Category Archives: AIM Rule 26

Scholium Group plc

(“Scholium”, the “Company” or, together with its subsidiaries, the “Group”)

Disposal

2 April 2015

Further to the announcement made on 9 February 2014, the Board of Scholium is pleased to announce that it has entered into a binding agreement for the disposal of its South Kensington operations, South Kensington Books and Ultimate Library,to a company controlled by Philip Blackwell, a director of Scholium.

The agreed terms provide for an aggregate cash consideration of £140,000, representing a premium of 15% to the value of the unaudited attributable net assets as at 31 December 2014.  The disposal will enable the Group to focus on its rare and collectible goods businesses, with the proceeds providing working capital to invest in those businesses.

In the year to 31 March 2014, the South Kensington operations generated turnover of £650,088 and a profit before taxation, after allocation of certain central costs, of £24,351.

As this transaction represents a related party transaction under the AIM Rules, the Directors, other than Phillip Blackwell, having consulted with WH Ireland Limited, consider the terms of the disposal to be fair and reasonable insofar as shareholders are concerned.

The Board will update the market on trading in the year ended 31 March 2015 prior to the close period commencing  30 April 2015.

Scholium Group plc

(“Scholium” or, together with its subsidiaries, the “Group”)

Pre-Close Update

24 April 2015

The Directors of Scholium provide an update on trading in advance of the close period.

Shapero Rare Books

In common with the experience of other dealers in collectible and antique goods, Shapero Rare Books has experienced a more challenging year than expected, primarily as a result of lower sales of high value items, particularly to customers of Russian and East European origin.

On a positive note, Shapero Modern, the Group’s Modern and Contemporary prints department, was launched in mid 2014 and has grown during the year to represent more than 5% of group revenue.

Scholium Trading

Trading by the Group alongside other dealers in the broader arts and collectibles market has developed, been profitable and now represents c. 12% of Group revenue.  Whilst gross margins are in the region of 13%, stock turnover is higher than originally anticipated; the value-weighted average holding period of stock acquired for sale is approximately 65 days.  The Group continues to evaluate a number of interesting opportunities across multiple fields in the art and collectibles market.

Out Turn for the Year & Balance Sheet

The Board expects that the Group will report a pre-tax loss (before share based charges) in the region of £0.5 million for the year ended 31 March 2015.  The Group’s balance sheet remains healthy with over £2 million of cash and high quality stock supporting an unaudited net asset value in excess of £10 million (73p per ordinary share).

The Directors anticipate releasing the preliminary statement of the Group’s results for the year ended 31 March 2015 in late June.

Commenting on the above, Jasper Allen, Chairman of Scholium, commented:

“It is disappointing that buying activity in the traditional customer base of Shapero Rare Books has suffered in the last 12 months and impacted our performance. None the less, the Board remains confident that a more normal level of activity will return to the business in the medium term and is actively seeking new opportunities where it has the expertise and capital, whilst conserving cash.”

Scholium Group plc

(“Scholium” or the “Company”)

Holding in Company

1 May 2015

The Company was notified on 30 April 2015 that, on the same day, The Paul Raymond 1996 Accumulation and Maintenance Settlement for Fawn and India James trust acquired 420,500 shares in the Company at a price of 37.5p per share. Following the acquisition, the trust is interested in 420,500 Ordinary Shares of the Company, representing approximately 3.09% of the issued share capital of the Company .

Scholium Group plc

(“Scholium” or the “Company”)

Holding in Company

5 May 2015

 Further to the announcement on 1 May 2015, the Company has been notified by The Paul Raymond 1996 Accumulation and Maintenance Settlement for Fawn and India James trust that, in addition to the direct holding in 420,500 shares in the Company, it is also interested in 1,075,074 Ordinary Shares in the Company. The trust is therefore interested in 1,495,574 Ordinary Shares in the Company, representing approximately 10.99% of the issued share capital of the Company.

Scholium Group plc 

(“Scholium Group” or the “Company”)

Intended date of release of Preliminary Results 

Scholium Group intends to release its Preliminary Results for the financial year ended 31 March 2015 on 2 July 2015.

For further information please visit www.scholiumgroup.com or contact:

Scholium Group website Corporate Governance - January 2024