REG - RBG Holdings PLC - Company Update and Suspension of Trading in Shares

RBG HoldingsAnnouncement

28/01/2025 07:00

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RNS Number : 8676U  RBG Holdings PLC  28 January 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC
LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.

 

28 January 2025

 

 

RBG Holdings plc

("RBG", the "Group", or the "Company")

 

Company Update and Suspension of Trading in Shares

RBG Holdings plc (AIM: RBGP), the legal services group, provides the following
update regarding its financial position and its efforts to secure a solvent
solution for the Company.

On 10 January 2025, the Company announced that it continued to trade and enjoy
the support of its principal creditors, whilst it explored ongoing
opportunities to strengthen its balance sheet. As announced, the Company has
been engaged in discussions with its lender, with Rosenblatt Law Limited
("RLL"), and with other parties in relation to its options and appointed
financial advisers to assist with these discussions. The Company also
announced that, should an agreement be reached, the Board anticipated the
Company would have sufficient cash headroom for the foreseeable future, but
that in the event the Company could not reach an agreement with its principal
creditors, it would need to explore alternative financing options immediately.

The Company has explored and progressed various options to secure a solution
for the Company and had remained confident that a solution could be found.
Alongside the discussions with RLL in relation to the proposed sale of the
"Rosenblatt" branded business, the Company had also been in discussions with
another party in relation to a potential transaction on a solvent basis. The
Board regrettably announces, however, that while discussions with RLL in
relation to the "Rosenblatt" branded business are ongoing, all discussions
with the other party in relation to a transaction on a solvent basis have
ceased.

Having considered the Company's financial position and the lack of progress
regarding the various strategic options explored, it is the Board's view that
it is unlikely to be able to secure the funding that it requires in a timely
manner to secure the Company's future and so is now taking action to protect
value in the business for the Company's creditors and other stakeholders.

Suspension of trading on AIM

In light of the uncertainty regarding the Group's financial position, the
Board announces that it has requested a suspension of trading in the Company's
ordinary shares on AIM with effect from 07.30 a.m. today.

Further announcements will be made in due course.

 RBG Holdings PLC                                                 Via Camarco

 Jon Divers, Chief Executive Officer

 Kevin McNair, Chief Financial Officer

 Singer Capital Markets (Nomad and Broker)                       Tel: +44 (0)20 7496 3000

 Rick Thompson / Alex Bond / James Fischer (Corporate Finance)

 Camarco (for media/analyst enquiries)                           Tel: +44 (0)20 3757 4980

 Ed Gascoigne-Pees / Jennifer Renwick                            RBGHoldings@apcoworldwide.com (mailto:RBGHoldings@apcoworldwide.com)

 

The person responsible for arranging release of this announcement on behalf of
the Company is Kevin McNair, Chief Financial Officer.

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