Scholium Group PLC Disposal of a 50% interest in Russian stock (7650R)
September 26 2017 - 1:00AM
UK Regulatory
TIDMSCHO
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 GBP1.0 million and in the year ended on that date
generated a contribution of approximately GBP15,000 to central
costs.
The consideration comprises:
-- GBP250,000, which is payable on completion; and
-- A non-interest-bearing loan ("Loan") of GBP315,000, 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 +44 (0)20 7493 0876
Peter Floyd, Finance Director
WH Ireland Ltd - Nominated Adviser
Chris Fielding +44 (020) 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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