Storyboard Assets Plc

August 15, 2012 02:00 ET

Notice of General Meeting and Notice of 2012 Annual General Meeting

                                                                                    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

Dear Shareholder

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
December 2012.

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.

Yours sincerely
Luke Heron

The Directors of Storyboard Assets Plc are responsible for the contents of this announcement.


Storyboard Assets Plc
Luke Heron
Tel: 07912 044 941

St Helens Capital Partners LLP
Mark Anwyl or Duncan Vasey
Tel: 020 7368 6959

Contact Information

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