Member Info for MasterRSI

RBG (RBGP: 18p), a professional services group that encompasses London’s mid-tier law firms Rosenblatt and Memery Crystal and corporate finance boutique Convex Capital. It has exited all its litigation finance matters, which has come at a cost.

In a pre-close trading update, the group has written down the value of all the remaining conditional fee arrangements (CFA) and damaged-based arrangements (DBA) to zero including the four remaining fully funded LionFish investments (‘Why is RBG one of the lowest rated stocks in London’, 12 July 2023). The total non-cash cash write-off of £13.3mn (14p) includes a £9.3mn investment in a single case that the board now believe will not be successful. Any successful outcome of the other cases will be reported as revenue in the future. The impairment equates to 21 per cent of the group’s last reported net asset value of £61.4mn (64.5p).

Earnings downgrade undermines confidence

It’s not the only news to spook investors. The board has decided to suspend the dividend to accelerate a debt reduction programme and is now guiding shareholders to expect full-year cash profit of £10-12mn rather than the £14.9mn forecast by house broker Singer Capital Markets.

That’s partly because, although the corporate finance boutique, Convex Capital, has a strong pipeline of 18 deals, transactions are taking longer to complete. Singer now expects Convex to deliver £4.5mn of annual revenue, down from £7mn previously forecast and £5.4mn in 2022. The broker also reined in its full-year revenue estimate from £45mn to £40mn for the legal services division. On this basis, Singer now expects both full-year pre-tax profit and EPS to halve to £5.9mn and 4.5p.

Net debt forecasts adjusted

The broker also expects a small rise in year-end net debt from £19.2mn to £20mn, rather than a previously forecast reduction to £15.5mn. This implies a leverage ratio of 2.7 times cash profit (pre-IFRs 16), above the 2.25 times loan covenant.

However, the directors are in talks with the lender and are confident of obtaining a waiver if this scenario plays out. Singer’s cash profit forecast is at the bottom of management’s new range, so if RBG delivers cash profit at the top of the range then the leverage ratio would still be within the loan covenant.

RBG's share price declined 29 per cent following the trading update and the company is now being valued on a current year PE ratio of four, and a miserly three times forecast cash profit to enterprise valuation – 70 per cent rating discounts to peers. I would not sell out at this bombed-out level. Hold.

4.50p -0.24p ... Profit taken for the last 2 days

Chart with comment.... https://uk.advfn.com/p.php?pid=chartscreenshot&u=lSdGZID5usUW128oU7wSK4cuhnejlv9jW6AbWajbF6E=

It seems the price has been holding once the offer is at 18p, there was interest earlier, and is also now, time to have a close look as it develops from this point,

Yes has reached the bottom and yesterday the overhang had been cleared, and now on the bounce back strongly

5p here we are

Finally has been reached

4.9p v 5p

getting closer to 5p

4 X 100K after and the last one paying full offer 4.9p so went to 5p offer

4.8 v 4.9

15:04:16 4.9 100,000

At close someone was prepared to pay well over the offer

16:35:12 4.49p 45000 UT

spread 4.30 v 4.40

Looks ready for another move UP as even small trades have to pay full offer 4.40p

Amazing >>>>> 4p bid, just gone better

Alowly is bouncing back day by day

At this rate of rising, we could reach 4p today

The last few trades although not large 75K and 3X30K are paying full offer 3.90p

Re - Open Offer for shareholders

I informed my broker about not receiving information from them and eventually they phoned the company as they did not receive any news of the Open offer either.

So AAA said will send the information to shareholders with a closing date of 26 July 23 for applying for shares.

Here we go a new Intraday high has now reached 3.70p ( 3.6 v 3.8p )

chart ... http://uk.advfn.com/p.php?pid=staticchart&s=L%5EEEE&width=500&height=300&p=1&t=1&dm=2&vol=0&cb=

MMs decided to move the offer to 3.70p instead after a 197L buy at full offer 3.60p

12:10:38 197,222 3.60p

Paying full offer 3.60p, ready to go 3.50p bid again

RE - "The shares are being offered to all eligible shareholders, who may apply for as many shares as they wish."

My broker has not informed me of it, does anyone knows the dates for applying?

Lift Global Ventures Plc ("Lift" or the "Company") 17 July 2023

Investment

Lift Global Ventures Plc (AQSE:LFT), an investment company focused on financial media, technology and the energy sector, is pleased to announce that is has made an investment of £50,000 into All Active Asset Capital Limited which is a private company investing in the global technology, software and AI space ("AAA").

In particular, AAA owns 25% of the issued share capital of Sentiance N.V. ('Sentiance'), the Belgian artificial intelligence ('AI') software development business. Details of Sentiance's technology and products are at www.sentiance.com, which explains that Sentiance provides AI solutions to blue chip companies such as Uber, Absa, Verisure, DBS Bank, Microsoft and Delivery Hero, among others.

Sentiance could become a leading player in the insuretech sector and its technology could be subsequently deployed in the automotive, logistics, and last mile delivery industries and beyond. The Lift board sees real value in Sentiance being a technology disruptor in the Insurance-Banking and Gig -Mobility sectors.

Zak Mir, CEO of Lift commented: "We are pleased to be given the opportunity to invest in AAA who has a significant share holding in Sentiance. Sentiance has been developing AI solutions for many years and has a blue chip client base. We are excited to have small shareholding in this AI technology company in what is very a much expanding global industry."

On the up for the day 3.3 v 3.4

A few good size buys 100K, 100K, 200K since and the last one 400K paying full offer 3.4p

15:47:23 3.3 v 3.4 400,000 3.4p

2.60p +0.25p +10.6%

Another good rise today

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Bulletin Board Heroes: July 18 - Zaks Traders Cafe Https://zakstraderscafe.com/bulletin-board-heroes-july-18/7357/ #FTSE100 #DAX $DJI $BTC #CAR #CTL #EEE #GMS #GSC #MKA #NFX #ONDO #PRE #RCGH #SSIT #SVML #TAP #URAH

Spread 3.50 v 3.60p, but now paid

3.512p to sell

3.55p to buy