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OK- but the decision to accept or reject any counter proposal must only be determined by the holders of the 280m pre annoucment shares.
My understanding is the 12.5m raised is in trust until the board votes on approval.
I think if someone bids 5p now it goes to a vote of the 280m. If its rejected it reverts to the scheme of arrangement.
At least we are not going bust :)
I'm not saying the new shares are in the vote, the RNS states that the initial conversations and exploratory observations includes the current in issue shares, and the ones to be issued for the 12.5mil raise.
"possible offer for the entire issued and to be issued ordinary share capital"
Ian - the new shares don't participate in the vote
The three main SHs have a huge conflict of interest !
Accept a bid of say 4p which would be better for you and I OR
Reject it as the open offer gives them a much greater share of the company.
Any offer will have to get the support of the bank and even if it looks on the face of better than restructuring I think it will be voted down
Haha yeah, i noticed that as well. clearly not well investigated, just had a brief tip off from someone
Not a brilliant piece of reporting where MK thinks trading in the shares is currently suspended.
RNS this morning, and press speculation about a buyout offer. this includes all shares in issue, and all of the 1p placing ones
Nightcap and Rekom are among the parties which expressed interest in buying part or all of Revolution ahead of a bid deadline on Wednesday, Sky News understands.
https://news.sky.com/story/revolution-bars-rivals-eye-bids-for-struggling-chains-assets-13127095
but no firm offer yet
OPEN OFFER acceptance ....
On 10 April 2024, the Company announced its intention to raise gross proceeds of up to £12.5 million by way of a Firm Placing, Subscription, Placing and Open Offer, all at an issue price of 1 pence per New Ordinary Share. A total of 1,251,292,455 New Ordinary Shares will be issued at the Issue Price (subject to the conditions noted below), of which, 159,192,950 New Ordinary Shares will be issued pursuant to the Open Offer. This brings the gross proceeds of the Fundraising to approximately £12.5 million before expenses.
The Open Offer closed for acceptances at 11.00 a.m. on 30 April 2024. The Company has received valid acceptances from Qualifying Shareholders in respect of their Basic Entitlements in respect of 124,744,525 New Ordinary Shares, representing approximately 62.0 per cent. of the available Open Offer Shares. In addition, the Company has received applications from Qualifying Shareholders under the Excess Application Facility in respect of 34,448,425 New Ordinary Shares, representing approximately 17.1 per cent. of the available Open Offer Shares. Accordingly, Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic and Excess Entitlements. 42,099,505 New Ordinary Shares will be issued under the Placing in accordance with the terms set out in the Circular.
Desperation??? hmmmm...potential of at least 10:1 risk reward medium term IMO, no brainer in my view...calculates to 10% chance of getting this reward. IMO there is a better than 25% chance of the company surviving in it's present form and growing in the medium term and back to where it was pre-covid longterm. You pays your money...
Desperation is a reliable thing, if you take someone's £100k, destroy most of it, then ask for another £10k on the basis it might help restoring value, many will sign up to that deal.
Form an orderly queue please.
If you hold shares with Freetrade then you won’t be able to participate 🥲
McColls
RBG rights @ 1p .... latest by 28/4/2024.
Take up all entitlement and you can buy extra.
Thanks. Appreciate the reply. Not heard anything from HL about it yet, so will hold tight a bit.
Open Offer to Qualifying Shareholders of Revolution Bars Group plc of 7 New Ordinary Shares per 8 existing Ordinary Share.
Applications together with payment in full must be received no later than 11.00 am on 30 April 2024
Does anyone know when, if it happens, when we’ll get the opportunity to buy the shares in the RI? Just so i know when to have free funds by. Thanks
IMO:
what I will say at this point is that I find the price action a bit revealing.
Sky news has had its finger very very close to the pulse on finance matters to the effect that it very well understands what is going on in recents UK restructures.
the names mentioned, the market cap, and the price action in my view a sale is on the cards.
but the basis of the sale would be that new money has a higher creditor ranking versus standard equity.
my guess is that the company will enter a form of CVA and exit with new ownership, total lower ranking shareholder wipeout with enhanced value for the new creditors who supplied sufficient liquity to enable a sale.
if this werent the case the share price would have rocketed much much more of the new money arrangements.
I still think these are valuable brands to a much larger group with economies of scale.
I think a few bought in to quick today
Going to sound a bit naff Triumph but neither an ordinary Jo with around 160k of shares at say 3.1p average.
I was thinking sell at 2.1p if it gets there 30% loss.
If there a full sale that's it
If we go through the arrangement buy the rights which I think have vested and anything over 2p I break even.
I'm lucky in lots of respects respects as I might escape with limited damage. Feel sorry for LTHs to think they were over £2 and had an offer.
Triumph - my buy in price was about 3p so relatively I'm lucky.
I think the warrants are fine at 4p
My main problem is the placing at 1p feels to low.
Don't really know whether to stick of twist on this one.
This restructuring is a bad deal all around for current SHs. No nobel prize for me stating the obvious, but for example in exchange for the secured lenders wiping off £4m in debt, and waiving of liquidity covenants, they will be given almost 10% of the company in exchange for a few peanuts if the shareprice stays above 4p for over 60 days!
Sure its a risk for the secured lender, but what a ridiculous warrant exercise price. Success is just another way to F up curent SHs. The best for current SHs is an outright purchase of the company before this restructuring takes place, take the losses and run.
if all resturcturing goes to plan, approx market cap will be £15m, of which £11.6m will be cash, valuing the company as it currently stands at £3.4m, or 1.45p per share.
if you are still holding now, you are basically betting on the company recieving an offer before restructuring takes place above 1.85p or takeover speculation that may cause a spike. There is literally no other reason to hold. Given the debt the company is in, and the dismal profits if any (skewed this year by a one off lease sale), bandits c.3p looks very very generous indeed. I doubt any PE would want to pay more than 1.45p for this outfit given this is the valuation of the company as things stand after restructuring. Any offer above 1.45p would be beneficial to the small PI.
Only big SHs, banks, secured lenders and of course the board benefit from this restructuring and its subsequent sucess (if any). PIs, as per, will be left with nothing. And this current premium over the 1p placing price will reduce with time as we get closer to the restructuring event.
All in all, a bad deal. But it never was going to be a good deal for current SHs. Lets hope the company gets sold.
Only a win for new investors if restructure goes through. If someone offers 5p now they will likely get it and new investors get nothing. That is why I am not selling as you only get rights (and diluted 84%) if nobody buys in the short term.
I am expecting the SP to naturally rise back to 3p, where we were before Sky news leaked the company in talks about fundraising. SP was False drop to 1.2p on fear of administration. Ask yourselves who leaked the info to Sky News, reported to be an investor. That investor knew the SP would tank on such news, giving them their 1p price per share if the fundraising goes ahead. Now that’s been agreed, SP can return to where it was just a week ago. Higher the SP now the better for the three new investors, a higher SP may put off a potential offerer in their eyes. Win win now for the three new investors, some of us may still win here also.
Large buy just went through, was unable to get a quote for a good 2 mins, and buy is now 1.98p