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Started: Beachyboy, 14 Jun 2024 16:11
Last post: Beachyboy, 14 Jun 2024 16:13
the fundraising aims to raise up to £10.5m via a firm placing and subscription and up to approximately £2m via a placing and open offer. cornerstone investments of £9.5m comprise of £3m from serial sector investor luke johnson, £3m from robus scsp and £3.5m from three key existing shareholders. it is proposed that johnson will join the board as a non-executive director in the first instance following implementation of the restructuring plan and the fundraising, with a view to him being proposed to take the role of chairman at the company's annual general meeting in 2024. last month, revolution bars group rejected an acquisition proposal from nightcap – owner of the ****tail club, the adventure bar group, dirty martini and the barrio familia group of 46 bars – after concluding it was “incapable of being delivered”. that was disputed by nightcap, which said it would not make an offer for revolution bars group
Fri 14th Jun 2024 - Shareholders back Revolution Bars Group restructuring plan and fundraise
Shareholders back Revolution Bars Group restructuring plan and fundraise: Shareholders of Revolution Bars Group – the operator of the Revolution, Revolución de Cuba and Peach Pubs brands – have backed the company’s restructuring plan and fundraising. At a general meeting today (Friday), a total of 90.47% of shareholders voted in favour of both the restructuring plan and fundraising. Keith Edelman, non-executive chairman of Revolution Bars Group, said: “The board is grateful for the shareholder support in passing the general meeting resolutions and pleased for our dedicated and loyal people who have continued to provide our guests with excellent hospitality through this uncertain period. We can now move to the next stage of the process to seek the sanction of the restructuring plan, which will put the business on a much stronger footing to be fit for purpose in today’s evolved market.” Last month, the group ended its formal sales process and warned that if the restructuring plan was not backed, a cash injection of £8.1m could be needed by the start of September, and in these circumstances, filing for administration would be “expected”. The group last month set out its proposed restructuring plans, including a £12.5m fundraise and the closure of 18 sites, alongside the launch of a formal sales process. The group plans to use the fundraising proceeds to fund the implementation of the restructuring plan, which will primarily impact the Revolution branded sites and provide additional working capital to the company. The group’s proposed strategic focus for FY25 will include executing the restructuring plan, rationalising its trading estate and protecting the group’s liquidity; continuing the “premiumisation of Peach Pubs’ product and service”; and “continuing the enhancement of Revolución de Cuba’s entertainment and brand proposition”. In FY26, it has proposed recommencing the five-year investment cycle for the group’s bars, with a target return on capital employed (ROCE) of 50% from refurbished sites; recommencing the seven to eight-year investment cycle for the group’s pubs, again with a target ROCE of 50% from refurbished sites; and exploring site acquisition opportunities across the Peach and Revolución de Cuba brands. For FY27, it plans to recommence the expansion of the group’s brands, with a focus on Peach, Founders & Co and Revolución de Cuba. The business previously said that without the additional funding from the fundraising, and without the cost savings delivered through the proposed restructuring plan, it anticipates that the group will face liquidity pressures from the first quarter of FY25 onwards. The fundraising aims to raise up to £10.5m via a firm placing and subscription and up to approximately £2m via a placing and open offer. Cornerstone investments of £9.5m comprise of £3m from serial secto
Looks like Robus Capital Management are buying as much cheap stock as they can before making an offer to me...maybe wishful thinking, but what else could they by up to?
Strange purchase unless it was tied to something else for the raising as they are about to get diluted.
Decent purchase , https://www.lse.co.uk/rns/RBG/holdings-in-company-m1w4sh92oxue9fu.html
Started: Dom-Bella, 11 Apr 2024 19:45
Last post: Dom-Bella, 31 May 2024 13:19
The PSL provides detailed commentary on what would likely happen if the Restructuring Plan were not sanctioned by the Court by the 15 August 2024. In those circumstances, the Fundraising, which is conditional upon the successful implementation of the Restructuring Plan, would not conclude. Creditor support, which is dependent on the Restructuring Plan being successfully sanctioned, would cease and in those circumstances, per management's short-term liquidity forecast to the end of September 2024, the Group is forecasting an immediate £0.7 million funding requirement in the week ending 24 August 2024 with an estimated peak funding requirement of £8.1 million in the week ending 7 September 2024.
In those circumstances, it is expected the directors of the Plan Company and certain other Group entities would file for administration to comply with their directors' duties obligations and to protect the interests of creditors.
1p offer of new shares , bid now not on the table . I think a price of 0.7p if the offer doesn’t happen lights out .there will be a lot selling just to get out now .
At this point it has to be observable that value over current share price was only supported my a bid.
Turn off the lights and lock the door one your way out.
I think a few bought in to quick today
Started: Dom-Bella, 29 May 2024 10:30
Last post: Dom-Bella, 29 May 2024 10:30
14th June .
Last post: ReggieT, 23 May 2024 08:30
Ok Nic, thanks for the advice.
Reggie, please at least make the effort to do a little research. Nightcap's origins are a SPAC. Read and consider the Nightcap RNS slowly, assiduously, fully. Ignore the spin.
Banbury, I'm fed up trying to help you only to find your unreceptive critical nonsensical conceited responses and interjections, inventive unwarranted accusations and vindictive personal comments on every occasion, even when I'm clearly addressing someone other than you. Please 'keep your fingers firmly stuck in your ears', pay no attention to anything I write and go about your business. Thank you.
Reggie - Don't understand either of nicnames last two posts. I don't think he knows the Nightcap background
The end game is he's having a gloat something he enjoys.
I don't even understand that sentence.
Reggie,
You may have been "being rhetorical" but you might understand that Nightcap is much about raising money.
Started: ianfm, 2 May 2024 07:38
Last post: ReggieT, 17 May 2024 18:24
Yes I'd expect we'll see their exact level of intent early next week. Fingers crossed it's not too derisory, a starting point at the very least.
GLA.
Yes three disclosures on nightcap board
Does feel like some sort of proposal coming.
Possibly a low ball offer as they can see that there have been no other formal offers for the entire thing yet, just parts of it.
Not sure if the Nightcap info is just housekeeping or the precurser for an offer.
Anyone any ideas ?
Yeha, not ideal, but there is still 6 days
Started: oceanpassage, 14 Apr 2024 18:56
Last post: tesa, 1 May 2024 11:57
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 🥲
Started: Banburyboy, 11 Apr 2024 10:15
Last post: Banburyboy, 11 Apr 2024 19:44
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.
Are you long or short?
Started: barnetpeter, 11 Apr 2024 11:46
Last post: Bigun2, 11 Apr 2024 11:59
Would I like that...
Probably a 10 bagger from opening price though.
Can we have the 100p that was previously accepted by the company and turned down by the greedy shareholders please?
Started: Shareholder19, 11 Apr 2024 11:08
Last post: Shareholder19, 11 Apr 2024 11:08
Rise despite large fund raise
How come ?
Last post: Dom-Bella, 11 Apr 2024 09:37
0.5p I bet . Pays the bosses another 6 months
Started: Laura2022, 10 Apr 2024 19:26
Last post: o0owillo0o, 11 Apr 2024 08:54
We all know its not great for existing shareholders if this goes through but its not the worst outcome. The new shares could have been issued at 2p or 3p and still would have given the new shareholders lots of skin in the game. Without totally wiping us out.
For us existing holders, really we have to hope that this gives us time for a buyer to come in. Again got to think £30-40m now and the new owners do the fat cutting then they can turn it around for a big win still.
Lets us hope!
Thanks Banbury
Don't think Babu sold any. It's a family member with additional position. Names in declarations are different.
No Ian
£2.5m from investors 7 for 8 rights at 1p
£10m from new investors.
Bank is supportive but wants them to explore sale options.
The interesting thing is Babu who brought in heavily before Xmas up to 17% has in the last few weeks ( since it was bombed out) gone to 1.5%. Clearly he's done a deal presumably with the big three so they can swing the shareholder vote to restructuring.
Anyone genuinely interested in buying the Co might need to mop up the shares. Probably a win win as they come with rights.
I'm actually expecting this to rise to closer to 2p. Famous last words !!
Also, am i reading it correctly? they are looking to raise £20m? 10.5 from a placing, and 9.5 from investors?
must be a hell of a placing considering the share price in in the toilet. last one was 20p, feel sorry for those guys caught in that.
Started: Sandyman, 8 Apr 2024 22:17
Last post: Bigun2, 10 Apr 2024 09:04
Wow! Another shorter that's yitting themselves...
I think we all know the score here...anyway I congratulate you on your copy and paste skills from Sandyman's link...well done!
£10M cash call
market cap 'little over £1M'
'If the restructuring plan fails to gain sufficient approval from creditors, the only viable alternatives for the company would be a sale that would ascribe little value to its equity, or administration'
You obviously hope...
Yes but the shareholders will be left with * uck all!!!
There is another article today that suggests a bailout is in the works.
Started: as1983, 9 Apr 2024 14:52
Last post: Bigun2, 9 Apr 2024 15:52
They're not, look again. All transactions took place before 2nd April. All others are declarations of current holdings.
Can anyone enlighten me as to how / why so many big deals are taking place while the shares are suspended? Is it off market transactions?
Started: Bigun2, 9 Apr 2024 08:40
Last post: Bigun2, 9 Apr 2024 08:40
A notable contrarian purchasing stock...
Started: oldbutnowisa, 28 Mar 2024 10:45
Last post: Bigun2, 2 Apr 2024 15:23
Wow! Such a useful comment gives me a tremendous amount of faith in humanity's future...
It's hideously insolvent and substantially loss making. Why would anyone be holding this?
What they really need is someone to come in and pay off their debt...
Not publishing the interim results so being forced into a temporary suspension is a strategy to stop the sp tanking even more. The current sp as an indication of the value of the company has now become fictitious and irrelevant as it is based on sentiment and speculation only. The true market price is what anybody is prepared to pay for it, yes it could be less than the current market value but IMO it will sell for many multiple times more. We shall see.
They want /need £10mln according to the initial Sky reports last month
That's x 3 the market cap
Can't see it being pretty
Interesting chap. If the CEO & BOD can take advice from him and can learn from his successes and failures then RBG has a good chance to turn around. Big "if" though....new CEO is required first IMO.
Last post: Bigun2, 28 Mar 2024 09:42
Sentiment (or Shorters) could drive this down to below 0.1p. The real value is what somebody is prepared to buy it for should they want it before insolvency beckons (6-12months IMO unless the board can radically change their business model that appeases creditors and attracts investors)
I shall do what amateur investors are good at, I'll keep my shares and hope for the best...
Most of the value has gone anyway...
Heading for under 1p .
I agree-any restructure is going to need hard cash.The issue is at what cost
There is a reason the company is down 50 per cent today ianfm. Because it needs money, or lights out .
They are on high salaries at the moment you idiot, and losing money fast . At no point did I say pay more . But I would give them a bonus’s if they turn it around unlike the current team .
Hope you understand before you loss your money here . Then you may be living outside your means .
One thing for sure at the moment this company is definitely doing that .
Started: Banburyboy, 26 Mar 2024 14:43
Last post: Dom-Bella, 26 Mar 2024 15:58
They what another 10 million.
I would say set up a new company and launch a new brand current to today’s market and in places that you can take money more then 1 or 2 days a week .the 10 million will just burn up in 6 more months .
Less than 2% of shares traded which indicates no one in bailing.
Also Babu brought in Nov and Dec 23 at prices up to 5.5p and went from zero to sixteen percent.
guess people are underwater a lot here, not worth selling out, might as well hold on and see what happens, similar to those who invested in CINE.
Less than 2% of shares traded which indicates no one in bailing.
Also Babu brought in Nov and Dec 23 at prices up to 5.5p and went from zero to sixteen percent.
Personally I think they could be taken over with a return to shareholders.
The great unknown is the twenty bars they want to close. What's the lease liabilities and closure cost ? If its material it will probably go into admin.
Also this news won't help with lines of credit etc.
Started: oceanpassage, 26 Mar 2024 09:05
Last post: freshwest, 26 Mar 2024 15:57
No surprise, the brand is out of date with most bars are located in premium locations within city centres. Lord knows what the leasing costs are.
Time to strip back, rebrand and go back to basics.
Started: Compoundinterest, 26 Mar 2024 10:43
Last post: o0owillo0o, 26 Mar 2024 14:39
I disagree. We still are one of the best bands, big footprint, sites are busy - there will be competition for it. It won't get to administration nor will Luke be able to sniff us existing shareholders out on the cheap. Any buyers could let it go to administration but they run the risk of missing out on what is already a bargin.
£30m from a PE house on a wiping Debt basis is a bargin.
I bought in here knowing there were huge risks but was hoping for an unsolicited buy out. Shame we are asking for a sale but still think we will see a few good bids.
Too early.
IMO insolvency is probably 6 months a way, 9-12 months if they sell 20 soon.
I think they'll sell lock stock and barrel, maybe even get better than current market value...it's peanuts now if you factor in goodwill etc...
This looking more likely going to administration if unable to raise funds. Makes more sense for the acquirer to buy the brand for peanuts then pick and choose to operate only the profitable busy locations. Where as the remaining rental lease liabilities, redundancies and other liabilities can be defaulted in administration. Skating on thin ice this one. IMO, DYOR.
Started: oceanpassage, 13 Apr 2023 17:40
Last post: oceanpassage, 26 Mar 2024 11:07
Aged like fine wine.
Aged like fine wine.
no casj means no business.
This is startin to look like McColls, if I recall correctly also did a rights issue at 20p and used the shareholders money to drive a branding expansion in their business which enabled the business to be sold to Morrisons and the shareholders got wiped out.
I think the 20p rights issue for RBG didnt ask for enough money the margin issues and going to problematic to resolve against a back drop increasing minimum wage, increasing food and beverage costs to the retailer, aswell as energy costs.
unless a significant margin improvement is realised soon and expressed in formal results I can see RBG either selling to a large pub group or going into admin.
Started: shandypants2, 18 Mar 2024 16:17
Last post: barnetpeter, 26 Mar 2024 09:40
People are going to Wetherspoon these days. Cheap and packed. Shareholders turned down a bid of 100p. A few years now. Trying to get 10 million at a penny. Will wipe out current shareholders of course. Easter will be busy but all that work for nothing much.
Guess its down to the larger investors if they want to put a bit more money in, and the sale of 20 sites. at least it sounds like the board have a good direction for coming out the other side. gonna be rocky.
Revolution Bars Group PLC notes recent press speculation. Following a period of external challenges which have impacted the Company's business and trading performance, the Board is actively exploring all the strategic options available to it to improve the future prospects of the Group. These include a restructuring plan for certain parts of the Group, a sale of all or part of the Group and any other avenue to maximise returns for stakeholders. The Company also confirms it is currently engaged with key shareholders and other investors including Luke Johnson in respect of a fundraising.
The Company continues to trade in line with management's expectations.
The Company is not in talks with, nor in receipt of an approach from, any potential offeror relating to an acquisition of the issued and to be issued share capital of the Company.
REVOLUTION BARS is undergoing talks to sell off around a quarter of its venues, Sky News' Mark Kleinman first reported.
The London-listed hospitality group, which employs 2,500 people across the UK, has drawn up plans to axe roughly 20 of its underperforming bars.
The group has also reportedly approached investors in a cash call to raise £10m, which is more than its market capitalisation of less than £7m.
In January, Revolution said it would close eight bars as young people scale back on nights out amid cost pressures.
Investors close to the matter have said that without selling off more bars, the group would face insolvency as the only alternative.
Shares in Revolution Bars have cratered 57 per cent over the last year.
The news comes as yet another blow for the struggling hospitality industry.
At the start of the year Rekom UK, the country's biggest nightclub owner, called in the administrators. While just last weekend, Whitbread announced plans to sell about a third of its underperforming restaurants and pubs.
A Revolution Bars Group spokesman declined to comment to City A.M.
RE: PRESS SPECULATION
REVOLUTION BARS GROUP PLC
Released 07:00:14 26 March 2024
Strange not showing this morning’s Rns?
Started: NicName, 5 Mar 2024 08:18
Last post: NicName, 5 Mar 2024 08:18
A man has been jailed for 10 years and eight months for blinding a father-of-two in a "sickening" glass attack.
Matthew Syron, 32, lost his sight after Gareth Dean, 37, smashed a bottle into his face at Revolucion de Cuba on Call Lane in Leeds on 27 December.
Dean, of Elm Tree Close in Leeds, had admitted causing GBH with intent.
The victim, a former Leeds Rhinos rugby league player who now lives in Australia, has since regained some blurred vision in one eye.
His attacker has 10 previous convictions for 15 offences, including serious violence, Leeds Crown Court was told.
Started: Bigun2, 20 Feb 2024 11:14
Last post: Bigun2, 20 Feb 2024 11:14
...another decent buy in the offing today...