Revolution Bars Share Discussion Threads

[rimmy2000] 16/11/2017 10:57

yeah, I'm heading along. Beaconsfield.

[crumppot] 16/11/2017 09:25

Anyone going to the AGM on 30th Nov? Could be quite interesting.

[thevaluehunter] 15/11/2017 18:35

I'm probably going to get back in if it goes below £1.30

[barnetpeter] 14/11/2017 16:34

down again....where is the bottom? Falling knife it seems....

[barnetpeter] 12/11/2017 18:12

well I disagree.....but how many bids have been turned down only for the company to go broke. Doubt that is the case here but who knows what the next results will look like

[panic investor] 10/11/2017 12:25

BP - its a small chain most staff wouldn't even know what's going on and wouldn't give a damn as they serve people like any rest chain - do agree though this will head lower - not invested

[barnetpeter] 10/11/2017 11:49

I suggested this was not worth more than 1.50 on here and not far now. I reckon the next results will be dire....these bid approaches will have unsettled staff and management. They must have thought they would be looking for a new job and would have lost interest a bit. Pay is rubbish anyway for most of them so who can blame them? So down we go....there will be a time to buy these but not yet and those who thought 1.10 / 20 was possible may yet be proved right. The decision not to sell out to one of the bidders was plain stupid

[sirgainalot] 07/11/2017 12:07

All gone quiet here now...

Company needs an experienced management to come in with listed company experience. They need to get a handle on the situation with regards trading, the finances and how to deal with the capital markets and all its quirks, nuances etc.

A lot of value in Revolution if it is managed well.

[jeffian] 29/10/2017 15:21

I can understand turning down a cash bid because it is too low, but I really can't understand the attraction of a shares-only takeover or merger unless existing RBG shareholders can see a clear route to enhanced value of their investment. As I've said before, IMHO Deltic need this deal far more than RBG. Pubs tend to generate plenty of free cash; nightclubs are cash-hungry. See why Deltic want RBG? Look at Deltic's accounts; dwell on the fact that their underperforming clubs were 'tired' and needed reinvestment because because the average age of their last refurb/revamp was 6(!) years. The 'recovery plan' by new management involves further investment to freshen up the clubs with a planned payback of 2 years (because they go stale after that). Now look at Deltic's balance sheet; on the face of it they have over £50m of 'tangible assets' to secure their near-£40m debt, but what are those assets? Just £11m are freehold property, £19m are leases (arguably liabilities - just look at their amortisation and 'impairment' figures) but the largest part - £22m - is 'Fixtures & Fittings'. That's right, the very fittings which last 2-6 years before being written-off and replaced.

RBG shareholders want a merger with Deltic? Be careful what you wish for!

[briangeeee] 27/10/2017 09:37

If a bid is voted down, then the company will revert to normal operations. If anyone voted against on any other basis, then I don't understand the logic. If it is worth more independently that the value of the bid, then not accepting is normally a good decision.

[crumppot] 27/10/2017 09:17

Shareholders did not vote for Stonegate because they felt it was not a good enough bid but that does not mean that we want to remain independent it just means we feel the company is worth more than 203p.

[briangeeee] 27/10/2017 08:31

Revolution would (sensibly, IMO) prefer to remain independent than merge in the smaller less profitable, and financially weaker, Deltic.

Stonegate have clearly said (and shown) they are a disciplined buyer.

No other competing bidders came our of the woodwork during the offer period.

So, Revolution now needs to be judged on its own merits as a standalone business. That's what shareholders have recently voted for.

[turbocharge] 27/10/2017 00:40

If merger talks between Deltic and Revolution take a promising turn, Stonegate might be jolted into making a revised offer, providing the rules allow this...

[jeffian] 26/10/2017 16:50

Why do you prefer the Deltic route? They are only offering a merger which just tacks a load of clubs onto a reasonably good pub estate and substitutes its own management. Why do you think they can extract more value that RBG's management? The chances of anything more than a token cash element seem pretty slim as Deltic aren't in a strong enough position to raise the finance. Seems opportunistic to me. I would have thought an increased cash offer from Stonegate was the route, but why should they if nobody else has put any more cash on the table?

[barvin] 26/10/2017 16:45

Spot on and I thought that before I saw your username.I prefer the Deltic route, I think we will get more from them and a bit more exciting. Hope they get on with it. Don't really want this to drag on too much.

[spot1034] 26/10/2017 16:40

It has all gone quiet here but I wonder what might be happening behind the scenes. The CEO was given his marching orders with immediate effect, which would suggest that seeing off both predators and keeping the company independent was not the intended outcome. It's therefore not too fanciful to think that Deltic might get a favourable response if they approach the company again with a view to putting forward a new proposal either for a merger or a takeover which they are able to do if the company agrees, and there's a different person making the decisions now. There's also a vacancy for a permanent CEO which Deltic might see as convenient and could tie in with a proposal for combining the companies. They are no longer under any great pressure time wise so have plenty of breathing space to put together an attractive package - possibly a full cash offer which, given the events of last week might not have to be much higher than the Stonegate offer because shareholders won't want to get their fingers burnt again.

So I reckon we might be hearing more in due course. Anyone else have any thoughts?

[rimmy2000] 23/10/2017 11:05

i also just got a 'your limit order cancelled because of impending corporate action' ??

[mmc71] 23/10/2017 09:33

Anyone holding RBG in a Charles Stanley account check your portfolio as i've noticed they've removed RBG shares and replaced them with "corporate action cash" as if last week's offer vote had been passed and the company sold!

[aishah] 18/10/2017 23:27

Good news. RBG very much in play now imo.

[spot1034] 18/10/2017 19:01

The Times reporting now that his resignation was at the board's behest. An insider said they 'thought it was time for a change'!

[jeffian] 18/10/2017 15:07

I think they would be mad to merge with Deltic. Deltic is the living corpse of Luminar who have already gone bust once and operate in the highly volatile world of clubs which can be in and out of fashion in an instant and require constant capital investment to keep them fresh or revive a stale format. Deltic need Revolution but the opposite is not true. I reckon the deal will eventually get done with Stonegate at the same, or a slightly increased, bid.