hit on income" (adding to acquisition cost), against being able "to cream a little rent off, each month, for the rest of the lease".

The latter gives you a positive value to the asset, so no real surprises which option they went for (Assuming they even had a choice - Head landlords are under no obligation to re-assign). The actual head lease probably still rests with Mallet (as their are no deeds filed for surety with SG, on their records).

SG's problem is not Stella - They agreed an arrangement with her in August (per the article).
Their problem is with the Head landlord, who still wants all the rent due, irrespective what they got from Stella.

Landlords have not been uniform in their "Rent forgiveness" over the Covid period.... some have waived individual months, others gone to a percentage (whilst there was no footfall), some gave a deferred period (half now, other half when back trading) others "just sat, and demanded".

Certainly Malletts / SG should have been talking to their Head landlord, and probably acted faster, (but, as above, hindsight is a wonderful thing).

Assuming Stella is out, rectifications to property done, then Mallets face five years of scratching for sub-leases to help pay their legally binding rent, or by Chapter 11, may get the landlord to accept "this is serious" and offer them "a walk away figure", for a lower sum. (I do foresee a possible complication in that if Stella has settled and paid, those funds are now in general chapter 11 funds, not specifically allocated to rent payment).

Some landlords are greedy, but 100% of the ones I've ever dealt with have been "pragmatic". Its just money.


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

Post by MJ's pet »

ViccyVFU wrote:SG's problem is not Stella - They agreed an arrangement with her in August (per the article).
Their problem is with the Head landlord, who still wants all the rent due, irrespective what they got from Stella.


SG's problem is BOTH. Stella didn't pay her rent. All the "August agreement" was is to cancel the sublease from August 2021 going forward. She has not paid all of her rent before that time. SG knew they were flogging a dead horse on the Stella M rent.

If Stella paid rent, there would be no problem with the Head landlord. This created a problem for SG vis-a-vis the head landlord who would has not cut them any slack when the Stell rent was not coming in. A head landlord who signed Mallettt's to a lease until 2027 for goodness sakes. (SG took over Mallett at end of 2014). Correct to observe that now Mallett's is in Chapter 11, the Head landlord will almost certainly accept a lower amount. My guess is they will agree to cancel Mallett's lease permanently too.

All of this is a bit tangential to the question: why did SG buy Mallett in the first place? A bit like Letraset buying SG, but in reverse! :lol: At least Phoenix can say they inherited the Mallett problem.

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

Post by Global Administrator »

These Special motions below were passed at yesterdays AGM.

https://www.londonstockexchange.com/news-article/SGI/result-of-agm/15145225

Seems to me from my non accountant reading of it, that Phoenix/SG want to buy 15% of the shares they do not own, at up to 5% above current market value? So another 1.6 million quid or so that they certainly do not have spare.

Phoenix already own - what 58% or so of shares? Does 70%+ ownership trigger them rights to do anything special in UK company law?

However, it seems it is SG buying the shares technically, not Phoenix.

There clearly must be some reason this approval was formally sought. Anyone know why?

Maybe Phoenix see this as a way to dump some of their stock and get paid 5% above market rate and still hold more than 50% majority, but they could do that anyway without this meeting and get market price. Odd.


Capture.JPG
.
Capture.JPG

Approved Motion 9 seems to indicate the Board if it chooses, can announce a rights issue to issue another 142 million shares (30% of so of current number on issue) - does that seem the case?

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

Post by ViccyVFU »

ViccyVFU wrote:
06 Sep 2021 21:22
If you have interest in such things, I'd draw your attention to the Notice of AGM (To be held on 22nd Sept 2021), which has a couple of motions to be approved (by the 58.09% majority) about new issue (without pre-emption) and buyback facilities.

And you think .... "Hmmmmm".

Too late to answer the Sheriffs question tonight, but I should be able to rustle up some words tomorrow ....


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

Post by ViccyVFU »

Global Administrator wrote:
23 Sep 2021 10:57
Seems to me from my non accountant reading of it, that Phoenix/SG want to buy 15% of the shares they do not own, at up to 5% above current market value? So another 1.6 million quid or so that they certainly do not have spare.

Phoenix already own - what 58% or so of shares? Does 70%+ ownership trigger them rights to do anything special in UK company law?

However, it seems it is SG buying the shares technically, not Phoenix.

There clearly must be some reason this approval was formally sought. Anyone know why?
I'm not sure a quick yes, no, yes, yes answer is particularly helpful, so I'm going to have to be "a bit wordy", with a bit more background.

The three resolutions were :
(8) authority to purchase shares,
(9) authority to allot new shares
and (10) dis-application of pre-emption rights.

"Authority to purchase shares" is usually only seen when a company is doing exceptionally well, or exceptionally badly.

When a company is doing well, it may buy back some of its own shares (which are cancelled), thereby reducing the shares in issue, and enhancing the "shareholders return" for those remaining.

In SG's case, its more likely "the other main use" ......

They are (possibly) taking up slack in the market, by buying (and cancelling) shares of disgruntled sellers. If you look at the volumes of SG shares traded on a daily basis, you will see that volumes are small (typically under 250k shares per trading day). By giving yourself an allowance of 64 million shares to play with (that's over 250,000 shares, per trading day), you can either small scale mop up, or stem a tsunami with big purchases.

Take todays figures ...

SGI_snapshot_210923_1330.jpg
SGI on Thursday 23rd October 2021 (13.30pm BST)

If you look at the chart, on a buy volume of just 200k shares (i.e. well within a days allowance), or just £5k in cash, the share has "jumped" by 0.1 pence, which equates to a £427,000 increase in total market value.

These things, for a company in terminal decline, are never sustainable, but it gives the directors "flexibility" to play the market, and every share bought and cancelled technically increases Phoenix's hold on the company.

(Not to make one reply too long, and all encompassing I'll type up authority to allot, and dis-application in my next reply).

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

Post by ViccyVFU »


So the authority to allot, together with the dis-application of pre-emption rights can be taken together.

Basically, they can issue shares without the need to offer them to existing shareholders first, thereby changing the makeup of the controlling percentages.

Again, it might be "because they feel there is no appetite amongst existing shareholders to stump up more money", but its also a way "to dilute existing shareholders remaining interests further".

You will note that all the resolutions, whilst giving the impression of being timebound, are in fact permanent decisions (that can be exercised after voters thought they might expire). Written in such legalese to confuse rank and file, sections 8(e), 9(c) and 10(b) are technically an ongoing mandate (if planned that way).

70% is not significant in UK company law.... You need 50% +1 vote to secure an ordinary resolution,
and 75% to secure a special resolution.

Now, IF SG bought back (and cancelled) 64 million (non Phoenix) shares, and dis-applied pre-emption rights on a new issue of 142 million shares, (all in favour of Phoenix), then Phoenix would hold (248 + 142 =) 390 million shares, of the (427 - 64 + 142 =) 505 million shares in issue.

... and that's 77.2%, which means they can force everyone else out of the trough.
(Through buyout of minority interests)

All speculation, of course, but as I noted ... "Hmmmm"

(None of this should be regarded as anything other than "speculation, for entertainment purposes".
As philatourist (I think) said : "Stock up on popcorn / light snacks, and sit back to enjoy" :D)


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

Post by mikyh »

New trust Castelnau from two of Britain's most innovative investors aims to add pizzazz and boost famous names including Hornby and Stanley Gibbons

https://www.thisismoney.co.uk/money/markets/article-10017913 ... names.html

Two of Britain’s most innovative and patriotic entrepreneurs are combining financial and intellectual resources to form an investment trust to take some of the nation’s best known brands to the next level.

Sir Peter Wood, the brains behind Direct Line, insurer Esure and a big investor in the publisher Future is combining with Gary Channon of Phoenix Asset Management to launch the Castelnau investment trust, which will be introduced to the London Stock Exchange today.

The fund will be supported by Phoenix’s investors and Wood is putting £25million of his personal fortune in.

He is committing to an extra £75million and upwards should the right new opportunities among potentially valuable British firms come to the fore.

Channon, who runs his funds from Barnes, west London, is known for his love of the UK’s great hobby brands.

He is the biggest investor in famous stamp auction and collecting firm Stanley Gibbons and, for £6million, recently bought the world’s most valuable stamp, the 1856 One-Cent Magenta, worth more than a third of Gibbons’ market capitalisation.

His plan to syndicate the stamp, in the manner of a bloodstock racehorse, is seen as a means of transforming the rarefied world of philately, which is in acute need of modernisation.

Yesterday, Channon played down events in New York where Stanley Gibbons has been forced into liquidation as a result of a lease dispute with the LVMH-controlled Stella McCartney fashion brand.

He argues it is time for Stanley Gibbons to tap into burgeoning interest among young people in India and China for stamps celebrating the heritage and culture of two of the world’s fastest-growing economies.

Using technology provided by digital group Rawnet, one of the firms being injected into the Castelnau fund, Gibbons has begun a large project to put more than a century of its famous catalogues online.

The valuation of the shareholdings of the companies being transferred into Castelnau is expected to be a modest £250million.

But there is a confidence that with the right creative direction, it could be valued at £1bn or more within three to five years.

The initial investments start with British hobby favourite Hornby, best known for high-quality electric train sets but also home to Airfix models, which made a huge comeback in the pandemic when craft industries prospered.
Record breaker: The one-cent magenta stamp bought by Stanley Gibons for £6m

Record breaker: The one-cent magenta stamp bought by Stanley Gibons for £6m

Channon believes Hornby could appeal to the same hobbyists who have lifted Games Workshop into a stock market phenomenon.

It will sit alongside Gibbons, another eclectic favourite.

At the next stage, the Castelnau portfolio will include shares in Cambium Group, which has become the UK’s leading wedding gift enterprise.

Its victory over UK rivals such as John Lewis is down to a clever platform that goes beyond selling china and vacuum cleaners.

At the less joyful end of life Castelnau will also hold a stake in leading funeral provider Dignity where Channon is chief executive – although his role as the investment manager of the new trust will doubtless lead to claims in some quarters of a conflict of interest.

Channon will count on Wood’s expertise in insurance and comparison site marketing to bring pizzazz to a sector steeped in tradition. Wood’s ability to break the mould, with Direct Line and Esure in the UK and Plymouth Rock in the US, should enable Dignity to provide funeral cover and add-ons that relieve some of the pain of bereavement.

The engine of the new trust will be two privately-owned enabling firms. Rawnet provides digital knowhow while the data analytics comes from Ocula Technologies, founded by tech specialist Gerry Buggy, as firms embrace social media to sell their wares.

Channon is seeking acquisitions and claims to have the disruptive technology to take famous but under-valued brands onwards.

The Castelnau project looks risky. Previous efforts to turn around Gibbons and Hornby have failed. But with Wood and Channon in the Fat Controller’s cabin, investors won’t be steaming into the unknown.

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

Post by norvic »

I thought I had read that Games Workshop was broken or dead, but I was mistaken - must have been a different company because GW as three stores locally.

I found this wording interesting as nothing has been mentioned previously about Channon's purchase of the 1c Guano. Maybe Victoria Lejer's video reticence was pending this announcement, who knows?
He (Channon) is the biggest investor in famous stamp auction and collecting firm Stanley Gibbons and, for £6million, recently bought the world’s most valuable stamp, the 1856 One-Cent Magenta, worth more than a third of Gibbons’ market capitalisation.

His plan to syndicate the stamp, in the manner of a bloodstock racehorse, is seen as a means of transforming the rarefied world of philately, which is in acute need of modernisation.

He argues it is time for Stanley Gibbons to tap into burgeoning interest among young people in India and China for stamps celebrating the heritage and culture of two of the world’s fastest-growing economies.
As for the highlight in red, that's a whole different topic worthy of a different thread (I'm not convinced that many existing collectors or dealers want their hobby and indusrty to be transformed.) He is obviously not among those who say we "should get more children collecting stamps"; that dead horse has been flogged mercilessly and with no results for the last few decades.

China and India certainly have an increasing number of collectors with disposable income, though one might think that there is a bubble building and waiting to burst if, for instance, their respective governments find it necessary to reduce that income to finance post-COP26 activities.

Does this really mean that Channon has just been keeping SG ticking over until he could find a dragon willing to stump up significant sums and actually do something with the business - and that he has found that dragon in Wood?
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Re: Stanley Gibbons London share price tumbles ............

Post by faro »

norvic wrote:
24 Sep 2021 03:54
I thought I had read that Games Workshop was broken or dead, but I was mistaken - must have been a different company because GW as three stores locally.
Market capitalisation of US$5 billion with a share price that's increased 20 fold in five years is a new definition of "dead". ;)

Interesting to see Channon trying to rope in the "same hobbyists" when GW's strategy is aggressive sales to the n'th degree and being more than happy to ditch old customers in favour of new money.

The intersection between the two groups of hobbyists in their mind vs. the reality leaves an echoing sound of "Mind the Gap..." to any potential investors, I would have thought.

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

Post by DigitalPhilatelist »

norvic wrote:
24 Sep 2021 03:54
I thought I had read that Games Workshop was broken or dead, but I was mistaken - must have been a different company because GW as three stores locally.

I found this wording interesting as nothing has been mentioned previously about Channon's purchase of the 1c Guano. Maybe Victoria Lejer's video reticence was pending this announcement, who knows?
He (Channon) is the biggest investor in famous stamp auction and collecting firm Stanley Gibbons and, for £6million, recently bought the world’s most valuable stamp, the 1856 One-Cent Magenta, worth more than a third of Gibbons’ market capitalisation.

His plan to syndicate the stamp, in the manner of a bloodstock racehorse, is seen as a means of transforming the rarefied world of philately, which is in acute need of modernisation.

He argues it is time for Stanley Gibbons to tap into burgeoning interest among young people in India and China for stamps celebrating the heritage and culture of two of the world’s fastest-growing economies.
As for the highlight in red, that's a whole different topic worthy of a different thread (I'm not convinced that many existing collectors or dealers want their hobby and indusrty to be transformed.) He is obviously not among those who say we "should get more children collecting stamps"; that dead horse has been flogged mercilessly and with no results for the last few decades.

China and India certainly have an increasing number of collectors with disposable income, though one might think that there is a bubble building and waiting to burst if, for instance, their respective governments find it necessary to reduce that income to finance post-COP26 activities.

Does this really mean that Channon has just been keeping SG ticking over until he could find a dragon willing to stump up significant sums and actually do something with the business - and that he has found that dragon in Wood?
The largest demographic online is more the 25-45yr olds which are breaking away FAST from the traditional concepts of philately (which tends to be more 65+yr). Problem is, this demographic are also more tech savvy than SG is. Modernisation is not NFT or any other such nonsense SG think it is - it doesn't make them 'cool'.

One of the biggest demands across both stamps and postcards that I see is the need for more catalogues (postmarks and postal rates in particular), and they want online access to them. SG just has no idea of this market demographic - like most philatelic organisations. They think the only collectors are those who show up to stamp meetings or children under 12, and they base all decisions around that. :roll: There is probably only one philatelic organisation leading the charge for innovative change at the moment, and that is the PTS.

I'm not sure I would entirely look at China or India as saviours either.
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Re: Stanley Gibbons London share price tumbles ............

Post by faro »

DigitalPhilatelist wrote:
24 Sep 2021 10:37
The largest demographic online is more the 25-45yr olds which are breaking away FAST from the traditional concepts of philately (which tends to be more 65+yr). Problem is, this demographic are also more tech savvy than SG is.
..
One of the biggest demands across both stamps and postcards that I see is the need for more catalogues (postmarks and postal rates in particular), and they want online access to them.
SG have a very restricted view of what's deemed to be catalogue-worthy which is at odds with what they themselves sell, which is further at odds with the wide range of interests out there that could be nurtured and grown further with the right support. (Increased sales, who needs those?)

There are, of course, many dead tree catalogues of the more obscure areas in existence, mostly out of print, but who's making a concerted effort to bring those to the masses - or potential masses - to increase interest in a wider range of philatelic areas and related topics, or to help spur on further research?

It's safe to say SG is not "leading the way", anyhow, with their most recent "purchase".

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

Post by Global Administrator »

Global Administrator wrote:
09 Jun 2021 03:46

As I posted here 3.5 months back on June 9 -
.

The Group is also considering partnering with Castelnau Group Ltd (Castelnau), a company controlled by Phoenix Asset Management Partners, as Castelnau seek to develop a new digital platform on which to buy, sell and most importantly, enjoy collectible assets. The proposed partnership with Castelnau has the potential to provide the Group with a minority shareholding in the new digital platform at zero cost as well as cost free access to the platform itself.

Any future agreement with Castelnau could constitute a related party transaction under the AIM rules and further updates will be provided in due course.

Graham Shircore, Group CEO said,

'We are delighted to bring together the world's largest stamp dealer and the world's most valuable stamp'. We look forward to making this historic artefact available to a much wider audience than ever before, and to bringing it back to the Home of Stamp Collecting'.

'We are also excited about the potential opportunity to work further with Castelnau in creating a world leading digital platform for collectibles and the significant benefits that this may bring to the Group.'

OK, so it seems to me the purchase of Guano had nothing at all to do with SG really.

An idea by the head Phoenix honcho that will anchor project it into Castelnau, who will be in effect doing all the time-share nonsense. Gibbons are just captive observers it seems to me. Shirecore making the announcement for SG of course works for Phoenix, and know ZERO about stamps.

Gibbons paid nothing for this pink blur anyway, but if it flops they flop, as the public face owners of it, despite them being no such thing.

Let's wait for the alleged masses of Chinese and Indians to join the frenzy. :roll: :roll:
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Re: Stanley Gibbons London share price tumbles ............

Post by Global Administrator »

Unlike many here, I've been in this business for about 45 years, and in that time, have seen Stanley Gibbons owned and run and managed by idiots, and cons and even crooks, and totally clueless corporations, and they have (so far) survived it ALL.

I am old enough to remember Scottish offshore islands 'stamp' wallpaper fiasco below, that was cranked out mainly by Clive Feigenbaum, who for a time owned Stanley Gibbons.


tQyUKlO.jpg

Clive dumped a few van loads full of this appallingly ugly cr*p onto the SG stock department, and told them they were paying him a million quid or whatever for it! And that payment occurred, amazingly. :lol: :lol: :lol:

Channel Island fresh flower online sellers "Flying Flowers" OWNED Stanley Gibbons for a while until year 2000. Incredible as that may sound to younger members. :shock:

https://citywire.co.uk/wealth-manager/news/flying-flowers-wilts/a205134?ref=author/creynard

As did Swedish office supplies company Esselte before that. As did Letraset instant lettering conglomerate. As did (gulp) Clive Feigenbaum mentioned above.

SG survived all of these weird management/ownership fiascos in the past 40 years.

Maybe they will also survive time-share selling of the GUANO, stage directed by folks who also know nothing about stamps. But even a cat only has 9 lives. :!:

This was part of a long article I wrote for the American 'Linns Stamp News' at the time -

Glen


Shortly after the Haas USA covers debacle that cost Gibbons MILLIONS, owners Letraset were in turn purchased in 1981 by another multi-national, Esselte AB of Sweden. This company had its core business in the Dymo tape label area, and other office and business equipment products.

Esselte also found they did not understand the stamp business, and soon afterwards sold the Stanley Gibbons company to a consortium of directors of Stanley Gibbons for a figure believed to be £10 million.

A large stock was subsequently purchased from Clive Feigenbaum for a substantial sum by the company, comprising modestly catalogued topical material, widely known in the trade as "sand dune" issues.

In 1984 this management consortium arranged to have the company Stanley Gibbons Holdings listed on the London Stock Exchange. This stock exchange listing lasted exactly 11 minutes.

The Exchange discovered SG chairman Feigenbaum had apparently not disclosed certain pertinent information about his past business history in the share prospectus. The shares were de-listed, and refunds were ordered for all transactions made in that fateful 11 minutes.

Feigenbaum until his passing was still involved in marketing topical "stamps", labels, and Cinderellas from curiously named countries, and barely inhabited windswept offshore islands. These "stamp" issuing entities produced voluminous philatelic material to mark the passing of Diana Princess of Wales etc.


Ex SG owner and Chairman Clive Feigenbaum, still owned Urch Harris and stamp Security Printers Format international, and was later arrested, and ended up with a Criminal Conviction for Contempt Of Court for printing more Tuvalu stamps in breach of the Southwark Crown Court injunction awarded against him.

The PRISON TERM he got for that was revoked on appeal but the CONVICTION and the fine still stood, as the records of the time show. [/i]
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Re: Stanley Gibbons London share price tumbles ............

Post by norvic »

.
Global Administrator wrote:
24 Sep 2021 13:32
Global Administrator wrote:
09 Jun 2021 03:46

As I posted here 3.5 months back on June 9 -
.

The Group is also considering partnering with Castelnau Group Ltd (Castelnau), a company controlled by Phoenix Asset Management Partners, as Castelnau seek to develop a new digital platform on which to buy, sell and most importantly, enjoy collectible assets. The proposed partnership with Castelnau has the potential to provide the Group with a minority shareholding in the new digital platform at zero cost as well as cost free access to the platform itself.

Any future agreement with Castelnau could constitute a related party transaction under the AIM rules and further updates will be provided in due course.

Graham Shircore, Group CEO said,

'We are delighted to bring together the world's largest stamp dealer and the world's most valuable stamp'. We look forward to making this historic artefact available to a much wider audience than ever before, and to bringing it back to the Home of Stamp Collecting'.

'We are also excited about the potential opportunity to work further with Castelnau in creating a world leading digital platform for collectibles and the significant benefits that this may bring to the Group.'

OK, so it seems to me the purchase of Guano had nothing at all to do with SG really.

An idea by the head Phoenix honcho that will anchor project it into Castelnau, who will be in effect doing all the time-share nonsense. Gibbons are just captive observers it seems to me. Shirecore making the announcement for SG of course works for Phoenix, and knows ZERO about stamps.

Gibbons paid nothing for this pink blur anyway, but if it flops they flop, as the public face owners of it, despite them being no such thing.

Let's wait for the alleged masses of Chinese and Indians to join the frenzy. :roll: :roll:
As a week is a ‘long time in politics’ so 3 months is a long time un Gibbons’ story so forgive us if we don’t all remember every report! :D

Funnily enough those of us who only have trouble with more recent things DO remember Flying Flowers, Letraset, Feigenbaum et al (who’s Al?). They were also into diversification (save the last who was just out for a fast buck) but got out before Gibbons also (wrongly) had the idea that that was the future.
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