Gibbons CEO resigns, firm plans to delist

The 166-year-old U.K. philatelic firm Stanley Gibbons hopes to delist itself from the Alternative Investment Market (AIM) “after pressure from its largest shareholder and sole creditor,” according to a Financial Times report this July.

Gibbons must receive support from 75 per cent of its shareholders at an Aug. 30 general meeting to cancel its shares on the AIM exchange, which has drawn criticism from Phoenix Asset Management, the firm’s majority shareholder.

Phoenix, which owns 58 per cent of Gibbons’ shares, recently issued a statement noting the “clear benefits” of ending the listing on the AIM, a sub-market of the London Stock Exchange launched in 1995. If shareholders fail to support the delisting proposal, Phoenix would “reconsider its continued financial support for the company and the company should not rely on that support.” Gibbons’ share price has fallen 38.78 per cent in the past six months and 81 per cent since 2016.

On July 22, Gibbons also announced CEO Graham Shircore will resign effective Sept. 12. Tom Pickford will fill the role of CEO with “a wealth of experience in delivering successful business growth and a strong track record in the digital world,” according to a statement from Gibbons.

The announcements came eight months after Gibbons began offering fractional ownership shares in the iconic 1856 British Guiana one-cent magenta stamp, which the firm acquired at auction for about $10 million last June.

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