Storyboard Assets Plc

January 17, 2012 10:02 ET

Proposed Change in Strategy and Notice of General Meeting

                                       Storyboard Assets Plc
                                  ("Storyboard" or the "Company")
                     Proposed Change in Strategy and Notice of General Meeting
Set  out  below is text of a letter sent to the shareholders of the Company on Friday  13  January
2012 convening a General Meeting to be held on 31 January 2012.

                                      "STORYBOARD ASSETS PLC
                                  ("Storyboard" or the "Company")
                                     Notice of General Meeting
                                         31st January 2012
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
                                              FK9 5QD

13th January 2011
Dear Shareholder

Proposed Change in Strategy

The  directors  of  the  Company, Luke Heron and I (the "Directors"), have recently  reviewed  the
Company's financial performance to date and its future prospects.

We  have  concluded that for the foreseeable future it is unlikely that Company will  be  able  to
generate  sufficient  profits under its current business model to justify a  continuation  of  its
current strategy.

We  have  therefore concluded that the interests of shareholders would be best served by a managed
liquidation of the remaining artwork, followed by a change of strategic direction for the Company.
It  is  anticipated  that the liquidation process could take up to 6 months, although  a  suitable
offer for the Company's entire portfolio would obviously accelerate this process.

Subject  to  shareholders' approval at the General Meeting, the Directors intend that the  Company
should  remain on the PLUS-quoted Market as an "Investment Vehicle" following the disposal of  its
remaining  artwork. 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."  The  Directors believe that  the  anticipated  proceeds  of  the
portfolio  liquidation will enable the Company to source attractive opportunities which  are  more
likely  to generate shareholder value in the short to medium term. Shareholders' approval will  be
sought for Storyboard's investment strategy at the appropriate time.

Prior to pursuing this strategy, the Company is convening a General Meeting, to be held at Unit 1,
Block  3, Manor Farm Business Park, Blairlogie, Stirling FK9 5QD on 31 January 2012 at 10:30  a.m.
in order to seek shareholder approval for the proposed change in direction. I therefore enclose  a
formal Notice of General Meeting, together with a proxy form.


The directors of the Company consider that the proposal to be considered at the General Meeting is
in  the best interests of the Company and its members as a whole and is most likely to promote the
success  of  the  Company  for the benefit of its members as a whole.  The  directors  unanimously
recommend  that you vote in favour of the proposed resolution as they intend to do in  respect  of
their own beneficial holdings amounting to 290,805 ordinary shares, representing 23.52 per cent of
the Company's issued ordinary share capital.

Yours sincerely

Marcus Yeoman

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

Contact Information:

Storyboard Assets Plc
Marcus Yeoman
Tel: 07970 028 442

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

Contact Information

  • Storyboard Assets Plc