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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +3.50p +2.10% 170.50p 169.00p 172.00p 171.00p 169.00p 169.00p 542,416 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 130.5 3.6 5.0 34.4 85.25

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Date Time Title Posts
19/2/201811:28REVOLUTION BARS GRP1,220
10/5/201714:08Revolution 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 167p.
Revolution Bars has a 4 week average price of 156p and a 12 week average price of 144p.
The 1 year high share price is 246p while the 1 year low share price is currently 99p.
There are currently 50,000,000 shares in issue and the average daily traded volume is 48,500 shares. The market capitalisation of Revolution Bars is £85,250,000.
jaknife: This is what drove the share price yesterday: Deltic acquire 3%: Https://
spot1034: This wasn't small shareholders voting against the deal, it was obviously rejected by some of the big insitutional investors and I very much doubt they did it in the hope that they can keep these shares on their books long term at a lower price than the offer which was on the table. It makes you wonder if they know there's someone else out there poised to make a move if the other two bids failed. And the strength of the share price during the day today seems to indicate that this might not be over yet.
spot1034: At the time the board recommended the offer the shares were in the doldrums after a profit warning and there was some comment about the nature of this warning and whether it might have had less to do with outside forces than the quality of the management, and they were perhaps guilty of talking the share price down far more than the circumstances really justified. So they were probably happy to recommend the offer from Stonegate which got them out of a difficult situation. Since then the general concensus has been that maybe the predictions of doom and gloom might have been overdone and that this was, in fact, quite an opportunistic move by Stonegate who could see the real potential of the company. I would have been very surprised in the event of a cash offer by Deltic if Stonegate hadn't been ready to come back, so I'd be even more surprised if they now walked away if they had to cough up a smaller additional sum to get the approval of the major shareholders. However, even if that did happen it's still a good business which could easily recover to take the shares higher in the future and indeed attract future interest from predators.
hernando2: Of course the danger is that if the offer is voted down , then no one else may come forward and Stonegate might not come back. It was significant to me that the board recommended the offer, i infer from that they see no way that they can get the share price higher, over time , in the way they are currently running the business. Perhaps Deltic know what they are talking about? Anyway I sold when the price went above the 203 offer, so it of academic rather than financial interest to me.
turbocharge: Ectract from today s RNS 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 since the merger proposals were put forward (other than Mike Foster, the Chief Financial Offer), 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 brokers' views on the value per share of Revolution if the Merger Proposal was implemented, 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."
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 ;) !
inchpractice: Deltic nightclubs steps up its bidding for Revolution BarsDominic WalshSeptember 11 2017, 12:01am, Britain's biggest nightclub operator is set to turn up the volume in the bidding for Revolution Bars as it prepares to put a merger proposal on the table.Deltic Group, formerly Luminar, is believed to be close to completing due diligence on the vodka and rum bar business as it seeks to persuade the board of Revolution to switch its recommendation from Stonegate Pub Company.While Stonegate, which owns the Slug and Lettuce and Walkabout brands, is offering 203p a share in cash, valuing Revolution at £101.5 million, Deltic's preferred option is an all-paper merger that maintains the business's stock exchange listing.Deltic is said to have been talking to potential backers with a view to an alternative proposal. Revolution, which floated at 200p in 2015, became vulnerable to a bid after a surprise profit warning in May sent its shares tumbling 40 per cent to 122¼p. On Friday, Revolution's share price closed above Stonegate's bid price at 208¼p amid hopes of a counterbid from Deltic.Deltic's initial merger proposal, made public in the middle of last month, was quickly dismissed by the Revolution board as without merit due to its "concerns over both the value and deliverability of the combination".The Pryzm and Atik operator was nevertheless granted access to Revolution's books to enable it to carry out due diligence, while the company's possible counter-offer is believed to have been positively received by Revolution shareholders.Nigel Parson, analyst at Canaccord Genuity, said he believed that a combined Deltic/Revolution should be able to generate underlying earnings of £30 million, including £4 million of merger synergies, rising to £40 million over the next three to four years.He said the enlarged group could become a potent force. "A stock market listing would potentially give Deltic the currency to roll up other interesting bar operators such as Be At One, New World Trading Company, the Alchemist and Novus Leisure, for example."Deltic, which as Luminar was listed until its collapse and subsequent rescue in 2011, has 58 venues, while its bid target has 68 bars under the Revolution and Revolución de Cuba brands. A spokesman for Deltic, which recently put a potential stock market listing on ice, refused to comment.
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
twistednik: Hmmm, looking a bit more into Deltic and their balance sheet / corp structure, I'm not sure that they can raise the equity / debt to make a cash offer. If they could easily and they think RBG is that undervalued, wouldn't they have a competing proposal lined up by now!? They really have had months to prepare a counter offer. In my mind this is reflected in the share price which is trading only slightly above the bid price. Will probably reduce my hold later today.
Revolution share price data is direct from the London Stock Exchange
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