Rbg Share Discussion Threads

[ivan el terrible] 19/12/2022 16:13

And yet in last week's IC Alex Newman says that only Sylvania and RBG passed all 7 of the HY small cap screen. I have a chunky allocation of both after ST was so bullish in many previous editions. Another drop to 82p is starting to concern me though, having just topped up at 85p. Perhaps DWF might be a better alternative?

[goldbutler] 19/12/2022 15:24

david dosh rbgp SP63.5

This company should appoint a new chairman and CEO such as Ken Clarke ( he may not have the energy or interest to do so)a barrister, former director of BAT or even the recently retired Lord Burnett of Maldon and other directors with a legal background. The Board should have a team of such people and there is not one there
- not by chance but by design.

The model for this company and Mr Rosenblatt and Miton should be Murgitroyd which was a listed patent and trademark firm , before it was bought out and it has continued to thrive since -it had revenue of just over 22 million and just under 2 million profit before tax -it was sold for over 63 million and you can work out the PE. The ROCE of RBGP is well below Keystone Law an other company with a high PE. Pure Law firm taking advantage of the opportunity and run by Legal eagle.

mr Murgitroyd (God bless him may he R.I.P.) built a highly respected firm . and the firm still is to this day.

Instead this CEO has, until recently, RBGP subject to put and call options in adnitor and lionfish and derivative liabilities - no BOD should approve that ,.

This company has an opportunity to rerate into high teens -
it must become a pure law firm in niche areas of law not professional services and it must reduce its debt at the earliest opportunity .
no dividends until the overdraft is gone.

It was this CEO who saddled the company with a failed strategy , huge debts and leasing liabilities and the share price is telling her GO .

[goldbutler] 19/12/2022 15:02

daivid dosh rbgp shareprice 63.5



Regarding your shareholding paper loss. you and Ian rosenblatt and Miton deserve it , you have believed her PR and the getting under the bonnet , rolling sleeves up nonsense and you cannot afford one more slip up. A placing with her in charge will wipe you and other shareholders.
She is overpaid and after 6 years a failure.
the partners and legal staff are clever people they must be wondering how can she collect the salary and bonuses and pension contributions etc and claim its all her doing and strategy . She is responsible for the shareprice.
Its her strategy . her tactics


However you may well be aware of the estimate figures for 22 and 23
the earnings estimates have fallen to just under 4.5p and just over 7p for y/e 23

the cash flow figures are just over 5.7p for y/e22 and between 9 and 10p cashflow for y/e 23

The debt figure for 23 and in to 24 should cause this company to cancel dividends.
the debt should be repaid to give the company a blank canvas in just over 12-18 months.
a new CEO should be appointed and the chairman also removed with a new BOD.


o

[goldbutler] 19/12/2022 14:47

Taursus

you are a sycophant

get your facts correct - my comments on 28 april , show that I am fully aware of the register of shareholders and the trust of which she is one of 6 beneficiaries
-you should read the Mail article- its about greed and corporate governance

so you are wrong and the CEO who leads a law firm states she isn't a shareholder and aligns herself with her CFO he too is not a shareholder - so there is nothing out of context.

her words not mine . she is the CEO of the law firm- but you know better -she is not correct according to you - she cannot even get that right according to you

she should be removed along with the chairman.

[goldbutler] 19/12/2022 14:39

Mr daviddosh

you asked for a link- this may get it for you

RBGP a cash generative business which cherrypicks best in class



I quoted directly from the CEO
it is not out of context she has received over half a million salary last year so she should know - she is crystal clear - she herself does not own any.

and I am fully aware of the trust regarding her being one of 6 beneficiaries
and having no decision making role.

I refer you directly to my comments on 28 April 2022 regarding Mail article 2019
THAT ARTICLE D/W THE TRUST . how it bought shares in the law firm and options for the CEO merely turning up for work
The TRUST is not her.

[bigbaggy] 07/12/2022 12:27

In all fairness I think davidosh does a tremendous job.

Key questions for me for the January interview would be:

1. CFO told us numerous times that the Lionfish investments were held "at cost or below cost". Now they lost two cases and the write off is £4m but the cash costs were only £1m. So this suggests they had banked c. £3m of unrealised profit on these cases booking it early through the P&L and now the full £4m needs to be written off. What was and is the actual accounting treatment on the handful of all Lionfish investments?

The recent profit warning RNS intimates that Lionfish will be sold or maybe more realistically simply closed. But that division has serious (£3m+) capital commitments. How do you unwind that without costing shareholders more write-offs? More disclosure please.

2. Convex pipeline: much promised but little delivered (after a good first year). What are the real prospects for Convex given that we are going into a very tough (recessionary) M&A market.

3. Soon after the IPO the CEO made much of the "elephantine cases that were worth a multiple of the market cap". Here we are 4 years later. Nowt has been delivered for shareholders. Every time she is asked about them, she just pushes the delivery dates back and back.

4. Sorry but i am still reeling from the £1m share option award to the CFO, with zero performance conditions. What was the thinking ?

5. The CEOs strategy of building a multi-disciplinary professional services group seems to have come apart. What is the strategy now ? Back to just being a law firm? How will that grow by acquisition given the poor share price

Keep up the good work Davidosh and more power to your elbow !

[taursus] 07/12/2022 12:00

Davidosh

You are welcome. Inaccurate and intemperate attacks on you & your work on behalf of retail investors through Mello should not stand unchallenged.

Whatever Nicola Foulston’s failings, one of them is not hiding in a corner and not fronting up to scrutiny so let’s hear what she has to say in January.

[davidosh] 07/12/2022 10:27

Taurus...Thank you that is much appreciated and important clarification.

I have already invited Nicola Foulston back to Mello for our next available show in late January so that she can update more fully then and answer questions.

[taursus] 07/12/2022 10:00

Goldbutler

You have quoted incompletely from the interview that the CEO gave to Sarah Lowther. What the CEO said was :”My trust fund has an interest in 11% of the company but I myself am not an equity holder.”

The last set of RBGH accounts reveal that Nicola Foulston had an interest in 12.1% of RBGH. 12% or 11,410,000 shares through Cascades Ltd, “A company owned by the Foulston Family Trust of which Nicola Foulson is a beneficiary” and 0.1% or 105,264 shares in her own name. Until her purchases this week the number of shares held through her family trust and in her own name had remained unchsnged since the IPO, according to RBGH’s accounts.

So what the CEO said in the interview about her family trust’s holding was correct, albeit the holding is 12% not 11%, and she was not correct to say she held no shares in her own name as she held 105,264 at the date of the interview.

You could have found out those facts by doing a small amount of research on the RBGH website. The person who should be red in the face with embarrassment and who appears to be foaming at the mouth is you not Davidosh, who far from being a liar, has posted factually accurate information.

As he has asked some of my own (awkward) questions at Mello Events, I can confirm what he says about questions and your attack on his integrity in this regard is not justified, in my opinion.

[qs99] 07/12/2022 08:53

More buying. If they can stick to the legal knitting, no reason this business can't make material EBITDA, cash and then get back on the M&A trail

if there is one thing lawyers are good at, it is usually making money whether a recession or not. Mates who are in legal profession say they have never been busier, make of that what you will

DYOR

[davidosh] 07/12/2022 00:40

goldbutler.....No need to shoot at the messenger as I merely copied facts shown in an RNS. I have no idea what interview you watched but do please put it on here if you think there is a contradiction.

Maybe the CEO meant that she does not buy equities generally and nothing to do with RBG

If any CEO or board member at any company is interviewed on Mello then they will be asked the questions the audience want me to ask. I do not hide from asking awkward questions and never have done so please do not go down the road that suggests anything different and as a shareholder here I am losing a lot of money currently so far from happy at the way things are going.

I do agree with your final comment though regards M&A which is certainly off the table

[goldbutler] 06/12/2022 21:18

The CEO stated in the interview with sarah lowther -
"I myself am not an equity holder" and that is from the CEO.

watch the interview if you want to go all red in the face with embarrassment.
She's best in class and listen to her ferrari talk .

In an interview dealing with the new incentive share plan and the large payments made to her and the CFO she as CEO openly makes that statement .

Why don't you look at the interview and listen to her say " I myself am not an equity holder" it is very plain and very simple but you won't will you. Because you are the type who attends these mello events and such events with your little diversified portfolio and big ego.

If you want you can phone Daviddosh up and ask will there be an announcement RNS soon for any other share buying . Ask daviddosh is it a cultural thing before she makes an other appearance at one of his events .

Read it and weep.The current share price says it all. She won't be using her share certificate paper as currency for M&A for many years.

[goldbutler] 06/12/2022 18:03

Sarah lowther usually on lse, but on masterinvestor 6 months ago-
did an "interview" with "best in class" rubbish from this CEO

during the interview at 7.02 shortly after a comment about the trust
the CEO states in plain and simple language " I myself am not an equity holder"

dont phone her up and make a liar out of her Daviddosh

you are foaming at the mouth now arent you daviddosh you just want to phone her up
and ask her if she's a liar or confirm with her when did she buy the shares
because you have gone out of your way , on here, to quote from an official announcement issued the DAY AFTER I wrote that not a single share is held by the BOD.

You could have dealthwith .
issues concerning huge payments for turning up for work.
or keeping such arrangements private expertly summarised
by"smidge21" on the 3rd april.
you could have dealthwith failure to meet EPS forecasts again or referred to the
bonus greed payments.or the blatant incorrect pipeline figure stated for Convex in last years interims.

but not you David , cos I bet you and her are a good cultural fit

so the next time you have a "great show lined up "
dont forget to talk about corporate greed and corporate governance and
the utter failure to meet targets.

have a look at the share price compared to Float price and work out the fees and benefits in kind and bonuses paid to this individual and her millionaires at MC and Convex.

The market is telling her enough is enough
name any of the BOD with shares - no comment from you on the people on the BOD who have just got up and left or maybe the two firms of stockbrokers no longer there.

are the institutions buying or selling daviddosh

[davidosh] 06/12/2022 14:11

goldbutler....Why do you say 'Not a single share is held by the BOD. ' ?


Director Dealing

RBG Holdings plc (AIM: RBGP), the professional services group, announces that on 5 December 2022, Nicola Foulston, Chief Executive Officer, purchased a total of 250,000 ordinary shares of 0.2 pence each ("Ordinary Shares") in the Company at an average price of 64.65 pence per Ordinary Share for her SIPP.

Following this purchase, Mrs Foulston is beneficially interested in 11,765,264 Ordinary Shares, representing 12.34 per cent. of the issued share capital of the Company including 355,264 Ordinary Shares held in her SIPP and 11,410,000 Ordinary Shares held by Cascades Limited.

[goldbutler] 05/12/2022 17:36

This information released by the CEO today has damaged the share price.

The information would have been known to this BOD some days ago - referred to as recent .

So why if material , which it is, was it not announced to the market earlier and
why the delay. There was also a huge number of shares traded recently. Was this information known outside the BOD .

This CEO has refused to provide any detail on the earlier large scale share sales.
How many shares have been sold by the Employee Benefit Trust
How many shares have been sold by the partners in each separate SBU- Convex , MC and Roseblatt.

The CEO and CFO need to be challenged by the BOD and asked to provide a forecast profit figure before and after tax and cash flow statement and not be allowed to getaway with this ebitda rinse.

[goldbutler] 05/12/2022 14:44

Not a single share is held by the BOD.

This share may well rerate but it needs a legal experienced professional at the top.

This CEO is not the person to lead RBGP or create a "new" strategy
This Chairman has failed too.

GO the share price is telling them GO

[goldbutler] 05/12/2022 14:36

Mr Rosenblatt cannot be happy with this performance.

Increased Loans and borrowings- increased lease liabilities and a dividend which is unsustainable at present.

The Auditors last year did shareholders in this company a great service by challenging the accounts.

The BOD should have done the same with the Greed payout to the CEO and CFO and HR -

I cannot understand how Mr Rosenblatt and the leading shareholders do not act.

A new chairman with legal background must be appointed. This present chairman previously with the mr kipling cakes producers needs to go - and take several of the NED with him .

A new BOD is needed .
The company needs to cancel any further dividends .
Borrowings need to be reduced with cash flow.
Convex and its existence in the group must be reviewed with a view to divestment.

The legal services business and similar services Tax , Patents must be the core activities going forward - The shares may well then rerate.


The CEO is out of her depth - paying her for such underperformance Mr Rosenblatt?

[goldbutler] 05/12/2022 14:21

The largest shareholders including the owner must now act.

The CEO is out of her depth.
Adnitor Islero Lionfish all HER failures.

The BOD is weak and unworthy of running a private company let alone a listed company.

Two chairman have got up and left , two sets of brokers removed or remove themselves . A CFO chief finance officer up and left and the last remaining legal eagle on the board Victoria all left since IPO.

The share IPO'd with the promise of creating a legal entity - in a fragmented legal market - the CEO first act was to pay for the Convex outfit.

This CEO bought a business which has failed to deliver any meaningful return in 4 years - "money for old rope " her purchase went against everything she said in interviews at and after flotation - Convex is not a "legal" business -it is not Tax or Patents.

This purchase was correctly called out by Jeremy Grime at the time and he declared that the stock would derate- which it has - but it not only derated it calls itself the leading sell side in the the UK . it cannot possibly be the leading sell side outfit in the UK.It has done 4 deals according to its website not 5 which the CEO has stated.



The Chairmen must resign or be removed.

[jgh03] 05/12/2022 12:20

Thanks, Maddox - it's now arrived.

[maddox] 05/12/2022 09:40

I received my dividend credited in X-O on the Wednesday 30 November.

[jgh03] 05/12/2022 09:35

Have others received the dividend that was due to be paid last Wednesday, 30 Nov ? Mine hasn't arrived yet in my HL account. (Can't believe that HL are being particularly slow as I have received a div from another company that was due on Fri 2 Dec.)

[smidge21] 05/12/2022 08:24

Looks like the optionality, from Lionfish, is gone. The core business would appear to be fine however and the prospective yield supportive. Like KETL, once the market has digested the shock, the share price should recoup some of the ground lost today. The fancy exec payouts are however looking poor value (for shareholders)

[qs99] 05/12/2022 08:24

Selling looks over done IMO....refocus on the legal not litigation side & this should be fine, DYOR

[bubloo] 05/12/2022 07:55

they would beaten the earnings expectation but for non cash loss in Lionfish. marginal below expectations. I have a very small holding and stick by it for dividend which should be around 7 to 8%