- Retail and investment company Joyce (JYC) is selling a 46 per cent interest in Lloyds Online Auctions to Jacqst Enterprises, through its subsidiary Joyce International
- Once the deal finalises, Joyce will have fully divested from the online auction platform, after purchasing a 51 per cent interest back in 2016
- By divesting from Lloyds, the company hopes to strengthen its balance sheet and pursue other investments when the recent market instability finally abates
- In related news, the company has reinstated full pay to its board and management team, after deferring remunerations by 50 per cent during the height of the COVID-19 pandemic
- Despite the announcement, Joyce shares remain flat today, trading for $1.02 per share
Retail and investment company Joyce (JYC) is selling its 46 per cent interest in Lloyds Online Auctions to Jacqst Enterprises, through its subsidiary Joyce International.
Jacqst Enterprises is a trustee of the sixth Sarkis Family Trust, which is controlled by Steven Sarkis, a director of Lloyds Online Auctions.
Joyce International initially purchased a 51 per cent interest in Lloyds Online Auctions in 2016. However, after this deal is finalised, Joyce will have fully divested from the online auction platform.
Initially a foam and furniture manufacturer, Joyce now holds interests into a broad array of industries including kitchen retail. The company also wholly-owns BedShed Franchising, which operates furniture showrooms across the country.
By divesting from the Lloyds, the company hopes to strengthen its balance sheet and pursue other investments when the current market instability finally abates.
Joyce Chairman, Mike Gurry, believes it is the right time for the company to divest, given the challenging times.
“We think the timing for the divestment is right, allowing Lloyds to pursue a strategy independent of Joyce and Joyce to have greater capital flexibility,” Mixe explained.
“The Lloyds business has tripled in size during our partnership and it has established itself as a major Australian auction house. This change in ownership will now increase Lloyds agility in its chosen markets, which is extremely valuable in the current environment,” he said.
In related news, the company has reinstated full pay to its board and management team, after deferring remunerations by 50 per cent during the height of the COVID-19 pandemic.
Though the pay has been reinstated, Joyce has not yet announced when the deferred amounts will be paid back to those affected.
Despite the announcement, Joyce shares remain flat today, trading for $1.02 per share at 10:44 am AEST.