Stanley Gibbons Share Discussion Threads

[superiorshares] 22/7/2017 08:52

clocktower has it 100 per cent correct. I don't see Stanley going bust though , and maybe it wont get sold ?.. it would have other options down the line .

[sikhthetech] 14/7/2017 11:04

whether the delay in disposal makes any difference to DC or any other bidder will depend on whether they, nobody else, see it as a problem...
Perhaps the disposal was a condition of making a bid, hence the delay in any bid news????

[clocktower] 14/7/2017 09:53

A liquidator would only look to get around 20% of book value imo - they really are only interested in ensuring they get the max fees that they can plunder out of any distressed situation. They go to lengths to drag out closure, cause creditors to fight,entailing them to employ lawyers, which in turn enable them to draw even more fees and charges, and even if creditors ask them to remove themselves, will often fight that, and the courts even assist them as they "are professional people" - and of course they are blameless and would never do anything that is not in the best interest of ALL stakeholders - in the end the creditors often get ZERO or a token payment, to allow the liquidators to say to any court they succeeded,and did a good job.

They along with the courts are corrupt in so far as it is a part of the system to keep the set of wheels in motion - not much better than a dictatorship but it provides the face of justice, in the same way as most commissions are set up.

Judges should not be lawyers - it should be a separate profession, and they should not be appointed to do a whitewash job, as happens on a regular basis.

[pre] 14/7/2017 09:16

don't think so, there is a short delay,they're looking at completion by 31 July,so around 2 weeks...see Toscafund added yesterday, 20p fair take out price imo,dyor:-)

[pugugly] 14/7/2017 08:38

Problems again on disposals - Going down - What price now for takeover - If any ?

[sikhthetech] 30/6/2017 16:17

Edi Truell, Chairman of DC, being a philatelist helps...
He'll have an understanding not to rely on SG cat values...

[napoleon 14th] 30/6/2017 14:05

Prestige brand name, for sure.

What I wonder is how the value of their stock is arrived at.
Can't possibly be at full catalogue price - auditor would get canned for that.
Is it auction price? roughly half cat. but only in an orderly disposal.
A liquidator would flood the market & prices collapse...

As I read it, DC would only formulate an offer IF the SGI board recommended it, not that SGI board would have to accept whatever was offered.
I'd say 20p a fair T/O price. I have a few but not willing to risk more...

[c1d] 15/6/2017 14:11

Doesn't the statement just mean that Disruptive will only make an offer if the board recommend it to shareholders? i.e. if the board decides to recommend another offer in the hope that this will force Disruptive Capital to bid higher DC are saying that this is not a game they will play.

[sikhthetech] 15/6/2017 13:52

Orange,
my understanding from the various rns is that Disruptive (DC) were talking to SG for a while, 2 weeks??... from their email exchanges, SG understood that DC were interested in making an offer, so SG announced it, perhaps to force DC to clarify their interest???
DC then said they are not interested... but then changed their mind..
SG put conditions on them if they wished to return to the negotiating table, one of which was that Disruptive's offer will be recommended by the SG board..

So, it is possible for DC to make a low offer, which will have to be a recommended offer but I can't see that being likely... I don't think SG would have let DC return unless they thought any offer was going to be serious...

In any case, any offer, whether recommended or not, will have to voted on by the shareholders. I doubt any shareholder, especially Lombard Odier, with 29% would accept a 1p offer....

[pre] 15/6/2017 13:30

richie66612 Jun '17 - 08:05 - 2959 of 2994 1 1
Align Research‏ @AlignResearch 35s36 seconds ago
More
RNS noted on Stanley Gibbons 2day. We stand by our Buy call and hidden value and expect 20p+ in a successful sale. #sgi Trying to buy more.

[orange1] 15/6/2017 13:22

What does Monday´s statement actually mean?

The statement read as follows:

Following the announcements of 12 June 2017, Disruptive Capital Finance LLP ("Disruptive") has requested that it be allowed to participate in the Formal Sales Process announced by the Company yesterday morning. The Company has agreed to this. Disruptive has also agreed that its participation is conditional on any offer for the Company, which may or may not be eventually made by it, being recommended unanimously by the Board of the Company.

Is the statement saying that if Disruptive make an offer of, say, 1p a share the Board are bound to recommend it unanimously? If the answer to my question is no, what exactly is being said?

[sikhthetech] 15/6/2017 11:09

Toscafund taking an interest...

[henchard] 14/6/2017 17:18

Thanks folks, a bit of reading for me to do.

[sikhthetech] 14/6/2017 11:26

Henchard,

SG is a well known brand within the stamp community and have clients all over the world. The recent sale of Ghandi stamps for £1/2m was to an Australian client.

This article refers to SG as:
"According to Stanley Gibbons, the world’s pre-eminent, prestige collectibles merchant"




what are their rare stamps actually worth???

Like all collectables, whether it be vases, fine art, have 'their' price.. serious collectors and investors aspire to collect the most unusual, the rarest etc.. whether that be a rare art or rare stamp...

This article, from last year, might also help with understanding of SG within the global stamp market - in it SG mention the next revival of prices is expected to be 2018.




As to the post CarpeDiem1's comments... I don't recall SG mentioning whether they were agents selling on commission or whether the Ghandi stamps were from their own stock... he claims he knows that there wasn't much profit but why doesn't he say how much there was???



One things for sure, Disruptive Capital seem v keen. SG put themselves up for sale and Disruptive want to be part it...

We'll have to see if SG get any interest from overseas investors..maybe Chinese or Indian (following the recent sale of Ghandi stamps??) investors...

[spectoacc] 14/6/2017 08:21

Largely out of mine now, but agree with posts above - they could go for a lot more than here depending on enterprise value (equity being only a small part of that). Or they may not "go" at all. Good luck holders.

[jim digriz] 14/6/2017 08:21

In terms of assets, there are stamps offered for sale at about £16m on this page: (hopefully that link is to GB stamps, 196 to a page, descending price order). Whether we own them as such and what they are at on the balance sheet, I don't know.

DYOR

Jim

[orange1] 13/6/2017 23:09

On Friday he sold 1,850,000 CFDs at 12.987p (having first flipped some 3.17 mio shares into CFDs) and yesterday sold another 300,000 CFDs at 11.14p.

[pugugly] 13/6/2017 22:22

Orange1: Thanks - Had not spotted - Last rns I saw was that of 11th Jan when he reduced to less than 5% 9,747,038 shares 5.45% Only large trade on the 10th was at 12.4p which he must have felt was a fair price - My gut feel (maybe wrong) is that sale - if it takes place will be closer to Griffiths price that suggested in post 2984

[orange1] 13/6/2017 19:54

>pugugly

Griffiths has been selling of late and currently holds 3.36%.

[henchard] 13/6/2017 19:36

I find this very difficult to value.

The company was maxed out on its borrowing facilities at 31 March, virtually no headroom left and it seems clear - from what management itself says - that significant capital investment is required to realise any value:

"... the Directors believe that it is likely therefore that such value is best delivered either within a larger group or alongside a strategic investment".

I don't know this market. Is there a larger stamps and coins group than SGI? If not, what other larger group in a different line of business might be interested?

Alternatively, I can see a strategic investment as a possibility.

But, either way, what value would an acquirer or strategic investor put on the business.

There was an interesting post on LSE from 'CarpeDiem1' the other day:

"There are a couple of points to make here. The first re the Gandhi strip selling for half a million pounds. It has not been announced what the profit margin on this item is. I do know, and it was not much!
Then there is the inventories valuation of around £40 million. This vastly overvalues the stock level which, were it to be sold on the open market, might be worth £15 million. I am guessing here but that is what it feels like based upon what SG paid for key pieces at Spink and Sotheby's auctions."

Now, I don't know how credible this is (maybe some knowledgeable posters here have a different view on the value of the inventory) but if CarpeDiem1's view is somewhere in the ballpark, it suggests SGI's NAV may be about £20m and (TNAV about £0) compared with the current market cap of £21.5m -- suggesting the market has the valuation about right at 12p.

[barnetpeter] 13/6/2017 18:48

this was 250p just 18 months ago.....not sure what the value is now. They have sold stuff to raise cash and it has a great name.....in at 12p myself