MOW
03/07/2015 12:46
GENERAL
PRICE SENSITIVE
REL: 1246 HRS Mowbray Collectables Limited
GENERAL: MOW: Market Update
3 July 2015
Announcement to NZX
Market Update
Following the market announcement of 1 July 2015, the Board wishes to update
the market on various matters for the Company.
Name Change and New NZX Code
o With the sale of the Stamp, Note and Coin business now completed, the
Company will proceed with changing its name to Bethunes Investments Limited.
As previously advised a name change was a requirement of the sale agreement.
o The new NZX Code of the Company on the name change taking effect will be
BIL.
o The name change will take effect prior to market open on Friday 17 July
2015.
New Website and Email Contacts
o The Company's new website will be: www.bethunesinvestments.com
o The investor relations email address is: [email protected]
o The information email address is: [email protected]
o The administration email address is: [email protected]
Board Composition
o As previously advised the Company will present a new business strategy to
shareholders at the annual shareholders meeting. It is intended to support
the new direction of the Company with a capital raising in August. In the
course of developing the new strategy the composition of the Board is also
being reviewed.
o However the Company can confirm that Mr. Murray Radford has advised the
Company that he intends to retire as a director of the Company (and all
subsidiaries). Mr. Radford has agreed to remain on the Board until a suitable
independent director is found to replace him.
o In the interim, Mr. Radford will cease to be Chairman and Mr Christopher
Swasbrook will be Acting Chairman as he will present the Company's new plan/s
to shareholders at the upcoming ASM on 31 July 2015.
o Mr. Radford has been a director of the Company for 15 years. We sincerely
thank him for his service and wish him well for the future.
o As a result of the sale of the Stamp, Note and Coin business Mr. John
Mowbray is no longer the Managing Director of the Company and is now a
Non-Executive Director.
Financial Update and Webb's Update
o As noted above the sale of the stamp, coin and bank note business is now
completed. Some final post-completion matters now need to be attended to but
the Board is pleased to have completed this transaction, which was critical
for the Company's continuation.
o The proceeds from the sale are being applied as discussed in the notice of
special meeting issued to shareholders last month.
o The Company has now retired all of its debt with ANZ. However the Company's
remaining operating business, Webb's, still has NZ$900,000 in term debt and
an approximate NZ$290,000 overdraft.
o Addressing Webb's debt level is the principal short-term focus of the
Director's. This will provide Webb's with the ability to allow the
significant investments made to date in people, premises and online
technology to be fully implemented which we believe will provide new channels
to market and potentially new category development. It will also clearly
enable the business to better deal with the vicissitudes of the economy and
the auction room.
Christopher Swasbrook
Acting Chairman
End CA:00266591 For:MOW Type:GENERAL Time:2015-07-03 12:46:53
