Business
Purchase of 80% stake in Showpiece Technologies...
Purchase of 80% stake in Showpiece Technologies....
About this update from Castelnau Group Limited
[{"type":"text","content":"\n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW.\n \n 16 November 2021\n \n \n Castelnau Group Limited\n \n(the \"Company\")\n Purchase of 80% stake in Showpiece Technologies Limited\n Castelnau Group Limited is pleased to announce the transfer of 80% of the equity in Showpiece Technologies Ltd (“Showpiece”) from Phoenix Asset Management Partners (“PAMP”).\n Showpiece was incorporated in August 2021 by PAMP. Showpiece is the fractional ownership platform through which the Company is making available for sale, beneficial title in fractions of the world’s most valuable stamp, the 1c-Magenta at www.showpiece.com.\n With the growing adoption of digital collectables and the uniqueness of the items that Showpiece intends to offer the Company believes that there is a huge untapped global market for its offering. This is demonstrated by the early success of the first item on the platform, the British Guiana 1c Magenta, which has been split into 80,000 Pieces and offered for sale on the platform since Monday 8th November. In the first three days of sale, over 9,500 pieces were sold to customers from over 45 countries across all 6 of the world’s inhabited continents.\n The cash price of the transaction of £8,000 is equivalent to 80% of the value of the equity in Showpiece, all of which is held in cash. The other 20% is being purchased by the Stanley Gibbons Group plc, a company controlled by PAMP, for £2,000. In addition to the purchase of the shares, the Company will contribute to the setup costs of Showpiece and provide additional funds for working capital purposes. The transfer of ownership constitutes a related party transaction. Accordingly, in accordance with the Company’s related party policy the Independent Directors of the Company approved the transaction prior to the transfer taking place.\n Further information on the Company can be found on its website at www.castelnaugroup.com\n \n \n Enquiries\n :\n \n Phoenix Asset Management Limited\n +44 (0) 208 600 0100\n Gary Channon\nSteve Tatters\nLorraine Smyth\n Liberum Capital Limited\n +44 (0) 20 3100 200...