Brierley link in Mowbray deal

Under the deal Mowbray will buy Stanley Gibbons, which has offices in Sydney and Melbourne, for $675,000.

Consideration will be the issue of around 1.2 million Mowbray shares at 58c each, increasing the number of shares to 7.1 million.

Guinness Peat Group (NZSE: GPG) head Sir Ron Brierley, the majority shareholder in Stanley Gibbons Australia, will become the second largest shareholder in Mowbray Collectables with a 15% stake.

Sir Ron has also agreed to be an advisor to the board of directors on its Australian operations.

Mowbray says the acquisition will make it one of the larger stamp dealers in the world with philatelic revenues of about $9 million a year, mostly from outside New Zealand.

The company has had a relationship with Stanley Gibbons for some years.

In 1989 Mowbray founder, John Mowbray, joined the board of Stanley Gibbons in London and in 1991 became a director of Stanley Gibbons Australia.

Two years later Mr Mowbray launched Stanley Gibbons New Zealand, which has operated as an associate company to his own stamp business.

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