RBG Holdings PLC Company Update and Suspension of Trading in Shares

RNS Number : 8676U

RBG Holdings PLC

28 January 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.

 

28 January 2025

 

 

RBG Holdings plc

("RBG", the "Group", or the "Company")

 

Company Update and Suspension of Trading in Shares

RBG Holdings plc (AIM: RBGP), the legal services group, provides the following update regarding its financial position and its efforts to secure a solvent solution for the Company.

On 10 January 2025, the Company announced that it continued to trade and enjoy the support of its principal creditors, whilst it explored ongoing opportunities to strengthen its balance sheet. As announced, the Company has been engaged in discussions with its lender, with Rosenblatt Law Limited ("RLL"), and with other parties in relation to its options and appointed financial advisers to assist with these discussions. The Company also announced that, should an agreement be reached, the Board anticipated the Company would have sufficient cash headroom for the foreseeable future, but that in the event the Company could not reach an agreement with its principal creditors, it would need to explore alternative financing options immediately.

The Company has explored and progressed various options to secure a solution for the Company and had remained confident that a solution could be found. Alongside the discussions with RLL in relation to the proposed sale of the "Rosenblatt" branded business, the Company had also been in discussions with another party in relation to a potential transaction on a solvent basis. The Board regrettably announces, however, that while discussions with RLL in relation to the "Rosenblatt" branded business are ongoing, all discussions with the other party in relation to a transaction on a solvent basis have ceased.

Having considered the Company's financial position and the lack of progress regarding the various strategic options explored, it is the Board's view that it is unlikely to be able to secure the funding that it requires in a timely manner to secure the Company's future and so is now taking action to protect value in the business for the Company's creditors and other stakeholders.

Suspension of trading on AIM

In light of the uncertainty regarding the Group's financial position, the Board announces that it has requested a suspension of trading in the Company's ordinary shares on AIM with effect from 07.30 a.m. today.

Further announcements will be made in due course.

RBG Holdings PLC Jon Divers, Chief Executive Officer Kevin McNair, Chief Financial Officer	Via Camarco
Singer Capital Markets (Nomad and Broker) Rick Thompson / Alex Bond / James Fischer (Corporate Finance)	Tel: [phone]
Camarco (for media/analyst enquiries) Ed Gascoigne-Pees / Jennifer Renwick	Tel: [phone] [e-mail]

 

The person responsible for arranging release of this announcement on behalf of the Company is Kevin McNair, Chief Financial Officer. 

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