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2007

The Company announces that the Mallett Share Incentive Plan (the “Plan”) yesterday acquired 25,000 ordinary shares of 5p each in the Company at 205 pence per share, equating to 0.18% of the Company’s issued share capital. The directors of the Company are potentially beneficiaries to the Plan.

The Company has been notified that James Heneage, Non-Executive Director of the Company, today purchased 10,000 ordinary shares of 5 pence each in the Company (“Ordinary Shares”) at a price of 207 pence per Ordinary Share.

Following these purchases Mr. Heneage’s beneficial interest in the Company is 10,000 Ordinary Shares, representing a total of 0.07 per cent. of the issued share capital of the Company.

For more detailed information please view the pdf document here.

The Company announces that the Mallett Share Incentive Plan (the “Plan”) today acquired 10,000 ordinary shares of 5p each in the Company at 210 pence per share, equating to 0.07% of the Company’s issued share capital. The directors of the Company are potentially beneficiaries to the Plan.

Under Mallett's Return of Cash, Shareholders could elect to sell their B Shares at 58 pence per B Share, free of all dealing expenses and commissions, pursuant to the Initial Repurchase Offer which was made by Teather & Greenwood Limited on 15 June 2007. Valid elections to accept the Initial Repurchase Offer were received in relation to 6,836,577 B Shares (49.54 per cent. of the issued B Shares) and were duly purchased by Teather & Greenwood Limited.

Yesterday Mallett purchased from Teather & Greenwood Limited 6,836,577 B Shares for an amount equal to 58 pence per B Share plus the total stamp duty and stamp duty reserve tax payable by Teather & Greenwood Limited in respect of its purchase of B Shares. Mallett subsequently cancelled all the B Shares it had purchased.

All capitalised terms shall have the meanings given to them in the Circular to shareholders dated 14 May 2007.

For further information, please contact:
Michael Smyth-Osbourne (Finance Director): 020 7499 7411

For more detailed information please view the pdf document here.

Return of Cash and Results of B Share Scheme Elections

The Return of Cash, which was approved by Shareholders on 6 June 2007, provided Shareholders with three alternatives in relation to their B Shares. As at the close of the Election Period, being 4.30pm on 14 June 2007, the results of elections were as follows: Alternative 1: Single B Share Dividend – valid and deemed elections to accept

Alternative 1 were received in respect of 6,815,812 B Shares, representing 49.4% of the issued B Shares. Alternative 2: Initial Repurchase Offer – valid elections to accept

Alternative 2 were received in respect of 6,836,577 B Shares, representing 49.5% of the issued B Shares.

Alternative 3: Future Repurchase Offer – valid elections to accept Alternative 3 were received in respect of 147,671 B Shares, representing 1.1% of the issued B Shares.

It is expected that Teather & Greenwood Limited will make today the Initial Repurchase Offer to purchase the 6,836,577 B Shares in respect of which valid elections have been received from Shareholders.

The Board of Mallett is also pleased to announce that it has declared the Single B Share Dividend of 58 pence per B Share payable to those Shareholders who have, or who are deemed to have, elected to receive the Single B Share Dividend.

Settlement of the Initial Repurchase Offer and Single B Share Dividend for Shareholders is expected to be made on 29 June 2007.

Full details of the Return of Cash by way of the B Share Structure are contained in the Circular to Shareholders dated 14 May 2007. All capitalised terms shall have the meanings given to them in the Circular.

For further information, please contact:
Michael Smyth-Osbourne (Finance Director): 020 7499 7411

Board appointments

The Board of Mallett PLC (“Mallett” or the “Company”) is pleased to announce the appointment of Lord Daresbury to the Board of Mallett as a non-executive director. This appointment is in addition to the appointments of James Heneage and Eloy Michotte which were announced last week and will take effect from 1 July 2007.

Lord Daresbury, aged 53, joined Greenalls Brewery in 1981. In 1984 he was appointed Director of the Group responsible for the leisure division and, in 1996, he became Chief Executive of the company, now named The Greenalls Group PLC. Following the sale of the Pubs and Restaurant Division to Scottish & Newcastle at the end of 1999, he became Non-Executive Chairman of the company, which was re-named De Vere Group PLC. Peter Daresbury retired from De Vere Group in April 2006. He is currently Non-Executive Director of Jockey Club Racecourses, Non-Executive Chairman of Nasstar PLC and Chairman of Aintree Racecourse Company Ltd. He was a Non-Executive Director of KazakhGold Group Limited until June 2007.

The Board is pleased to welcome Peter to the Company and believes that his skills will complement well those of James Heneage and Eloy Michotte in the future development of the Company.

The Board considers that Peter Daresbury is independent for the purposes of the Combined Code on Corporate Governance. He was previously a director of Wetnose.com Limited which subsequently went into creditors voluntary liquidation in November 2000. There are no further details required to be disclosed under paragraph 9.6.13R of the Listing Rules or Disclosure Rule 3.1.2R.

Enquiries:
Lanto Synge (CEO) 020 7499 7411
Michael Smyth-Osbourne (FD) 020 7499 7411

Further to the announcement made by Mallett PLC (“Mallett”) on 6 June regarding the appointment of James Heneage and Eloy Michotte as non-executive directors of Mallett with effect from 1 July 2007, the following information is disclosed in accordance with paragraph 9.6.13 of the Listing Rules:

James Heneage was a director of Ottakars PLC from March 1987 until June 2006; and
Eloy Michotte was previously a director of the following companies which subsequently liquidated:

James Purdey & Sons (Accessories) Limited (liquidated: 12 Mar 2002);
Twickenham Investments (liquidated: 13 Jan 1993);
Richmark Limited (liquidated: 29 Aug 2000);
RND International Limited (liquidated: 15 Sep 1995).

There are no further disclosures to be made pursuant to paragraph 9.6.13 of the Listing Rules.

As set out in the circular posted to shareholders on 14 May 2007, Mallett PLC announces that it will pay a special interim dividend of 5p per ordinary share on 29 June 2007 to shareholders on the register on 15 June 2007.

Enquiries:
Michael Smyth-Osbourne (FD) 020 7499 7411

For more detailed information please view the pdf document here.

Board appointments

The Board of Mallett PLC (“Mallett” or the “Company”) is pleased to announce the appointment of James Heneage and Eloy Michotte to the Board of Mallett as non-executive directors. The appointments will take effect from 1 July 2007.

James Heneage, aged 49, was the founder of the Ottakar’s chain of bookshops which he created in 1987, floated on the London Stock Exchange in 1998 and sold to Waterstone’s, part of HMV UK, in 2006. Prior to this he spent five years in the advertising industry, ending as an Account Director at Ogilvy and Mather.

Eloy Michotte, aged 59, is currently Corporate Finance Director of Compagnie Financière Richemont SA, one of the world’s leading luxury goods groups. He graduated in engineering from the University of Louvain in Belgium and holds an MBA from the University of Chicago. He has had an extensive career in international business and finance, having worked for Ford, McKinsey & Co and Bankers Trust Company, prior to joining Richemont at the time of its formation in 1988, when he was appointed to the Board. He also serves on the board of Net-à-Porter Limited.

The Board is pleased to welcome these two new non-executive directors to the Company and believes that, with their knowledge and experience in business and the retail sector, they have much to offer in the future development of the Company.

The Board is also hoping to make a further non-executive director appointment in the near future, with the expectation that the appointment will also be effective from 1 July 2007. The Board considers that James Heneage and Eloy Michotte are independent for the purposes of the Combined Code on Corporate Governance. A further announcement will be made within the next five business days setting out the information required under paragraph 9.6.13 of the Listing Rules. There are no further details required to be disclosed in accordance Disclosure Rule 3.1.2R.

Enquiries:
Lanto Synge (CEO) 020 7499 7411
Michael Smyth-Osbourne (FD) 020 7499 7411

For more detailed information please view the pdf document here.

The Company has been notified that Michael Smyth-Osbourne, Finance Director of the Company, today purchased 4,200 ordinary shares of 5 pence each in the Company (“Ordinary Shares”) at a price of 238 pence per Ordinary Share. Following these purchases Mr. Smyth-Osbourne’s beneficial interest in the Company is 4,200 Ordinary Shares, representing a total of 0.03 per cent. of the issued share capital of the Company.

Enquiries:
Michael Smyth-Osbourne (FD) 020 7499 7411

The Company has been notified that George Magan, Non-Executive Chairman of the Company, on 11 May 2007 purchased 25,000 ordinary shares of 5 pence each in the Company (“Ordinary Shares”) at a price of 234 pence per Ordinary Share, and on 14 May 2007 purchased 25,000 Ordinary Shares at a price of 236 pence per Ordinary Share. Following these purchases Mr. Magan’s beneficial interest in the Company is 100,000 Ordinary Shares, representing a total of 0.7 per cent. of the issued share capital of the Company.

Enquiries:
Michael Smyth-Osbourne (FD) 020 7499 7411

For more detailed information please view the pdf document here.

The Annual General Meeting of Mallett is to be held at Mallett’s registered office at 141 New Bond Street, London W1S 2BS on 6 June 2007 at 10.30am. Copies of the 2006 Annual Report (which incorporates the Notice of Annual General Meeting and Form of Proxy) has been despatched to shareholders.

Copies of the 2006 Annual Report have been submitted to the FSA and will shortly be available for inspection at the Document Viewing Facility which is situated at 25 The North Colonade, Canary Wharf, London E14 5HS.

Shareholders should note that at the Annual General Meeting, the resolution numbered 10 in the Notice of Annual General Meeting will be proposed to amend the Company’s Articles of Association to reflect recent changes to the Companies Act. A copy of Mallett’s existing Articles of Association together with a copy marked to show the differences as proposed pursuant to resolution 10, have also been submitted to the FSA and will shortly be available through the Document Viewing Facility. Copies will also be available at Mallett’s registered office during usual business hours and at the Annual General Meeting from 10.15am until the close of the meeting.

Further information is available from:
Michael Smyth-Osbourne, Finance Director and Company Secretary – 020 7499 7411

For more detailed information please view the pdf document here.

Mallett PLC (the “Company” or “Mallett”) is pleased to announce that it proposes to return £8.7million (equivalent to 63pence per existing ordinary share) to shareholders as a result of the recent sale of Bourdon House.

The Board of Mallett proposes to return the cash to shareholders in two parts:
Part 1 – a B Share Scheme. Some details of the B Share Scheme are given below and it requires shareholder approval for which a circular will be sent to shareholders shortly giving further details.

Part 2 – a special interim dividend. Subject to approval by shareholders of the B share scheme, it is intended to declare a special interim dividend.

The vast majority of the £8.7m is expected to be returned by way of the B share scheme. However, the exact apportionment of the £8.7million between the two parts will only be determined shortly before the posting of the circular to shareholders based on the share price of the Company at that time. Based on the Company’s current share price, £8.2million would be returned by way of the B share scheme and £0.5million by way of the special interim dividend.

B Share Scheme

The B Share Scheme will involve the issue of unlisted B shares and will be subject to shareholder approval. Subject to such approval, shareholders will receive one B share for every existing ordinary share and will be able elect between the following alternatives:

  • Single B share dividend: to receive a single dividend for some or all of their B shares. Following this, the B shares for which a shareholder has chosen to receive the single B share dividend payment will automatically be converted into deferred shares which will have negligible value;

  • Initial repurchase offer: to sell some or all of their B shares to Teather & Greenwood Limited, the Company’s stockbrokers, for the same amount per B share as the B share dividend, free of all dealing expenses and commissions; and/or

  • Future repurchase offers: to retain some or all of their B shares and have the opportunity to sell them on certain future dates over the following two years for the same amount per B share as the B share dividend, free of all dealing expenses and commissions.

An Extraordinary General Meeting of the Company seeking shareholder approval for the B Share Scheme will be held in due course and a circular explaining the B Share Scheme in more detail will be sent to shareholders shortly.

Enquiries:
Michael Smyth-Osbourne (FD) 020 7499 7411

Mallett plc (the “Company” or “Mallett”) is pleased to announce that the Company yesterday signed a merger agreement (the “Merger Agreement”) with Gurr Johns Limited (“Gurr Johns”) to merge each companies’ respective restoration businesses.

Gurr Johns’ restoration business, H.J. Hatfield & Sons Limited (“Hatfields”), is a long established and highly respected restoration business with four employees and approximately 1,200 clients. Mallett intends that a merger of its restoration business, which has six employees and mainly restores Mallett-owned items, with Hatfields will establish a market leading multi-skilled restoration business which will be able to benefit from the significant client base of both Mallett and Gurr Johns to offer a restoration service that covers a wide range of decorative art.

Under the Merger Agreement, Mallett will own 60 per cent. and Gurr Johns will own 40 per cent. of the merged entity, which will be called H.J. Hatfield & Sons Limited. The shareholders will inject £100,000 into the merged entity, pro rata to their shareholdings, and thereafter it is expected that the business will finance itself from its operating cashflows. The business will lease approximately two thirds of the space in Mallett’s Clapham property under an arms length commercial lease and it is expected that the merged entity will be earnings enhancing in its first full year of operation¹.

¹This statement should not be taken to mean that the earnings per share of the Company will necessarily match or exceed the historical reported earnings per share of the Company and no forecast is intended or implied.

Enquiries:
Lanto Synge (CEO) 020 7499 7411
Michael Smyth-Osbourne (FD) 020 7499 7411

Mallett PLC announces its final dividend for the year ended 31st December 2006 of 6.8p per share will be paid on 14th June 2007 to shareholders on the register on 11th May 2007 and is subject to the approval of shareholders at the Annual General Meeting to be held on 6th June 2007.

For more detailed information please view the pdf document here.

Mallett announced on 8 December 2006 that, following the successful sale of Bourdon House in 2006, it had asked Sotheby’s to host an auction of selected items of stock from Bourdon House on 9 March 2007.

Mallett today announces that the auction took place on Friday and net sale proceeds totalled £2.2m. Pleasingly, 95% of lots offered were sold and the proceeds are within Sotheby’s pre-sale estimated range, if at the low end. The total net book value of the stock sold was £3.4m, so a provision will be included in the financial results for the year ended 31 December 2006 for losses made in the sale. This will be set against the pre-tax profit of £12.4m made on the sale of Bourdon House.

Mallett intends to announce its preliminary results for the year ended 31 December 2006 on 22 March 2007.

Enquiries: Mallett PLC
Lanto M. Synge (CEO) 020 7499 7411
Michael Smyth-Osbourne (FD) 020 7499 7411

The Company announces that the Mallett Share Incentive Plan (“the Plan”) today disposed of 575 ordinary shares of 5 pence each in the Company on behalf of an employee of the Company at 230 pence per share, equating to 0.004 per cent. of the Company’s issued share capital. The directors of the Company are potentially beneficiaries to the Plan.

The Company announces that the Mallett Share Incentive Plan (“the Plan”) on 6 February 2007 disposed of 3,482 ordinary shares of 5 pence each in the Company on behalf of an employee of the Company at 230 pence per share, equating to 0.03 per cent. of the Company’s issued share capital. The directors of the Company are potentially beneficiaries to the Plan.

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SHARE PRICE
73.00
 GBp
15/01/2014
LONDON
MALLETT Ely House, 37 Dover Street, London, W1S 4NJ, United Kingdom
Tel: +44 (0)20 7499 7411
Email:
NEW YORK
MALLETT Inc. 929 Madison Avenue at 74th, New York, NY 10021, United States of America
Tel: +1 212 249 8783
Email:
HATFIELDS RESTORATION
49 Clapham High Street
London SW4 7LT, UK
Tel: +44 (0) 20 7622 8169
hatfieldsrestoration.com
  • © 2012 MALLETT ANTIQUES. All rights reserved.