Good afternoon, it's Paul here!

As is often the case, I'm running late today, so this article will be updated througout the afternoon.

To get you started though, here is the link to yesterday's report. I added some additiona;l comments on FootAsylum & a new section on Revolution Bars (LON:RBG) to Graham's report. Although that has since been overtaken by events today (more on that below).




Revolution Bars (LON:RBG)

Share price: 177.5p (down 5.1% today)
No. shares: 50.0m
Market cap: £88.8m

(at the time of writing, I hold a long position in this share)

Results of Court & General Meeting - the 203p cash offer from Stonegate has lapsed, due to inadequate support from RBG shareholders.

 I'm struggling to get my head around the 2 tables provided in the announcement today. One is for the court meeting, and the other is for the company general meeting. There's a large difference between the votes, which I don't understand. Have any readers worked out what's going on?

Anyway, it doesn't really matter, because the overall result is that shareholders have not supported the takeover scheme of arrangement to anything like the necessary 75% threshold. All of which makes me wonder why Stonegate did not seek assurances from the main RBG shareholders before going ahead with a formal offer? Also, why did RBG management recommend the offer, if shareholders were not going to back it? Most odd. The only explanation I can come up with, is that perhaps Deltic's intervention de-railed support for the Stonegate offer, as RBG shareholders began to realise that the 203p cash offer was not a good price after all?

RBG today reassures shareholders that the company has a promising future;

The Board remains confident regarding the underlying strength of the Revolution business and its ability to operate and grow as a standalone business, not least given the scale and strength of Revolution's new venue pipeline and the returns achieved by new venues opened in the last two years.

The Board considers that its clear and focused strategy, the quality of Revolution's sites and customer proposition, and the talent within the business, leave the business well placed for further growth.

Revolution is proud that it has delivered 16 consecutive quarters of…

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