Share Name Share Symbol Market Type Share ISIN Share Description
Revolution Bars LSE:RBG London Ordinary Share GB00BVDPPV41 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.20p -0.86% 137.90p 148,057 16:35:17
Bid Price Offer Price High Price Low Price Open Price
136.00p 139.80p 136.00p 135.00p 135.20p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 130.47 3.55 4.95 27.9 69.0

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Date Time Title Posts
16/6/201810:03REVOLUTION BARS GRP1,269
10/5/201715:08Revolution Bars Group35

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Revolution Daily Update: Revolution Bars is listed in the Travel & Leisure sector of the London Stock Exchange with ticker RBG. The last closing price for Revolution was 139.10p.
Revolution Bars has a 4 week average price of 135p and a 12 week average price of 119p.
The 1 year high share price is 213.50p while the 1 year low share price is currently 110p.
There are currently 50,000,000 shares in issue and the average daily traded volume is 21,553 shares. The market capitalisation of Revolution Bars is £68,950,000.
jeffian: "The buy case here is that the assets are worth more than the share price" Are they? According to the 2016 report "All of the Group’s operating sites are held on leases". Leases are liabilities, not assets. In the 2016 report, they claim £100m-odd of 'assets', half of which are 'short leaseholds' and the other half the investment in fitting them out. As anyone in property knows, the value of a lease is its ability to generate profit and the fixtures and fittings are a wasting asset written off usually over about 5 years but, in the event that a site trades at a loss and has to be closed, the lease is worth whatever premium someone else will pay for the site, if at all, and the F&F is a write-off.
pireric: The buy case here is that the business is worth more to an industry player than standalone, rather than the operating performance justifying it IMO. The problem is that this is very unpredictable. Could be sat here in 3 years and not have a bid.
mammyoko: Stonegate don't want to pay more than 203p. They can't come back with an offer at that level when the share price is at 145p - it was rejected by the instis when the share price had been 125p. Deltic are a red herring - they couldn't raise the funding before and are unlikely to be able to do so now. Absent any news and any major moves in the wider market, this will stay around here with a 20p bid premium attached to it. If either the market tanks or their next update gives further evidence that this isn't a self-funding roll-out then that bid premium is going to evaporate. Next scheduled update isn't until July. Probably the best thing that could happen is for these to lose their bid premium and start trading at 120p again. That could then revive Stonegate's interest. Less likely at this level when the backdrop is tough trading conditions
spot1034: Brokers still have targets well in excess of current share price - most recently Peel Hunt reiterated target of 240p last month. hxxps://
spot1034: It really is a bizarre state of affairs when it was Deltic's intervention which derailed the Stonegate offer, saying that it undervalued the company (which many commentators agreed with) yet six months on they seem incapable of taking advantage with the share price now languishing more than 25% below that supposedly cheap valuation. I'm convinced that this story has another chapter, but when it will begin and whether there will ultimately be a happy ending for shareholders is anybody's guess.
barvin: If Brexit was called off, I think you'd have more than the share price of RBG to worry about. You're living in a dream world if you think Brexit will be reversed now.
jaknife: This is what drove the share price yesterday: Deltic acquire 3%: Https://
crumppot: 9 October 2017 Revised merger proposal The Deltic Group Limited and its holding company Ranimul 1 Limited ("Ranimul" and, together with Deltic Group Limited, "Deltic") note the announcement by Stonegate Pub Company Limited ("Stonegate") dated 6 October 2017 in which Stonegate disclosed that Artemis Investment Management LLP's had withdrawn its non-binding letter of intent to vote in favour of the offer by Stonegate. Deltic refers to its announcement, dated 5 October 2017, regarding its proposed terms for a merger between Deltic and Revolution. Terms defined in that announcement have the same meaning in this announcement. The Merger Proposal remains Deltic's preferred structure through which to combine the businesses of Deltic and Revolution. Following positive feedback from a significant number of Revolution shareholders with whom Deltic has met in respect of the Merger Proposal, Deltic herein sets out an alternative merger proposal (the "Revised Merger Proposal") as follows: a) The Revised Merger Proposal continues to be based on the proposal announced on 5 October 2017 under which existing Revolution shareholders would own 65% and Ranimul shareholders 35% of the Enlarged Group (subject to paragraphs (b) and (c) and the reservations set out below). b) The Ranimul Loan (GBP22.3 million as at 24 February 2017) will still be, as set out in the Merger Proposal, refinanced alongside other facilities with third party debt to reflect a level of gearing which Deltic believes prudent and desirable. c) However, as the purpose of refinancing the Ranimul Loan was to replace high coupon debt with third party debt at commercial rates and not to extract cash, the Ranimul Loan holders would, as an alternative to the original Merger Proposal, be prepared to convert all or part of the value of the Ranimul Loan into additional shares in Revolution at a conversion price of not less than 203 pence per share subject to a special dividend or equivalent mechanism for a return of capital of not less than 20 pence per share being paid to all shareholders in the Enlarged Group on the merger becoming effective. d) This demonstrates: Deltic's confidence in 203 pence as a minimum per share valuation for the Enlarged Group; its commitment to be treated equally with Revolution shareholders; and its belief in the value creation opportunity of the Enlarged Group. It is not possible to implement the Revised Merger Proposal without the full engagement and agreement of the directors of Revolution. As at the date of this announcement, this has regretfully still not been forthcoming. Furthermore, in the announcement by Revolution dated 9 October 2017 (the "Revolution Response Announcement"), Revolution continues to reject any merger proposal by Deltic. Based on the fact that Revolution has since 6 October raised negligible enquiries on the due diligence information provided to it, Deltic can only assume that Revolution has conducted highly limited analysis on Deltic and, by its comments in the Revolution Response Announcement, has demonstrated that it has not sought to gain any genuine understanding of Deltic or its business model. Furthermore, Revolution has not conducted any meetings with Deltic's wider management team. Rather, Deltic believes the Revolution board has sought to apply its pre-conceptions and prejudices in re-confirming the position it has held since Deltic made its first approach. To put this in context, Revolution's Chief Executive has not had a single conversation, meeting or any other form of communication with either Deltic or its advisors in respect of the merger proposals. Against such a backdrop of hostility, negativity and ill-informed commentary, Deltic does not intend to comment individually on each of the points made by Revolution in the Revolution Response Announcement. Instead, given its very clear value proposition, it would instead invite Revolution shareholders to question why Revolution's Board has failed to engage meaningfully in any alternative to Stonegate's offer of 203 pence per share. Deltic also notes the announcement by Stonegate dated 6 October, 2017, in which Stonegate commented on the certainty of Stonegate's offer as compared to the Merger Proposal. The Revised Merger Proposal is not a high risk proposition (the Ranimul Profit Forecast, the Ranimul Long Term Forecasts and the Quantifiable Financial Benefits Statement have been made with due care and attention and Deltic's projected post-merger gearing is highly conservative and contrasts significantly with Stonegate's wholly debt funded offer) and is straightforward to execute if Revolution is prepared to engage. Deltic believes Revolution shareholders are perfectly capable of reaching their own determination as to where value lies. Commenting on the Revolution Response Announcement, Bob Brannan, Deltic's Chairman, said: "Deltic is incredulous that Keith Edelman, the only Board member of Revolution who has had any contact with Deltic in respect of the merger proposals, and its advisers can, given feedback from Revolution's shareholders, continue to recommend Stonegate's offer at a price below both the current Revolution share price and all broker estimates whilst refusing to have any meaningful engagement with Deltic and demonstrating a limited understanding of the nightclub market. If Deltic succeeds in implementing its Revised Merger Proposal, it will adopt a very different approach to the stewardship of shareholders' capital." Reservations Nothing in this announcement should be taken as an indication of the price at which any cash offer would be made, if one were to be made. On the basis that there has not been any substantive engagement by the Revolution board with Deltic on its Revised Merger Proposal to date, and consequently no agreement has been reached on the terms of the Revised Merger Proposal at the time of this announcement, the number of Revolution shares to be issued as consideration under the Revised Merger Proposal, and the value of the Revised Merger Proposal as implied by the merger ratio above, may be subject to change. Pursuant to Rule 2.5 of the Code, Deltic reserves the right to set aside the financial terms referred to in this announcement and/or to vary the form and/or mix of the consideration referred to in this announcement, and/or at any time to make an offer or a merger proposal on less favourable terms, including in the following circumstances: -- with the recommendation or consent of the board of Revolution; -- if Revolution announces, declares or pays any dividend or any other distribution to shareholders; -- if a third party (other than Stonegate) announces a firm intention to make an offer for Revolution; or -- if Revolution announces a whitewash proposal (for the purposes of Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover. Deltic strongly urges Revolution shareholders to vote against the Stonegate offer and to encourage Revolution's Board to progress Ranimul's Revised Merger Proposal to allow it to be formally presented to, and voted on, by Revolution shareholders. Deltic confirms that it has until 5.00 p.m. on 10 October 2017 either to announce a firm intention to make an offer for Revolution under Rule 2.7 of the Code or announce that it does not intend to make an offer for Revolution
twistednik: Sold out. I don't believe Deltic have the cash or financing to make a credible bid. Cash means raising new equity and I don't know how deep the existing shareholders' pockets are? Certainly bringing any new shareholders on board now seems a bit of stretch. Deltic EBITDA / cashflow is not large enough to raise the debt to make a fully funded cash acquisition (the only type that would be supported by the board). Running out of options... It's been all bluster from them so far... lots of talk and continuous statements re how RBG is undervalued, however they have had months to come up with a credible alternative offer and if it hasn't materialised so far I'd be very surprised if it happens at the 11th hour. Rumours of any other financial bidders would have leaked already IMHO in order to put Stonegate under pressure to up their bid. There have been no murmurs. Also, if Stonegate thought Deltic a credible threat, they would probably have raised their offer to 220p+ to get the deal over the line. The fact that they've held steadfast makes me think that this will get done at 203p. Yes, the 5-7p (or so) premium on the share price was good OPTION value but as those that will have studied options know, one key component of option value is TIME. The clock is ticking and that option is about to expire worthless. dyor etc and good luck all holders and non-holders ;) !
jaknife: With thinking cap on: Deltic could make an offer with the support of existing shareholders, which would go along the lines of: A. £2.XX to shareholders who want cash, or B. Y of shares in a NewCo that owns both Deltic AND RBG. If 50% of shareholders wanted to rollover their holdings and take option B then £60/70m of debt would be doable but that level of debt would seriously cramp RBG's roll out ambitions. And it would still carry significant execution risk. davidosh, I can't see any other natural buyer. Would Fullers want to further diversify as they have with pizza and cider? Probably not but they have the firepower. Marston's? Their share price suggests that they have other things to think about. GKN? They're busy digesting Spirit. Someone else? Never say never but "bars" are very different to "pubs" and there's not anyone obvious that comes to mind. JakNife
Revolution share price data is direct from the London Stock Exchange
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