IN BRIEF: FIH Group sells art storage business Momart for GBP8 million
FIH Group PLC - services provider in the Falkland Islands and the UK - FIH agrees to sell its loss-making fine art logistics business, Momart International Ltd, to Compagnie Generale du Roumois SAS for £7.6 million in cash. CGR's parent company, Horus Finance SA, already owns other art logistics and storage businesses. The proceeds of the sale, expected to be completed by the end of September, will be returned to shareholders and invested in FIH's remaining operating business, Falkland Islands Co Ltd.
The disposal is conditional on shareholder approval at a general meeting called for August 28, as it represents a fundamental change of business under AIM rules, due to it size in relation to the rest of FIH. Momart reported an underlying pretax loss of £1.4 million in the financial year that ended March 31 and had net assets of £2.1 million. FIH says the sale unlocks value for shareholders, amid challenging trading conditions.
Current stock price: 123.00 pence, closed up 14% in London on Tuesday for £15.4 million market capitalisation
12-month change: down 45%
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