Announcement to NZX

Mowbray Collectables Limited Ordinary Shares | 2:28 pm, 28 Sep

MOW
0.750
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Market Announcement
Type:GENERAL

Announcement to NZX

NZX listed company, Mowbray Collectables Limited, announces that its Australian associate company First East Auction Holdings Pty Limited (FEAL), 20% owned by Mowbray Collectables, has entered into an agreement to acquire Sotheby’s Australia.

This acquisition has been announced today in Australia to the staff of both FEAL and Sotheby’s, and although FEAL is only an associate company, Mowbray Collectables has been advised to disclose the general nature of this transaction to the market.

Sotheby’s Australia will operate as an independent business in the areas of fine art, decorative art, fine jewellery, Aboriginal art and collectable cars. FEAL will continue to operate the businesses of Theodore Bruce, Bay East Auctions and Leonard Joel, which will remain distinct brand names and not operate under the Sotheby’s brand.

Sotheby’s has agreed to licence the brand name Sotheby’s Australia to Sotheby’s Australia Pty Ltd for use in Australia and New Zealand, which will be, after completion of the transaction, a wholly-owned subsidiary of FEAL.

The transaction is expected to close later this year. Further information will be released in due course.

Mowbray Collectables Ltd Chairman, Murray Radford, said this is one of the most major changes in the Australasian auction market for many years, and is a very significant step for Mowbray who now are directly involved in substantial fine arts auction houses in both Australia and New Zealand.

ENDS


For further information contact:

Chairman: Murray Radford 027 446 8188
Managing Director: John Mowbray 027 243 7809