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.
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Scholium Group plc Jasper Allen, Chairman Simon Southwood, Chief Financial Officer |
+44 (0)20 7493 0876 |
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WH Ireland Ltd – Nominated Adviser Chris Fielding |
+44 (0)20 7220 1666 |
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Whitman Howard Ltd – Broker Ranald McGregor-Smith / Niall Devins |
+44 (0)20 7659 1234 |