Share Name Share Symbol Market Type Share ISIN Share Description
Revolution Bars LSE:RBG London Ordinary Share GB00BVDPPV41 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00p -0.48% 209.00p 209.25p 210.00p 209.75p 208.00p 208.25p 293,267 16:27:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 119.5 7.1 12.1 17.3 104.50

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Date Time Title Posts
23/9/201712:12REVOLUTION BARS GRP973
10/5/201715:08Revolution Bars Group35

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Revolution (RBG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2017-09-22 16:15:00208.5025,00052,125.00NK
2017-09-22 16:15:00208.3834,10671,070.12OK
2017-09-22 16:15:00209.0075,000156,750.00OK
2017-09-22 15:35:27209.003,1626,608.58UT
2017-09-22 15:26:20208.556,67713,924.88OK
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Revolution (RBG) Top Chat Posts

Revolution Daily Update: Revolution Bars is listed in the Travel & Leisure sector of the London Stock Exchange with ticker RBG. The last closing price for Revolution was 210p.
Revolution Bars has a 4 week average price of 205p and a 12 week average price of 103p.
The 1 year high share price is 246p while the 1 year low share price is currently 99p.
There are currently 50,000,000 shares in issue and the average daily traded volume is 713,783 shares. The market capitalisation of Revolution Bars is £104,500,000.
inchpractice: Deltic nightclubs steps up its bidding for Revolution BarsDominic WalshSeptember 11 2017, 12:01am, Britain's biggest nightclub operator is set to turn up the volume in the bidding for Revolution Bars as it prepares to put a merger proposal on the table.Deltic Group, formerly Luminar, is believed to be close to completing due diligence on the vodka and rum bar business as it seeks to persuade the board of Revolution to switch its recommendation from Stonegate Pub Company.While Stonegate, which owns the Slug and Lettuce and Walkabout brands, is offering 203p a share in cash, valuing Revolution at £101.5 million, Deltic's preferred option is an all-paper merger that maintains the business's stock exchange listing.Deltic is said to have been talking to potential backers with a view to an alternative proposal. Revolution, which floated at 200p in 2015, became vulnerable to a bid after a surprise profit warning in May sent its shares tumbling 40 per cent to 122¼p. On Friday, Revolution's share price closed above Stonegate's bid price at 208¼p amid hopes of a counterbid from Deltic.Deltic's initial merger proposal, made public in the middle of last month, was quickly dismissed by the Revolution board as without merit due to its "concerns over both the value and deliverability of the combination".The Pryzm and Atik operator was nevertheless granted access to Revolution's books to enable it to carry out due diligence, while the company's possible counter-offer is believed to have been positively received by Revolution shareholders.Nigel Parson, analyst at Canaccord Genuity, said he believed that a combined Deltic/Revolution should be able to generate underlying earnings of £30 million, including £4 million of merger synergies, rising to £40 million over the next three to four years.He said the enlarged group could become a potent force. "A stock market listing would potentially give Deltic the currency to roll up other interesting bar operators such as Be At One, New World Trading Company, the Alchemist and Novus Leisure, for example."Deltic, which as Luminar was listed until its collapse and subsequent rescue in 2011, has 58 venues, while its bid target has 68 bars under the Revolution and Revolución de Cuba brands. A spokesman for Deltic, which recently put a potential stock market listing on ice, refused to comment.
jaknife: With thinking cap on: Deltic could make an offer with the support of existing shareholders, which would go along the lines of: A. £2.XX to shareholders who want cash, or B. Y of shares in a NewCo that owns both Deltic AND RBG. If 50% of shareholders wanted to rollover their holdings and take option B then £60/70m of debt would be doable but that level of debt would seriously cramp RBG's roll out ambitions. And it would still carry significant execution risk. davidosh, I can't see any other natural buyer. Would Fullers want to further diversify as they have with pizza and cider? Probably not but they have the firepower. Marston's? Their share price suggests that they have other things to think about. GKN? They're busy digesting Spirit. Someone else? Never say never but "bars" are very different to "pubs" and there's not anyone obvious that comes to mind. JakNife
crumppot: Well you might be right looking at the acs but the share price indicates that another offer might be on the horizon....
twistednik: Hmmm, looking a bit more into Deltic and their balance sheet / corp structure, I'm not sure that they can raise the equity / debt to make a cash offer. If they could easily and they think RBG is that undervalued, wouldn't they have a competing proposal lined up by now!? They really have had months to prepare a counter offer. In my mind this is reflected in the share price which is trading only slightly above the bid price. Will probably reduce my hold later today.
spot1034: Stonegate aren't new to this and presumably know what they're doing. I'd say they want the locations more than anything else. They could see exactly what the company consisted of in that respect before they even made a preliminary approach. The share price has suffered because profitability is lower than expected and threatened by 'headwinds'. They knew that too, but they still made the approach because they want the locations regardless of how they are performing. If the present operation doesn't make enough money, they think they know how to make changes so that it does. Unless they find something nasty in the books which goes beyond a straightforward underperformance of the day to day business, I can't see why they would walk away.
yupawiese2010: How ridiculous, you get nasty with Stonegate they can easily walk away, then wait for the share price to collapse
crumppot: I have doubled my stake. I think the offer is likely to be successful but if not there will be a counter bid. This is a reasonably run company with potential and the recent share price has not been reflective of its underlying value. Those who hang in there will be rewarded!
evil_doctor_facilier: Agreed somewhat twistednik, hence my comment the market sets the price, if new news came out the price is appropriate adjusted up or down to reflect the new risk reward! With regard Wasps annoyance the share price was not circa 190p. I was politely explaining that no one is going to pay 190p for 10p gain 3 months down the line with risk of losing 70p in an instant. What's more, to expect them to do so is totally unrealistic! The price will not even be 200p if an offer for that amount is forthcoming due to the risk of it not going through.There is always a discount to risk To get the full 200p you will have to wait for the party taking Revs over to payout!
don777: From Artemis UK small co fund 201706 update: " That lone profit warning came from Revolution Bars and cost the fund 0.4%. Some of its recently opened bars have taken longer than expected to reach normal levels of profitability. Costs - including the higher National Living Wage, the Apprenticeship Levy and business rates - are rising. These factors, combined with slightly softer trading, led to a 20% reduction in earnings per share. In response, the share price halved. Most of these issues have been known about for a long time, so it is frustrating that the principal issue appears to lie in poor budgeting rather than a meaningful change in market conditions. The group's two largest shareholders both cut their holdings substantially, exacerbating the fall in the share price. We added to our holding: the shares looked good value before the warning and the market's reaction seems extreme relative to the earnings downgrade. The balance sheet remains strong (net debt is very modest) and it remains a cash-generative, high-return business with significant potential to expand."
jaknife: The guidance in the trading update was: "the Company believes that the adjusted EBITDA (pre-opening costs) out-turn for the year is expected to be broadly at the same level as last year." see: Which would be an Adjusted EBITDA of circa £15.6m. But that's on increased sales so they're basically saying that EBITDA margins have dropped marginally. The Adjusted EBITDA figure seems reasonable and is marginally above the net operating cash flow, so cash conversion looks good. The balance sheet is also good. Hence to see this trading at 4*EBITDA strikes me as nuts, the sector average is significantly higher, eg: Mitchells & Butlers - 8.78 * Greene King - 9.19 * J D Wetherspoon - 9.72 * They're bigger and more widely dispersed with multiple brands to support their respective businesses so it makes sense that we should apply a discount, say 25%? So 0.75 * 9 * £15m is approx £100m market cap. That's about a £2 share price, which is where the price was before (honestly, I plucked the 25% out of the air because it's the BVCA standard discount for illiquid stocks). That trading statement doesn't suggest £40m of value destruction to me. It looks cheap.
Revolution share price data is direct from the London Stock Exchange
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