Information  X 
Enter a valid email address

Flying Flowers Ld (FBDU)

  Print      Mail a friend

Thursday 17 August, 2000

Flying Flowers Ld

Demerger

Flying Flowers Ld
17 August 2000

                 Flying Flowers Limited
                Stanley Gibbons Demerger
                            
Flying   Flowers  Limited  ('the  Company'   or   'Flying
Flowers'), the mail order and database marketing company,
today  outlined to shareholders details of  the  proposed
demerger of Stanley Gibbons, the internationally renowned
authority on stamp collecting.

Leaving the Company to concentrate on its core mail order
business,   the   demerged   entity   will   be    called
Communitie.com  and  it  aims  to  become   the   leading
community-based trading environment on the  Internet  for
the stamp and collectibles market.

The  directors believe that substantial benefits will  be
experienced  as a result of the demerger.  Each  business
will  have its own board of directors and management team
clearly focused on their individual strategy. There  will
be clearer responsibilities, accountability and a quicker
decision  making process, which is particularly vital  to
developing the Company's e-commerce strategy.

Qualifying  shareholders  will  receive  one   share   in
Communite.com  for each Flying Flowers share  held.  Upon
the  demerger becoming effective, Communitie.com will  be
admitted  to  the Alternative Investment Market  ('AIM').
Trading  in  these  shares is expected  to  begin  on  19
September 2000.

FLYING BRANDS LIMITED

Following   the  demerger,  and  subject  to  shareholder
approval,  the  Company will change its  name  to  Flying
Brands  Limited to reflect more accurately the nature  of
the  underlying volume mail order business. Flying Brands
will consist of four major brands:

*    Flying Flowers - sale of flowers by mail order
*    Gardening Direct - mail order bedding plants service
*    Benham  -  mail  order coins and first  day  covers
     ordering
*    Urch Harris - mail order service specialising in new
     issue stamps

Following the demerger, Paul Fraser will no longer act as
Joint Chief Executive but will remain as a Director.



COMMUNITIE.COM

As  well  as  Stanley  Gibbons,  Communitie.com  will  be
comprised of four specific Internet channels:

*     stanleygibbons.com - full range of Stanley  Gibbons
      products and services on-line
*     frasersautographs.com - on-line catalogue  of  rare
      autographs and memorabilia
*     stampcafe.com - on-line catalogue listing  approved
      new issue stamps
*     collectorcafe.com  -  information  portal  for  the
      world's collecting community

Paul  Fraser  will become Chairman of Communitie.com  and
Tony  McQuillan, the Managing Director of Stanley Gibbons
prior  to its acquisition by Flying Flowers, will  return
as  Chief Executive.  Tim Dunningham will join the  Board
as a Non-Executive Director.

Robert Norbury, Chairman of Flying Flowers, commented:

'We  are confident that the demerger will greatly enhance
shareholder   value.  Communitie.com  will   enable   our
collectables  businesses to reach  a  worldwide  customer
base  through an improved online offering, whilst  Flying
Brands  will  allow us to focus on our  traditional  mail
order offerings. We are confident that the demerger is in
the best interests of shareholders as a whole.'

Owing  to the nature of the transaction, the demerger  is
conditional,  inter  alia,  upon  the  approval  of   the
Company's shareholders of an appropriate resolution to be
proposed  at an Extraordinary General Meeting ('EGM')  on
Monday 11 September 2000.


For further details please contact:

Grandfield                           020   7417 4170
Clare Abbot
Harry Hunt
Nick Astaire



                                                                                
                  

a d v e r t i s e m e n t