FIH Group PLC
04 August 2026
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
4 August 2026
FIH group plc
("FIH", the "Company" or "the Group")
Disposal of Momart International Limited ("Momart")
FIH group plc, the AIM quoted international specialist services group with businesses in the Falkland Islands and the UK, is pleased to announce that it has exchanged conditional contracts with Compagnie Générale du Roumois SAS ("CGR") for the sale of the entire issued share capital of Momart, including its subsidiaries, for £7.6 million (the "Disposal"). The consideration is payable in cash on completion, which is targeted for 30 September 2026. CGR's ultimate parent company is Horus Finance SA, which already owns a number of other businesses operating in the art logistics and storage sector.
Under AIM Rule 15, the Disposal (when aggregated with the other transactions that have taken place over the last 12 months in accordance with the requirements of AIM Rule 16) is deemed to be a disposal resulting in a fundamental change of business of the Company. Therefore, the Disposal is conditional on shareholders' approval of an ordinary resolution (the "Resolution") at a general meeting of the Company, which will be convened for 2:00 p.m. on 28 August 2026 (the "General Meeting").
A circular convening the General Meeting and containing the notice of General Meeting (the "Circular") will be posted to shareholders in due course and will be made available on the Company's website at www.fihplc.com. The Circular will set out further details of the Disposal and the Resolution, together with the recommendation of the Directors and the reasons why shareholders are being asked to vote in favour of the Resolution.
The net proceeds from the sale are likely to be predominantly utilised for a combination of a return to shareholders and retention within the Group and its remaining operating division, Falkland Islands Company Limited.
Should the Disposal not be approved at the General Meeting, Momart will continue to trade as part of the Group in the ordinary course.
Information on Momart
Momart is a leading specialist in fine art logistics, providing a comprehensive range of services, including transport, storage, and installation.
The unaudited accounts for the Group for the year to 31 March 2026 show that Momart and its subsidiaries generated an underlying loss before tax of £1.4 million for the year (after the allocation of head office and plc costs) and had net assets at year-end of £2.1 million.
Background to, and reasons for, the Disposal
In the half year accounts for the year ended 31 March 2025, the Company announced that the Board were evaluating strategic options to maximise shareholder value for all divisions. This included reviewing available options for unlocking value in the Group, where the Board felt that it was not adequately reflected in the share price.
As part of its review and in order to potentially generate better shareholder value from the investment in Momart, the Board went out to market to establish the potential sale price for this business, for comparison with the potential future returns from retaining it within the Group.
The Board believes that the consideration for the Disposal provides fair shareholder value given the currently challenging market in which Momart operates and its recent trading performance. In addition, the Board believes that Momart and its stakeholders will benefit from being part of a larger group. Horus Finance SA is a family-owned investment firm that invests in mid-sized companies in niche sectors, a number of which operate in the areas of art logistics, storage and related services. For these reasons the Board considers the Disposal is in the best interests of the Company and Shareholders as a whole.
Stuart Munro Chief Executive, FIH group plc, said:
"I am delighted to announce the sale of Momart. This is a positive transaction for the Group, delivering cash consideration of circa £7.6 million before transaction costs.
I would like to take this opportunity to thank the staff and management team at Momart for their hard work and dedication during the time that the business has been part of the Group and to wish them every success for the future under new ownership. We're confident we have found a new owner with deep industry experience who will be able to support Momart in its next stage of development."
Enquiries:
|
The person responsible for arranging the release of this announcement on behalf of the Company is Stuart Munro Chief Executive Officer of the Company.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
ENDRNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.