Rbg Share Discussion Threads

[goldbutler] 28/4/2022 14:54

i've just read an article in Mail from 2019. nearly 3 years ago corporate governance was raised and the article referred to options for CEO.Is this company not better off being run off market as the plaything of the CEO and CFO.

there are some alarming items in the y/e results
The lionfish put option exercisable against RBGP is something the Board should never have signed off. if there is to be a put option then it should be exercisable in the hands of RBGP not the minority interest in lionfish.
The new IT company it would appear has a call option exercisable against RBGP , where rbgp is obliged to buy the company which it 40% owns within the next 6 years. on a multiple of profits .What multiple is being used? If there is to be a call option it should be in the hands of RBGP and the BOD should decide in 5 or 6 years whether or not they want to buy the IT company not the other way about.

There seems to be a very big increase in the Bad debts , just what sort of due diligence was done with MC , what sort of clients with just no money to pay.
MC does not advertise itself as doing work for non payers, or high street or off high st clients . Who or what are the non payers for legal work among their corporate or HNW clients.


Last september 2021 she said that private research was to be done before the end of the year ,well its now nearly May and nothing . Are there any scenario Profit figures for new Lionfish money investment pot and the effects on EPS.

[castleford tiger] 25/4/2022 18:13

Excellent presentation

[davidosh] 25/4/2022 16:34

Just to remind shareholders and prospective investors know that RBG will be presenting tonight at MelloMonday which starts at 5pm. There will also be an interview with Tandem Group plc and two other companies presenting.


Tickets are still available and if you would like one at half price then enter the code MMTADVFN50.

[smidge21] 25/4/2022 14:56

A bit like party-gate, less about the issue and more about how it was managed (who knew that the FD was on a promise?)

[fft] 25/4/2022 13:50

Nicola doing a couple of presentations today. Currently half way through one for FMP. It is interesting that she has really tidied up the slides from only a few weeks ago and introduced more easier to digest slides. Also more explanation about the lionfish 20m JV.Defensive over the EIP and a better explanation of that and the Robert options.She is also doing a presentation at Mello tonight.

[indigocarmine] 05/4/2022 08:27

I think the price action is purely based on the EIP scheme. Whilst I'm not a great fan of it, it's something that goes on across the board, and at least there is clear progress at RGBP rather than some places where they award themselves shares despite clear failings. Although I wish someone would award me a bonus for turning up in the morning, sadly society doesn't value technical excellence in the same way as managerial and financial jiggery pokiness.

[paleje] 05/4/2022 08:01

IC's Simon Thompson gave these the thumbs up yesterday, not sure what time his online article came out but it argues that the share price movement is at odds with the business performance.

www.investorschronicle.co.uk/ideas/2022/04/04/seeking-value-opportunities/

[fft] 04/4/2022 12:03

Wonder how much of the share price movement is related to the actual results and how much is related to the 1m options for the CFO and how much is related to the EIP. The EIP should have been explained better in the RNS with examples (simple spreadsheet) to show shareholders how it worked in practice.

[fft] 04/4/2022 04:52

The EIP (not the CFO options) will only exercise in 2026 with a price of about 2 GBP+ (according to Nicola in q and a). How this works. Initial price is 1.23 on Jan 1 2022. Need 10% a year compound until 2026 to vest. 1.23(start Jan 1 2022), 1.35, 1.49, 1.64, 1.80, 1.98 (end Dec 31 year 5). They then get, as I read it, 8% of any increase in share price above 1.98. which doesn't seem that bad. If shareholders get 8% plus dividends each year that is ok. Roberts 1m is different. Not linked to EIP targets. They couldnt give him any options 3 years ago, so this is a kind of catch up package. Can see why, but I think 1m is too many given he is also in the EIP.

[mashman] 03/4/2022 23:01

babscabs, the £2.00 strike price was mentioned in the Q&A after the presentation

[smidge21] 03/4/2022 11:24

You could add to the non-disclosure of unwritten agreements, the suggestion, from the Q&A, that senior management had done us a favour by foregoing bonuses to keep the financial metrics on target. If you dont hit the target net of all costs, including bonuses, then bonuses are not merited. There is the sense given of a catchup via the EIP. The non-disclosure of debts to senior staff is a significant breach of governance

[babscabs] 03/4/2022 09:21

If a public serving employee of a politician tried this I do believe it would be considered an outrage.

Imagine this in the NHS or Government impossible to envisage.

RBG is run by a team filling their well paid boots with bonuses awarded without performance criteria other than making it into the office

I wouldn’t mind if it was paid as a higher salary at least then would be subject to income tax so we would all benefit.

[babscabs] 03/4/2022 09:13

I think you are incorrect on the strike price , can you show why you believe this because the company says subject to no further conditions (other than being employed ) . Even stockopedia have raised their concerns with this - and they are pretty good judges .they say as below -

“There’s a new EIP announced today, as well as a couple of growth share schemes. One part that sticks out is that the CFO has been granted 1,000,000 nil-cost options over ordinary shares which will vest over two years ‘and be subject to no further conditions other than for Robert Parker to remain employed by the Group’.
Turning up for work is hardly a stretch target”

[its the oxman] 01/4/2022 21:46

Strong results, plenty to go for when small caps run again.

[mashman] 01/4/2022 18:22

babscabs, it's not so he will "turn up to work", it's because they want to retain him.

The strike price is £2.00 as of Dec 26 and that rewards a 5-year commitment.

What's your problem? If you pay peanuts you get monkeys.

[babscabs] 01/4/2022 15:41

I might just do that so at least they can send out an honest market release, may as well give it to straight to shareholders so at least everyone knows where they stand.

I have no problem with the self enrichment gravy train provided there it is upfront and direct. Along the lines "give me your wallet so I can relieve you of £50 "

From what I can see there is nothing incorrect in what the release says ??

[2bluelynn] 01/4/2022 14:45

Maybe email them this ??

[babscabs] 01/4/2022 14:31

RBG company announcement on our FD

“RBG are pleased to announce a restrosoective bonus of 600 thousand pounds of your money for our FD turning up to work for the past 3 years .

We are further pleased to announce a future bonus of 400k pounds of your money for him turning up to work for the next 2 years.

We wish to recognise and reward him for his ability to drive to work with 1 million pounds of your earnings and we are sure you will all be supportive of this .
Many thanks for your support of us and our efforts to improve our wealth “

[babscabs] 01/4/2022 12:43

It is a total wind up.

This shows senior employees / directors view this as a company that will enrich themselves even more embarrassingly without any milestones .

Shareholders do not have to accept this and the belief that “everyone does it” does not excuse .

It is plain simple black and white theft of shareholders earnings.

I wouldn’t mind options with a market rate strike price and deliverables.

The only real acid test of good directors / senior team is skin in the game buying shares with own cash .

This is just utter nonsense .

[jimic23] 01/4/2022 10:34

I wonder how many more he would have been entitled to if they hadn't had to restate 2020 due to an error, got the announcement out on time on Monday, and got the adj free cash flow figures right in this mornings first RNS!?

[uncleoswald] 01/4/2022 10:03

At least he has to wait another two years to get them!!

[riverman77] 01/4/2022 10:00

The 1 million option award for the CFO is in recognition of work over past 3 years and vests over 2 years - on that basis, it is covering a 5y period (or 200k options per year), so perhaps not quite as excessive as first appears.

[babscabs] 01/4/2022 09:35

“1 April 2022, granted 1,000,000 nil-cost options over ordinary shares..to Robert Parker,Chief Financial Officer..will vest over two years and be subject to no further conditions other than for Robert Parker to remain employed”

So the FD effectively get a 1.2 million pound bonus courtesy of shareholders simply for staying in his well paid ob.

A companies executives are employed to create value for shareholders, not to enrich themselves at shareholders expense.

This is a smash and grab tacky self enrichment tactic that does a disservice to credible investors and shareholders.

Avoid this company like the plague, investors need to call these people to account and vote with their feet.

Total disgrace.