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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Rbg Holdings Plc | RBGP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 12.25 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 12.25 | 12.25 | 12.25 | 12.25 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 08/12/2023 19:40 by scubadiverr I presume you're alluding to the threat of this being taken private? Jon was asked this at an Investor meet company presentation and stated categorically that the plan was to remain listed for the long-term. That said, you'd hardly expect him to say otherwise, would you? His buy of 100,000 @ c. 17p can only be seen as a token buy and who knows if he financed that himself? I was lured into buying into the story initially knowing that the previous CEO had significant skin in the game, it now transpires that she was given that stake at the IPO. I sold the majority at a loss but still hold a little due to the historic metrics and the hope that they will return, pay down debt and then all shareholders will be rewarded. There's clearly significant risk here. A more significant buy though from Jon would help alleviate my concerns as to who will be the ultimate beneficiary. A sad and expensive mistake on my part, believing in what seemed such a promising opportunity for PI's. |
Posted at 22/10/2023 21:28 by shep22 I really question the information provided to investors at the time of the IPO, on review, I believe it to have been misleading. |
Posted at 29/9/2023 11:41 by electricmayhem Full disclosure, I too am an ex employee. Perhaps I have an axe to grind, form your own opinion.My issue with listed law firms is twofold. Firstly their value comes from the lawyers and, principally, a small number of partners that generate significant fees. Traditionally these partners gain equity and are well renumerated for their efforts. RBG is doesn't have this model, all partners are employees and salary is not determined by reference to their billing. As such there is next to no incentive for any serious partner to join them and any partner with a following can earn more money elsewhere. Case in point, all the Rosenblatt partners were reliant on IR to 'feed' them, and once the MC acquisition happened, any MC partners who were more geared to winning clients (that were not locked in) took their business elsewhere. Look at the quality of partners that have been recruited, not the numbers. Old timers winding down or those that didn't make the cut at traditional firms. My second issue is tied to the first. All listed companies have an obligation to disclose price sensitive information. In any 'traditional' business, a serious deterioration of the assets would be disclosed. This doesn't happen at listed law firms. Partners with books of 2/3 million and whose reputation carries the firm leave with no disclosure, yet these are big hits to the bottom line. Further as their fees are billed retrospectively the effect of this isn't seen for many months after. MC has seen a huge drop off of the partners that presumably gave the firm its initial value, but there's no disclosure around this and the effect is still worling its way through. This wouldn't happen with any other business. I appreciate that moral may have steadied (it really couldn't have got much worse) but my issue with this as an investment is that they have their arms tied behind their back when it comes to attracting talent; and investors are not given the full picture. |
Posted at 28/9/2023 07:29 by robsy2 Looks like the worst is over:Current Trading & Outlook -- The first half of the Company's financial year has historically been the slower of the two halves, and the Board can already see this trend continuing, with a strong start to H2 2023 -- Trading within the Group's Legal Services division was robust in the first half, and the Group has good visibility on revenue and profitability in this division for the second half -- As a result, the Board is confident that the core Legal Services business will meet full year market expectations -- Convex Capital has grown its pipeline to 22 deals, seven of which are in the latter stages of completion. The Board is confident that several of these deals will complete before the end of the year -- The Board therefore expects to meet its current market forecasts for FY23 [3] -- Positive discussions with lenders underway regarding the Group's debt facilities due for refinancing in April 2024 Jon Divers, CEO, RBG Holdings plc, commented: "Over the last six months, the new leadership team has established a clear strategy to restore value to the Group by focusing on the Group's core Legal Services business. Furthermore, we have reduced the Group's risk profile and are prioritising the payback of the Company's debt. To help achieve this, we have now disposed of LionFish, suspended the dividend, and discontinued the previous management's strategy of carrying investments in CFAs and DBAs as assets on our balance sheet and only recognising revenue when it is paid. "Overall, I am pleased with the performance of our core Legal Services businesses, Rosenblatt and Memery Crystal, which are delivering solid revenues and profits. Their trading, despite the wider economic environment, has highlighted the resilience and counter cyclical nature of the businesses, both of which have over 30 years' proven trading history. Driving the organic growth of these businesses is at the heart of our plans. Our average revenue per fee earner have improved significantly during the period and is among the highest in the industry. Since April, we have hired seven additional Partners; five have already started with the remaining two joining either later in the year or early 2024. They all have high levels of experience and knowledge in their respective fields, creating more revenue opportunities. "M&A activity in the UK during the first half of 2023, industry-wide, has been at a much lower level than in recent years. As a result, our specialist sell-side M&A advisory business, Convex Capital, only completed one deal in the first half of 2023. However, momentum is returning, and the business has a strong and growing pipeline. We are confident that several deals will complete before the end of the year. "The decisive action we have taken during the first half, means that the Group has been de-risked and simplified, providing greater visibility to investors going forward. The ongoing business is profitable and highly cash generative and we are committed to reducing the Group's debt. We have a clear vision, a solid foundation on which to grow, and an absolute commitment to restoring the Group's value." |
Posted at 10/8/2023 19:18 by scubadiverr According to Roll on Friday, Velocity Venture Capital is a vehicle used by Nicola Foulston, and is being sued by RBGP. My reading is that this was set up so that she could benefit from overpaying Robert at our expense. So much so for her claim to be looking after small investors! Hopefully she will get what she deserves."RBG's defence and counterclaim alleged that Foulston also breached her fiduciary and director’s duties by placing herself “in positions of unauthorised conflict, preferring her personal financial interests” over her duties to RBG. That involved misleading RBG’s remuneration committee over Robert Parker, who was RBG’s Chief Financial Officer for three years until he agreed to resign in December 2022, claimed RBG. RBG alleged that Foulston erroneously represented that Parker was owed £300,000 under his contract, payable to a company, Velocity Venture Capital, of which she was a director and a shareholder. It alleged that Foulston did not disclose "the full nature or extent of the proposed arrangements involving [Velocity] and Mr. Parker and, accordingly, of her interest in the transaction". It also claimed that at Foulston’s direction, Parker wrote off £73,630 in fees generated by RBG fee-earners who had been working on an intellectual property dispute for Velocity. RBG is now suing to recoup the sum. Foulston's actions “gave rise to a clear (and not just potential) conflict of duty and interest” between her duties to RBG, “including to minimise write-offs”, and “her personal interest in the write-off of fees payable by VVC [Velocity], by which VVC and (indirectly) she would financially benefit”, RBG said" hxxps://www.rollonfr |
Posted at 07/8/2023 10:14 by se81 Updated estimates from Progressive (who in my eyes lost all credibility with their 17/07 note)hxxps://progressive- Perhaps the most interesting part: "New approach to contingent and damages-based fee deals RBG has now disposed of LionFish, written down the LionFish investments, and more recently elected to take similar measures relating to the in-house (RBGLS) equivalent assets. The RBG balance sheet now therefore contains no investment assets relating to legal cases. Successful conclusions of any of these cases would result in only upside to the group’s results (and cash). More fundamentally, RBG will no longer be capitalising any such investments –the group may continue to be involved in contingent-fee cases, but it will expense its related costs though the P&L as incurred. No asset will be established, and therefore any successful result will manifest itself as a ‘spike’i Any surprises from case outcomes therefore should only be positivein future. We believe that this more-prudent approach will provide investors with additional reassurance that the group is being carefully managed in the current climate, and that its performance can be more accurately measured across trading periods" |
Posted at 28/7/2023 10:13 by clive7878 Now most of the bad news is out of the way, the CEO can now get back to putting the business on an even keel. Investors are now viewing RBGP as a recovery stock at 18p, and we could in time see a slow rise eventually in share price. Could be time for one to have a small punt on, as investors are a bit more now enlightened.A pe of 4 can't be too bad, and if it was not for paying the interest on the debt it would be even lower. Reducing debt must be a priority and getting people's confidence back.. |
Posted at 27/7/2023 23:53 by paleje Simon Thompson has published his view, I don’t know what time but it’s on his link now, if anyone’s already posted it sorry:-…The same cannot be said for 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. |
Posted at 27/7/2023 07:39 by catabrit I like Simon Thompson and I always read his articles but he suffers from the same problem that most writers / investors do; the need to keep tapping away. Sometimes it’s better to just go sailing. And that’s why private investors who can do that have a massive edge vs peers. |
Posted at 22/7/2023 12:49 by clive7878 bluemango - It is correct that - according to the Investors Chronicle article - that Kevin McNair - previously finance director of various public-quoted and privately owned businesses for last 18 years - will stand in for Suszanne Drakeford-Lewis the newly appointed finance director of RBGP - probably until next January 2024.The stock has been a bit of a falling knife since October 2021, 140p to now 26p although the pe ratio and dividend currently - if maintained - does make the stock very good value, but positive future figures are needed for the stock to rise. but even with the IC buy recommendation this week the share price still manage to slide again last Friday. All the signs are that RBGP is a buy, so is this the time to buy in - is the $64 question. Is the answer that it is not on many investors radar screens at present ? Or are they afraid that they could be catching a falling knife, but has the share price now bottomed out ? |
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