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RNS Number : 1194V
RBG Holdings PLC
29 November 2019
Director/PDMR Shareholding
RBG Holdings Plc ("Rosenblatt" or the "Company") announces that on 29 November 2019, Ian Rosenblatt, who is a significant shareholder of the company, has pledged 16,911,214 ordinary shares in the Company as collateral against a personal bank loan of £6m to fund personal tax liabilities.
Stifel Nicholas Europe Limited, the Company's NOMAD and Sole Broker, has waived Mr. Rosenblatt's IPO lock-in arrangement for this pledge. The lock-in agreement agreed at IPO continues to remain in force.
Following the pledge, Mr. Rosenblatt's beneficial interest in the company remains unchanged and he continues to be the beneficial owner of 16,911,214 Ordinary Shares, comprising 21.1% of the Company's issued share capital.
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail:
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Ian Rosenblatt
2
Reason for the notification
a)
Position/status
PDMR
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
RBG Holdings Plc
b)
LEI
213800MJ031M84UMFL64
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary Shares with a nominal value of £0.002 each
ISIN - GB00BFM6WL52
AIM Ticker - RBGP
b)
Nature of the transaction
The pledge of 16,911,214 ordinary shares as security against a personal bank loan of £6m
c)
Price(s) and volume(s)
Price: n/a
Volume: n/a
d)
Aggregated information
N/A
e)
Date of the transaction
29th November 2019
f)
Place of the transaction
London Stock Exchange, AIM Market
It's Foul-ston dumping her stock to get back at Ian ... as petty as it is, "Hell hath no fury like a woman scorned" ... this too shall pass.
Not really insightful at all….basically just saying what happened to ince is a sector wide issue and that broad brush these are bad businesses.
The company generates high returns on capital and margins alongside revenue growth as a result of being a specialist niche business. It has additional lion fish sale upside.
The business generates 15mm in ebitda and a good amount of FCF. It’s undervalued and once the ex ceo is out of the picture I’m sure will do fine.
Capital cycle is heavily relevant in this sector right now…its despised and at a trough. Bodes well for those who can look to the future and understand tha cycle.
A poster going by the name of QuePassa posted a very insightful in my view , message on the AVDFN board about the pitfalls of investing in legal practices run as limited companies , rather than limited partnerships .
DYOR but his post inspired me to sell today even at a 12% loss...
I suggest you read it ...good luck to all
And what do you suggest? buy back, director buys? deliver the numbers? only going to stabilise when the seller goes. if you have the cash and the nerves top up
Would be nice if the board addressed this catastrophic drop.
Sorry - more like 8% dividend......
Constant decline day by day since the last results update.........
Where does it stop?
Potentially 15% dividend now.........
Lionfish may be an open ended liability. Sure they are trying to get rid of it but what is the situation about providing for further cases being lost?
Well unless anybody can give another reason I can only assume the ex-ceo is bailing cos it's fallen off a cliff of late
https://www.investorschronicle.co.uk/ideas/2023/04/26/a-recovery-stock-on-a-9-dividend-yield/
I don't think it was crazy from a financial journalist who needs always to consider their reputation. It's one thing to top up for yourself, but another to recommend to others when there's significant uncertainty. Thankfully a lot of that appears to have now gone and I can be glad I did take the opportunity to top up.
Bit crazy that. He put RBGP to a hold after last TU (3 months back?), now says buy. But the time to buy was last month. I am surprised he has flip flopped so quickly and will bear that in mind on his other hold recommendations.
Good write up from ST in IC today - assuming earnings hit broker's forecast we are looking at a 9% forward dividend yield.
Agreed and supported by a good presentation and Q&A on the Investor Meet Company platform from earlier today. They have a plan and are clearly moving on from recent issues in relation to the former CE. Once they sell Lionfish that will give good boost to cash flow and there are interested parties
Great set of results and continuing commitment for divi. This should slowly rerate back to the 80s imo
I am invested, but reduced my relatively small holding this week at a loss as I needed in add to one of my favourite holdings. I invested after the fall in price after the news in December 2022 of 2 case losses on Lionfish, (out of the 10 live cases reported in the 2022 interim report). I thought their was a prospect of reasonable return in the rest of the business. But there must be a story behind the sacking of the chief executive 3 months ago, who apparently holds over 11.9m shares, having increased her holding by 385,000 shares after the SP fall in early December.
The market capitalisation of £36m is less than net assets of £62m (including intangibles of £55m) as per 2022 interims. (I take a hard line on intangibles, because in many cases goodwill arises from the excessive acquisition costs over book value). I note the the extra revenue generated in 2021 weakened the average Profit margin.
The half year report, included a prior year adjustment to 2021 reported creditor liabilities of over £0.5m, a 37%+ error.
The market is clearly punishing RBG, but with the Lion fish uncertainty, on he basis of the limited information made public I anticipate earnings per share for 2022 to fall to around 5p, giving a PE ratio of 7, in an industry which should produce better returns. As GG asserts, RBG is for the brave, but due your own research.
fair to say looking into this that brave investors here could be sitting on a very large multi-bagger....this is a good business model and its priced in the absolute gutter...
ha acoldfloor....literally I just found this today and also looking for a story from an experienced OG...how the hell did we get down here when fundamentally we look pretty OK?? would much appreciate a synopsis...
New potential investor checking in. I found this one based on fundamentals.. looks incredibly cheap. Could we get a brief "story so far" from the OGs here? How did it go from 160p down to 37p?
https://www.rollonfriday.com/news-content/sacked-law-firm-boss-used-n-word-front-black-partner
Nicola Foulson apparently used the " n" word in the presence of a black head of PR named Deans at a dinner they attended , she was immediately pulled up on it by Ian Rosenblatt in front of 20 staff who were present
Ian Rosenblatt later picked up Deans for the use of anti Semitic comments and raised a grievance against him ..plus other things beside. ...all of this is currently being pursued legally in the courts .
Not a favourable backdrop to the share price or winning future business you might think .
Where you wish you " had " ** been bolder ..sorry about that ..
What I would add though , is that on any metric you care to use , then 38p is cheap , when you consider that on a cash basis at least , they have managed to remain profitable throughout , even despite the recent losses on Lionfish litigation cases, and they are still managing to maintain their repayments on the loan taken out to fund the acquisition of memery chrystal .
You just feel that it could reach a 50 pence share price on the blink of an eye , and a quick 25% return on the current share price , and that excludes dividends ..it also seems to have bottomed at this price , although having said that, I thought it had bottomed at 48p
I feel this is the kind of share though , where you wish you hadn't been bolder on your level of investment , when the share price re-sets to a more fundamental value ..at least that is what I think but as always DYOR..
This share looks remarkably cheap , however , I am concerned about their liquidity situation ..they have a £15 million roll over lending facility ..at 31 March 2022, they had only used up less than £5 million of this leaving a near £10 million headroom ..and invoking the comment , that they had significant headroom available , which they did
My understanding is that they have now used up £14 million of this roll over facility , meaning they only have £1 million left ..and thus only marginal headroom .. furthermore if you read the earlier pre close trading update it only comments about " CURRENTLY " operating within the funding facilities , no mention of the future
I think they might need the sale of Lionfish to boost their liquidity , albeit it is probably the right decision to dispose of this high risk part of the business .
I already hold a position in this at 41p and am considering upping this , but the liquidity situation is preventing me at the moment , until I get more clarity on it ..
What do other people think please ?