Stanley Gibbons shares plummet amid takeover confusion

Shares in stamp dealer Stanley Gibbons plummeted more than 15pc after private equity firm Disruptive Capital denied it was making a takeover offer.

Stanley Gibbons announced on Friday that Disruptive had made an “unsolicited approach” to buy the company.

But Disruptive released a statement on Monday morning saying it was “not making an offer”.

The private equity group said the confusion centred around an email it had sent to Stanley Gibbons last month, which was mistakenly interpreted as a takeover approach.

Shares in the Aim-listed Stanley Gibbons soared more than 25pc on Friday when the auctioneer said it had been approached.

They have since slumped more than 15pc after Disruptive clarified the situation.

Stanley Gibbons released a new statement on Monday saying it was inviting bids for some or all of the company. It has appointed broker finnCap to conduct a “full strategic review” to investigate its options.

The stamp dealer reiterated that it was “already in receipt of an approach from Disruptive Capital that may or may not lead to an offer for the business”.

But in an announcement released at the same time as the Stanley Gibbons statement, Dis- ruptive said: “Disruptive Capital confirms that it is not making an offer for Stanley Gibbons.

“Disruptive has been in discussions with the management of Stanley Gibbons for some time and had received, but not yet executed, a mutual non-disclosure agreement between us and them since we required sensitive information to evaluate whether or not to make an offer.

“On 31 May, Disruptive were informed by Stanley Gibbons that an email we had sent them was interpreted by them as an approach under the Takeover Code and that they had informed the Takeover Panel of the same.”

The private equity fund is chairman by financier Ed Truell, who briefly served as an advisor on pensions and investments to Boris Johnson when he was Mayor of London.

Its other investments include bioresearch company IRX Therapeutics and undersea cable company Atlantic Superconnection.

Stanley Gibbons meanwhile has cut jobs and overhauled its management team in recent years following a period troubled trading.

It has issued a string of profit warnings in the past 18 months and got rid of its chief executive and finance director in July last year, when it said it was “reconsidering” the benefits of being based in Jersey.