Collectable stamp seller Stanley Gibbons today put forward plans to pull itself off of London’s Alternative Investment Market (AIM), as it announced the resignation of its CEO.
The London stamp dealer said it will allow shareholders to vote on plans to delist Stanley Gibbons from the AIM stock exchange, at an extraordinary general meeting on 30 August.
The plans, which will require the approval of 75 per cent of Stanley Gibbons shareholders, come as the firm said the costs of remaining listed on the AIM outweigh any benefits.
Stanley Gibbons’s largest shareholder, Phoenix Asset Management Partners, said it will reconsider its financial support for the stamp seller, if shareholders fail to vote the delisting through.
Established in 1856, Stanley Gibbons was formed by sole trader Edward Stanley Gibbons, as a stamp selling business from his father’s pharmacy in Plymouth.
Now based on the Strand, the company has grown significantly over the past century, to become one of the largest stamp collecting companies in the world.
Stanley Gibbons’ proposal to delist from the AIM, comes after the firm announced company chief executive Graham Shircore is set to step down from his position this September, to return to work at Phoenix Asset Management.
Shircore will be succeeded by Tom Pickford, who is set to bring digital experience to the role.