Sale of Mallett PLC

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Smith Square Partners acts as financial adviser to Mallett PLC in relation to its public takeover offer from The Fine Art Auction Group

Smith Square Partners is pleased to announce that it has acted as financial adviser to Mallett PLC in relation to a recommended cash offer for the company by The Fine Art Auction Group Limited, a wholly-owned subsidiary of The Stanley Gibbons Group plc.

Mallett PLC is one of the oldest established antique dealers in the world, specialising in the finest pieces of furniture and works of art, including pictures, clocks and other high quality objets d’art, primarily from the 18th century and Regency periods. For over 100 years Mallett has been sourcing important antiques for private collectors and the great museums of the world.

Established in 1856, Stanley Gibbons is the best known global brand in rare stamps. The business is involved in the dealing and auctioning of stamps, rare coins, and other collectibles. Stanley Gibbons operates through several different businesses, each supplementing the cornerstone Stanley Gibbons brand. These include Baldwin’s, Dreweatts & Bloomsbury Auctions, Fraser’s Autographs, Benham, Apex and Murray Payne. Stanley Gibbons is headquartered in Jersey and also operates out of London, Guernsey, Singapore, Hong Kong and the USA.

The offer of 60 pence per share valued the share capital of Mallett at approximately £8.6 million and represented a premium of approximately 23.7 per cent. to the Closing Price of 48.5 pence per Mallett Share on 26 September 2014 (being the last Business Day prior to the date of the announcement).

Commenting on the Offer, Martin Bralsford, Chairman of Stanley Gibbons, said:

“Stanley Gibbons is committed to delivering its established strategy to become a leading online collectibles marketplace and a global auction house for fine and decorative arts, collectibles and other valuables. We are delighted that the board of Mallett has recommended the Offer, a logical and affordable next step for us to acquire a valuable brand and relevant assets. The Mallett business will expand Stanley Gibbons’s expertise into an adjacent collectibles area, drive significant cross-selling opportunities across the combined businesses and build a stronger auction platform in the collectibles marketplace.”

Commenting on the Offer, Lord Daresbury, Non-Executive Chairman of Mallett, said:
“The Mallett Board believes that Mallett’s business would benefit from becoming part of a larger group with resources to support its development. In addition, the Offer provides Mallett Shareholders with the opportunity to realise their investment in cash for a fair price now.”

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