Disposal of a 50% interest in Russian stock

RNS Number : 7650R

Scholium Group PLC

26 September 2017

 

Scholium Group plc ("Scholium" )

Disposal of a 50% interest in Russian stock

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Scholium is pleased to announce that its wholly owned subsidiary Shapero Rare Books Limited ("SRB") yesterday entered into an agreement to sell to PY Limited, a company controlled by Pierre-Yves Guillemet, a former employee of SRB, approximately a 50% interest in its entire stock of Russian books, maps, prints and works on paper (the "Russian Stock") as described below.

The Russian Stock had a cost and book value as at 31 March 2017 of approximately £1.0 million and in the year ended on that date generated a contribution of approximately £15,000 to central costs.

The consideration comprises:

·     £250,000, which is payable on completion; and

·     A non-interest-bearing loan ("Loan") of £315,000, repayable from the sale of the Russian Stock in the period to 28 February 2020. Any balance of the Loan not so repaid by 28 February 2020 is to be repaid in cash in full by that date.

Scholium will therefore retain ownership of approximately 50% of the Russian Stock. Working together with Pierre-Yves Guillemet, on the sale of each item of the Russian Stock, Scholium will receive half the sale proceeds, including a half share of the profit.

Jasper Allen, Chairman of Scholium, stated: "We are delighted to have entered into this agreement with PY Limited, which will enable us to redeploy part of our investment in the Russian stock into more buoyant parts of our business, whilst also retaining an interest in the profits which we are confident Pierre-Yves Guillemet will earn."

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

     Scholium Group plc

      Jasper Allen, Chairman               [phone]

      Peter Floyd, Finance Director      

 WH Ireland Ltd - Nominated Adviser                 

      Chris Fielding                              [phone]

 

END

 

 

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