Share Name Share Symbol Market Type Share ISIN Share Description
Stanley Gibbons Group LSE:SGI London Ordinary Share GB0009628438 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.50p +10.31% 5.35p 5.20p 5.50p 5.60p 4.50p 4.50p 1,382,096 14:34:30
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 42.5 -30.2 -16.1 - 9.57

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Date Time Title Posts
24/2/201814:49Stanley Gibbons - a lifetime investment?3,452
03/10/201709:47Reduction of debt-
19/9/201716:46Stanley Gibbons - now too cheap-
26/2/201609:51*** Stanley Gibbons ***2
09/8/201310:12Stanley Gibbons2,596

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Stanley Gibbons Daily Update: Stanley Gibbons Group is listed in the General Financial sector of the London Stock Exchange with ticker SGI. The last closing price for Stanley Gibbons was 4.85p.
Stanley Gibbons Group has a 4 week average price of 3.75p and a 12 week average price of 2.88p.
The 1 year high share price is 14p while the 1 year low share price is currently 2.88p.
There are currently 178,916,643 shares in issue and the average daily traded volume is 165,129 shares. The market capitalisation of Stanley Gibbons Group is £9,572,040.40.
jasdan: The third thing one realises is that this is Phoenix's valuation of SG at this point in the cycle, but I am sure that everyone agrees that valuing SG now when it is on its knees is hardly going to make for great accuracy. Equally, the deal is messy in that it is over complex and involves getting rid of the RBS loan facility and replacing it with what exactly? As I read through the RNS, it is clear that the alternative is very soft for SG but there remains a technical £10m debt plus interest somewhere within the group. How does one value this? In the same way, currently, the share price of 5.35p values SG as being worth £10m by the market, but we know that also includes the RBS 17m loan, the £6.5m owed by Guernsey etc, yet the value is still £10m When this deal goes through, the company's debt will be much lower, in fact it could be cancelled by Phoenix since it is now their choice, and no doubt if they want to sell it, they will cancel it, especially if it so increases the share price at that time. Is it worth one day £10m and the next £33.48m? If so, current shareholders should be looking at a good rise in their share price especially in such an illiquidly traded stock. Clearly one to buy at the moment based on the above.
jasdan: Have had time now to really go through the proposed deal, and I must admit I made an error. I was right in that if Phoenix are spending £19.45m to buy 58.09% of the shares, this equates to 100% = £33.48m as an assumed value for the whole group. Where I was wrong was firstly the share price this assumes. I had previously said this was equal to 18.75p because when the company's share price was 5.6p, the market cap was £10m. The error? My apologies but I 'overlooked' the dilution created by 248m new shares, so making 427m in total. Therefore, since there are currently 179m shares, the 18.75p converts to: 18.75 x 179/427 = 7.86p Therefore, that is why the price is rising, because actually at 5.35p there is still an immediate 50% upside. I mentioned 'firstly' above. There is a second issue that I realised when looking at this more closely. We all of course assume there is going to be a dilution, but that in turn assumes Phoenix wishes to sell. I don't think they operate like that. If we then assume they take up their 58.09% stake and don't sell, the only thing that happens for everyone else is their stakes get theoretically diluted as above, so our current two main shareholders who own 38% end up with 15.93% of the whole shares, [or 38% of the remaining shares], depending on how you look at it. I cannot see any gain for Phoenix in swamping the market with these shares, logically, after spending £19.45m they are not going to sell out before they have made a nice profit. In turn, I cannot see Lombard Odier selling out at a loss when such a major new shareholder has entered the ring. So, 58.09% + 15.93% = 74.02% meaning there will be few shares around afterwards so this will be a very illiquidly traded stock and there could now be some sharp rises.
jasdan: Itcm1, also, with a current net cap of only £6.5m at the current 3.5p share price, the stock is worth considerably more than in the accounts. As per the accounts, total assets = £41.8m even equity shareholders funds should be £8.35m! Current liabilities are only £28.8m because we are still reporting the Marketplace / Interiors / Guernsey liabilities in these results. Once they drop out at the next results, you are left with largely unencumbered total assets. There will have to either be a sharp correction by then in the share price, or we will definitely face a takeover. Frankly, the situation is so obvious I cannot understand why so many on here are set in the mindset that SG is due to collapse etc etc. They are clearly badly wrong - perhaps they are the unhappy ex-members of staff / holders of the Guernsey investment plans?
jasdan: clocktower, you are wrong. Your first paragraph is fine, but clearly you are wrong on the second paragraph. Anyone buying now is basically backing the new board and/or the main shareholders. They are obviously not going to conclude a deal which sees their investment collapse in value. It was right to suggest when the share price was £4 or £3 or £2 that there were dangers in investing in this stock - but we are all geniuses in hindsight. We can now see that this was true, but it is not the same thing as saying that those who are now buying stock are wrong. Reading the Outlook statement, it is clear that the Board is striving to get to certain position with the Bank, once this is done and the refinancing dealt with, the £5m will follow, probably at the same time. Then the share price is likely to revive itself as folk out there realise the company is saved, stabilised, and trading properly again, without the Guernsey liabilities or costs, without Interiors or the Marketplace. There are dangers to investing in any shares, but the Outlook statement gives me enough confidence to buy and hold these shares, especially at the current price levels.
jasdan: It happens more frequently than you may think, especially where a fall in the share price is overdone. Here, there were two sharp share price falls in the last few years: a. from £2.40 down to £1 in September 2015 b. from 70p to 17p in February 2016. Both followed negative news updates, both were over-reactions. Since then, the price has slowly drifted down to 4p whilst the Board have closed Interiors, Marketplace, Guernsey etc, got rid of the old Board, and closed other none core interests. Once the ordinary trading shows itself to be profitable again, you will see a rapid reassessment of this stock - especially once their new, more favourable banking facility is provided, and they are given £5m in funding. It seems that most folk on here assume they will incur huge losses indefinitely. This is not the case, the losses and liabilities are now largely historic and there is only so long any further losses can hit the accounts from the old closed businesses. We are not at that transformational stage, but you will not be able to see it until the next update in half a year's time; by which time this will be history. If you were a large II, you would be updated much more frequently and therefore understand the dynamics more.
jasdan: It seems that many of you on here are labouring under a common misconception: you believe there must be a massive dilution of current shareholders to raise £5m because of the current share price. There is no rule at all that a rights issue has to be at a discount to the current share price. Perhaps the clue is in the amount of stock currently available: there are 179m shares, but 40% are owned by two institutional investors and they have Board representation. So only 60% are available in the free market. If you wanted to buy any decent amount of these shares, you would end up increasing the price. In the recent AGM, a resolution was passed [special business, item 10] allowing up to 25% additional stock to be issued without a general rights issue = 44.5m shares. If £5m is provided via this route, it will equate to a share price of 11.24p each - a premium to the current share price. Yes, you are all shouting, but why would they pay more than the current market price? Because once the banking facility is sorted out simultaneously, and the £5m provided, there is no way that the current share price will be just 4p. the 40% shareholders want a return on their investment, this is it, but they equally do not want to particularly dilute their own holdings. Therefore, they provide the bulk of the £5m, existing shareholders do not get a look in, but can't complain as the share price rapidly moves up to 15p - 25p range. And in reality, if a major II wanted to purchase the same amount now, equal to the amount they are providing to the rights, the price would probably not be that far off. It is impossible to get a pricing on the price to buy 25% of SGI, but clearly, you would pay a substantial premium to 4p. That is what appears to be going on, as bourne out by the Outlook in the recent statement.
jasdan: Frankly, the company is not being valued properly by the market, and this is the problem that I have been highlighting in previous threads on here. The current share price frankly indicates the company is going to go bust and would have been an inconceivable share price in 2014. But actually, all it represents is a company that is completely oversold, with no analysts backing it or covering it. As an AIM stock, once it breached its banking covenants it could not really be covered by any financial institution, and therefore the current share price is just what small investors have chased it down to. Therefore we can get a relatively large % change through very little turnover, and in the event of a positive update on the FSP, the price will probably rapidly recover to 25p - 50p range. That sounds ridiculous now, but then again, a 7p price sounded ridiculous in 2014. Chuck in a few bid rumours, a complete cutting in debt, a halving in the payroll count, and a more liquid company once the FSP is concluded, and you will have a dramatically changing share price. Believe me, you'll thank me when the price jumps.
jasdan: The rough reason for it is that with the recent loss of £30m against the stock of £40m gives a £10m balance so the current share price is a bit over that reflecting anticipation of paying off of debt in due course. This is a very simplistic view of the valuation, but even so, you can see how incorrect it is and how, if SGI does proceed to swiftly pay down debt, as it is indicating it will do, the share price not only is far too low, but must be sharply corrected upwards. The point is that there isn't a lot of info coming out, and no real timescale as to when debt will be sharply reduced by. All everyone is fixated over is the banking facility that ends at the end of May next year. But by then, they may not need such a facility, and the loan they also have may be paid off / largely paid off. As debt is reduced, this should be a win win situation for SGI, but they need now to sell off something else to increase liquidity because things will otherwise be tight. However, as commented before, they will be trading within the facility until end of May. I just do not see why the shares are still priced so low. We must be at / approaching the point where things turn round for SGI, it is just that no-one else is saying this, and SGI are not making many comments either which hardly assists things. As ever, it is about sentiment, this is due to sharply change.
jasdan: I reckon we may get some news tomorrow. The AGM would be a good time to advise us, and we are always getting promised that the FSP is close to concluding. I think the share price assumes no satisfactory conclusion of the FSP, and a company on its knees. I do not think it is quite like that. Yes, cash is tight, but the company is able to trade within its current banking facility until the end of May, this was previously confirmed. Furthermore, sales of high quality stock are holding up and there are always buyers of the sort of quality stock that SGI specialises in. Also, things have started to improve again in the Far East, and i believe that Baldwins has been improving its sales. I suppose the biggest conundrum to any new / sceptical investor in SGI is why they should believe all of this, but they need to look through the RNS statements and understand what is being presented. Apart from anything else, even the statement at the beginning of this month referred to the year up to the end of March 2017 - we are now over half a year later on in the year. And unsurprisingly, SGI is still trading and it will, I am sure, be trading next year as well! The clear out of debt, impairments, and writedowns has been done, now it is payback time for shareholders who have had to put up with this. Hopefully the management at SGI agree....
superiorshares: agreed njb67 . all that information that used to be purchased via encyclopaedia Britannica then became available on the internet hence its demise . you cant take a rare stamp and say look .. ive made another one . I still think sgi share price may fall further ?. and as a brand its too big, far from it , I just thinks its iconic and unique. Time will tell and I don't think people will have to wait too long to find out.
Stanley Gibbons share price data is direct from the London Stock Exchange
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