15 August 2012
Storyboard Assets Plc
("Storyboard" or the "Company")
Notice of General Meeting and Notice of 2012 Annual General Meeting
Storyboard is pleased to announce that a circular convening a General Meeting of the Company for
10.00 a.m. on Monday, 10 September 2012 to consider the proposed sale of certain artwork to Marcus
Yeoman, a Director of the Company, is being posted to shareholders in the Company today.
Notice convening the Company's Annual General Meeting in respect of the financial year ended 31
January 2012 for 10.30 am on Monday, 10 September 2012 is also being posted to shareholders today.
The following text has been extracted from the Director's letter contained within the circular
convening the General Meeting regarding the sale of artwork. This announcement is not a substitute
for reading the circular and shareholders in the Company are advised to read the circular in full,
together with the accompanying form of proxy.
"This document is important and requires your immediate attention. If you are in any doubt
as to what action you should take, you are recommended to seek your own financial advice from your
stockbroker or other independent adviser authorised under the Financial Services and Markets Act
2000. If you have sold or transferred all of your shares in Storyboard Assets plc, please forward
this document, together with the accompanying proxy form, as soon as possible to the purchaser or
transferee or to the stockbroker, bank or other agent through whom the sale or transfer was
effected for transmission to the purchaser or transferee.
Storyboard Assets Plc
Unit 1, Block 3
Manor Farm Business Park
15 August 2012
Proposed Sale of Artwork to Mr Marcus Yeoman
As you will be aware, at the General Meeting of the Company held on 31st January 2012,
shareholders approved proposals for a managed liquidation of the Company's portfolio of artwork,
followed by a change of strategic direction. At that point it was anticipated that the process of
disposing of the Company's remaining artwork would take up to six months.
As announced on 13th July 2012, although all remaining artwork held by the Company was offered for
sale at auction, many lots remained unsold and the directors of the Company, Marcus Yeoman and I
(the "Directors"), subsequently invited offers from shareholders for any or all of the balance of
the collection before Friday 27th July 2012.
By 27th July, the highest offer which had been received by the Company was GBP60,000 for all
remaining artwork, from the Company's Chairman Marcus Yeoman. The offer period was then extended
until 3rd August 2012 in order to allow shareholders a further opportunity to participate. By the
close of business on 3rd August, no further offers had been received.
The artwork which Marcus Yeoman has offered to buy consists of the following pieces:
* The Twits Get the Shrinks, Quentin Blake (The Twits)
* Sixes & Sevens, Quentin Blake
* Bod, Joanne Cole
* The Man of the Island, Edmund Dulac (Treasure Island)
* Look Here I've left my Purse Behind, EH Shepard (Wind in the Willows)
* You're the very image of Her, EH Shepard (Wind in the Willows)
* Kiss Goodnight Sam, Anita Jeram (Kiss Goodnight Sam)
* Elmer, David McKee (Elmer)
* Peace at Last, Jill Murphy (Peace at Last)
* Babe (Complete set of Illustrations), Maggie Kneen (Babe)
* "Yus, yus!" sighed Aunt Pettitoes, Beatrix Potter (Pigling Bland)
* Fierce Bad Rabbit, Beatrix Potter (Fierce Bad Rabbit)
* Captain Pugwash, John Ryan (Captain Pugwash)
* The Morning Walk, EH Shepard (Now We Are Six)
* When Anne & I go out for a walk, EH Shepard (Now We Are Six)
* Anne's balloon, EH Shepard (Now We Are Six)
* One of his hobbies, William Steig (Sylvester & The Magic Pebble)
* He did a Little Dance, Garth Williams (Stuart Little)
* Box set of lithograph prints, Maurice Sendak (Wild Things)
The aggregate book value of these pieces is GBP156,441.09. A sale to Marcus Yeoman for GBP60,000
would therefore result in a loss against book value of GBP96,441.09. Whilst it is possible that a
higher price could be realised if a further attempt was made to sell these pieces at auction,
there can be no guarantee of this and the next suitable opportunity to do so would not be until
Because Marcus Yeoman is a Director of the Company, before the sale of the artwork to him
can proceed, the approval of the Company's shareholders in General Meeting is required.
Accordingly, the Company is convening a General Meeting, to be held at the offices of St Helens
Capital Partners LLP at 223a Kensington High Street, London W8 6SG on Monday 10th September 2012
at 10:00 a.m. in order to seek shareholder approval for the proposed sale of its remaining
portfolio, it its entirety, to Marcus Yeoman for cash consideration of GBP60,000. A formal Notice
of General Meeting is set out at the end of this letter and a proxy form for use at the General
Meeting is also enclosed.
If the disposal is approved at the General Meeting, completion of this sale would take
place within seven days of the General Meeting, at which point the Company would become an
"Investment Vehicle" with cash resources of approximately GBP200,000. An Investment Vehicle is
defined in the PLUS Rules for Issuers as "an issuer whose actual or intended principal activity is
to invest in the securities of other businesses (whether publically traded or not), or to acquire
a particular business, in accordance with specific investment criteria." Shareholder approval will
be sought for a new investment strategy for Storyboard at the appropriate time.
The Directors of Storyboard Assets Plc are responsible for the contents of this announcement.
Storyboard Assets Plc
Tel: 07912 044 941
St Helens Capital Partners LLP
Mark Anwyl or Duncan Vasey
Tel: 020 7368 6959