Rbg Share Discussion Threads

[shep22] 09/11/2023 20:56

Can I ask the company if the guidance given earlier still stands with six weeks to go to the year end? Also a question to the auditors, are you comfortable with WIP figure as it has been consistantly overstated up to now.

[cielos] 09/11/2023 11:40

I wonder what are you up to, new here and talking down the company and also being the only one posting about.
Suspicious mind? >>> NOT unless you can prove it otherwise

shep22
Member since: 23 Jun 2023

[shep22] 06/11/2023 21:06

shep22: Tomtrudgian, the "Inaccuracies" to which you refer have strangly proved to be true. There is a trend of attacking those that speak to the truth in this forum, it seems to be orginating from the company's PR people, unhealthy to say the least.

[shep22] 06/11/2023 21:01

Tomtrudgian, tho "Inaccuracies" to which you refer have strangly proved to be true. There seems to a trend of attacking those that speak to the truth in this forum, it seems to be orginating from the company's PR people, unhealthy to say the least.

[tomtrudgian] 02/11/2023 18:12

‘Most of my posts are full of woeful inaccuracies’. Kindly name them.

I never suggested that the bank were party to the settlement quantum. How could they have been, whatever their wishes?

Any bank will balance past losses with the cost or benefit of new management, Ian Rosenblatt & seven new partners, and decide whether the debt limit should go up or down.

[landay] 02/11/2023 10:58

£300,000 in legal fees is outrageous. I would expect £20,000

[quepassa] 02/11/2023 09:58

Article dated 30/10 in The Law Society Gazette about recent settlement.

Interesting to compare amount of claim with settlement figures:-


hXXps://www.lawgazette.co.uk/news/rosenblatt-and-former-chief-settle-contract-breach-claim-for-500000/5117714.article

[quepassa] 02/11/2023 09:51

Tom,
You have become very tiresome indeed.

Yawn. yawn Yawn.


But worryingly, most of your posts are full of woeful inaccuracies.

You are only capable of viewing everything through the blinkered eyes of a worn-out auditor and are incapable of viewing the wider picture or perceiving matters through different points of view.

You have nothing original to say.

And suggesting that bankers were party to the settlement is crass to say the least.

[tomtrudgian] 31/10/2023 10:41

Thanks, QuePassa. £300,000 of legal fees (2000+ hours?) payable to Foulston’s lawyers yet settled by negotiation without ever going to the Employment Tribunal. An extraordinary figure.

Why did the payment have to be spread over 12 months? The bank have no saleable assets to foreclose upon so may have insisted on this. RBG say that seven new partners have been hired. What will they and Ian Rosenblatt be paid with?

Let’s look at the dreadful six months to 30 June 23 results:

1/ Turnover (ie revenue) of £20.5m produced a loss before tax of £13.3m.
2/ Litigation assets written off £11m.
3/ Unspecified liabilities (not assets) ‘held for sale’ (that’s only an accounting term) are on the balance sheet at a negative £5.2m. Possibly lease dilapidations according to rumour - see my post 1456.

Most significant of all, ‘Intangible assets’ are included on the balance sheet at £57.1m. Described as Goodwill £53.1m and the RBG internet site £4m. Both fanciful.

These six month accounts are not audited. The full year 2023 results must be, and the £57.1m will have to be significantly written off, thus increasing the reported loss.

So what’s good? The Convex Capital £1m is great news, albeit the only success in 12 months.

[qs99] 31/10/2023 08:23

Indeed....nice update....corporate activity is still out there, just at lower valuations IMO and from what I hear....DYOR

[adeg] 31/10/2023 08:12

Well if there is a cashflow issue £1 million from Convex Capital will help.

[quepassa] 31/10/2023 05:15

high payout ???

A somewhat modest £200k (+legals) is hardly a high settlement imv.

The real question is why they are paying the money over twelve monthly instalments. Most settlors want to see the back of the affair immediately rather than dragging it out in part payments over a year- especially for such a modest amount.

i see two possibilties. To irk the claimant - or more likely- to ease cash-flow.

And if the latter is the case, it is telling you something.


all imo. dyor.
qp

[shep22] 30/10/2023 21:23

This settlement was not in the interest of shareholders as stated, it was in the interest of Ian Rosenblatt that the case be kept under wraps. Nicola knew this, therfore she was able to secure a ridiculously high pay out.

[quepassa] 30/10/2023 16:12

yes, we can all read an RNS.

[shep22] 30/10/2023 15:45

A settlement has been reached between the listed City firm Rosenblatt Group – now RBG Holdings plc – and its former chief executive.

In a statement to the London Stock Exchange this morning, RBG, which incorporates Rosenblatt and Memery Crystal, said the agreement had settled all outstanding matters between the parties.

[qs99] 30/10/2023 08:13

Starting to clear up the previous mess already....good to see DYOR

[shep22] 27/10/2023 14:24

No, just an unfortunate former shareholdsr of this failing company, trying to help others to avoid my experience.

[scubadiverr] 26/10/2023 16:30

Shep... You wouldn't happen to be that former employment partner would you?

[shep22] 26/10/2023 15:39

The founder of Rosenblatt Solicitors, Ian Rosenblatt accused a former employment partner of perjuring himself at a London tribunal as the founder was being cross-examined Wednesday over allegations of racial discrimination.
What a mess, so many more cases stacking up, this will all end in tears.

[maddox] 24/10/2023 18:39

I commiserate shep22 some investments don't work out as we would like. But one has to try and recognise the mistake early, sell to preserve your capital and move on.

The management that had a hand in the failure have left and I hope that the current management can turn their fortunes around.

[shep22] 23/10/2023 22:28

Maddox,
Can I remind you of this:
Rosenblatt was admitted to the AIM market of the London Stock Exchange on Tuesday 8 May 2018.
The fundraising, which was significantly oversubscribed, raised approximately £43 million before expenses. Ordinary Shares in issue at Admission will be 80,092.106 meant a market capitalisation of approximately £76 million at the Placing Price of 95 pence per share.
I and others subscribed to the issue 5 and half years ago at 95p, it is now 20p, nobody believes the information emanating from the company. The numbers in the original issue were substantially inflated and thst is why the share price has crashed to 20% of the issue price.

[maddox] 23/10/2023 11:39

shep22 - your motives are very transparent - don't know who you think you're fooling?

We've just had the 1H figs 28 Sept - Legal Services Div is trading strongly and 2H looking very good and the staff issue has been covered in detail.

What exactly do you see as being misleading in the IPO document?

[shep22] 23/10/2023 08:33

Former RBL Law Ltd. partner didn't want to "rock the boat" by speaking up when the firm's then-chief executive used a charged racial slur at a dinner because he was "fearful of retaliation," he told a tribunal on Friday.
What a toxic work environment, no wonder the exodus of top fee earners is continuing.

[shep22] 22/10/2023 20:28

I really question the information provided to investors at the time of the IPO, on review, I believe it to have been misleading.