Revolution Bars Share Discussion Threads

[investment dave] 01/6/2017 07:51

This will fly today

[investment dave] 31/5/2017 16:39

Could hit the £1.40's tomorrow

[geheimnis2] 31/5/2017 13:38

yep - feeling very relaxed about my holding here

just made a small top up

[pre] 31/5/2017 13:13

With Artemis picking up a further 1.3 million shares per yesterday rns, looks like the squeeze is about to take place.

On twitter:

Paul Scott‏ @paulypilot 11h
More
Replying to @paulypilot
In my view RBG justifies a 160-240p takeover bid, possibly. Ungeared Bal Sht means bulls can relax & collect divis. Wait for recovery.

[pre] 31/5/2017 10:14

So Artemis have increased their holding in RBG by circ. 1.3 million shares...rns not shown on advfn?

[don777] 30/5/2017 21:21

this news was not shown here this morning:




TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES


1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached:

Revolution Bars Group Plc
2. Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached.



An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments


An event changing the breakdown of voting rights

Other (please specify):



3. Full name of person(s) subject to the
notification obligation:
Artemis Investment Management LLP on behalf of discretionary funds under management
4. Full name of shareholder(s)
(if different from 3.):






5. Date of the transaction and date on
which the threshold is crossed or
reached:

23 May 2017

6. Date on which issuer notified:
24 May 2017

7. Threshold(s) that is/are crossed or
reached:

10%



8. Notified details:

A: Voting rights attached to shares
Class/type of
shares

if possible using
the ISIN CODE
Situation previous
to the triggering
transaction
Resulting situation after the triggering transaction
Number
of
Shares
Number
of
Voting
Rights

Number
of shares
Number of voting
rights
% of voting rights
Direct
Indirect
Direct
Indirect
GB00BVDPPV41
4,577,725
4,577,725
5,884,049
0
5,884,049
0%
11.77%

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction

Type of financial
instrument

Expiration
date

Exercise/
Conversion Period
Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.

% of voting
rights






C: Financial Instruments with similar economic effect to Qualifying Financial Instruments
Resulting situation after the triggering transaction

Type of financial
instrument


Exercise price

Expiration date

Exercise/
Conversion period

Number of voting rights instrument refers to


% of voting rights







Nominal
Delta



Total (A+B+C)
Number of voting rights
Percentage of voting rights
5,884,049
11.77%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:


Proxy Voting:
10. Name of the proxy holder:


11. Number of voting rights proxy holder will cease
to hold:


12. Date on which proxy holder will cease to hold
voting rights:



13. Additional information:


14. Contact name:
Richard Smithson
15. Contact telephone number:
0207 399 6063


This information is provided by RNS
The company news service from the London Stock Exchange

[spectoacc] 30/5/2017 16:31

Maybe tonmorrow... Interesting push-pull going on per my Holdings post above - will be a while before it ends I suspect.

[goofrob] 30/5/2017 11:33

So investment Dave...your post says expecting 1.30open and close today 140p or more.
Whats gone wrong?..

[goofrob] 30/5/2017 11:32

So investment Dave...your post says expecting 1.30open and close today 140p or more.
Whats gone wrong?..

[pj0077] 30/5/2017 10:20

Stunning analysis David, thank-you.

[investment dave] 30/5/2017 07:56

Big upside here

[thevaluehunter] 29/5/2017 23:01

EV/EBITDA should be minimum of 6x in my opinion. From the annual report net cash flow generated from operating activities was £14.2m for FY16 and £9m for FY15. The tax is likely to be due to the previous private equity debt structuring. Comparing to the listed pub chains is not great because most have enormous amounts of debt and some have large pension deficits. In terms of the working capital I guess that you are referring to the interim results because for the full year results the working capital is positive, this is to be expected as they roll out because customers pay at the point of sale but suppliers are paid in arrears. For the interim results working capital is negative driven by trade payables, my suspicion would be that is related to the capital creditor whereby capex would be limited in the month of december due to peak trading which would have the impact of reducing trade payables as previous site builds are paid. It could also be driven by other seasonal factors.

[barnetpeter] 29/5/2017 22:28

It is interesting that the major investors are dumping just as the small pi's are buying. The latter may be right of course...not the first time. Although some of these big firms should have a real feel for the business and whether this is a one off ..,I would have expected buying not selling????

[staverly] 29/5/2017 21:54

@Jaknife ... thoughtful post. I can't agree that the BS is good. Far from it. Whilst it's not unusual for bars to have negative w/c (JDW, MAB being obvious examples), IMO, RBG is dicing with the ultimate risk as it patently cannot produce any meaningful FCF judging by the past 3 and a half years. My earlier post suggested under 1m in the past 3 fiscal years. Taking in to account the recent H1, makes that an annualised FCF contribution of around £140k per annum.
Prudent management would have cut the dividend long ago. £7.25m has been distributed in the past 2 and half years only thanks to £5m of additional debt and further stress to an already stretched w/c position.
Frankly, i'd surmise that the business model has more serious issues than initially supposed. Put simply, currently it's a barge-pole at any price. DYOR

[geheimnis2] 29/5/2017 21:16

Lol just a thought jak?

[opodio] 29/5/2017 19:08

looking for 70p on the results when they state the full extent of their issues and issue a second warning

[spectoacc] 28/5/2017 17:33

@staverly - I've not looked to be honest, only quoting IC.

Tax more likely to be brought-forward losses?

[staverly] 28/5/2017 14:20

Keep seeing allusions to "highly cash generative" from respected sources. Bit of a headscratcher given headline cash flow numbers suggest in past 3 fiscal years there has been less than a one million quid's worth of operating *FCF. Hardly a cash-cow.

What would trouble me more (no position), is that it appears HMRC doesn't fancy the income statement judging by the fact zero cash taxes have been paid in the same period. DYOR

* proceeds from PPE disposal excluded

[investment dave] 28/5/2017 10:05

Looking for a £1.30 open on Tuesday and a close above £1.40

[spectoacc] 28/5/2017 09:27

Just a thought regarding major shareholders - many funds/investments trusts have market cap limits on what they can hold, usually self-imposed, with £100m being a common minimum level. RBG now down to £60m cap, so a good chance there's more selling to come.

Unless, of course, it gets even more of a dcb on :)

IC write-up seemed pretty positive fwiw - "p/e 8, yield 4%, highly cash-generative".

[investment dave] 26/5/2017 20:08

Tuesday haha