REG - RBG Holdings PLC - Ian Rosenblatt appointed as an Executive Director

RBG HoldingsAnnouncement

31/07/2023 07:00

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RNS Number : 6346H  RBG Holdings PLC  31 July 2023

31 July 2023

 

RBG Holdings plc

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

 

Ian Rosenblatt appointed as an Executive Director

 

RBG Holdings plc (AIM: RBGP), the legal and professional services group,
announces that Ian Rosenblatt OBE has agreed to join the Board as an Executive
Director. He will be Vice Chair of the Board with a focus on strategy.

 

Ian founded the law firm Rosenblatt in 1989 and was its Senior Partner until
2016. He is both the Group's largest shareholder and individual revenue
generator.

 

As stated in the Group's announcement of 22 June 2023, it is the Board's
intention to recruit an additional independent Non-Executive Director.  That
process is ongoing.

 

Five Year Agreement with Ian Rosenblatt

 

In addition to his appointment to the Board, the Company is delighted to
confirm that it has secured a further five years in the long-term commitment
of Ian Rosenblatt.  He has agreed to an extension to his restrictive
covenants which expired in May of the current financial year. In consideration
of this arrangement, Mr Rosenblatt will be paid a total of £2.5 million in
monthly instalments over the five-year period of the restrictive covenants.
There are no other changes to his compensation arrangements.

 

The above arrangement is classified as a related party transaction under the
AIM Rules for Companies. The Independent Directors 1  consider, having
consulted with Singers Capital Markets as Nominated Adviser, that the terms of
the agreement are fair and reasonable, insofar as shareholders are concerned.

 

Ian Rosenblatt, Executive Vice Chair of RBG Holdings, said: "RBG Holdings lost
focus and direction under the previous executive management team. Now with the
disposal of LionFish and the significant overhang on our share register
removed, I have absolute confidence we can return the Group to a valuation
that reflects its true potential. As the Group's largest shareholder, my
interests are aligned with all other stakeholders, and I am fully committed to
achieving this.  That is my motivation for accepting the invitation to join
the Board and the reason why I was happy to extend my restrictive covenants
for five years. I look forward to working with the new executive team who have
my full support. I thank them for their hard work to refocus the Group since
their appointments."

 

Marianne Ismail, Non-Executive Chair, RBG Holdings, added: "We are pleased
that Ian has accepted our invitation to join the Board, and welcome his focus
on the Group's strategy."

 

Jon Divers, CEO, RBG Holdings added: "The appointment of Ian means we are
taking the business back to its roots. His presence on the Board will greatly
assist in driving the Group's strategy.  I am excited to be collaborating
with him on the next chapter of our journey as we concentrate on growth."

 

About the New Director

Save as set out below, there is no further information to be disclosed in
respect of Ian Rosenblatt under Schedule 2(g) of the AIM Rules.

Ian Isaac Rosenblatt (aged 63):

 Current Directorships and Partnerships  Previous Directorships and partnerships (within the last five years)
 Les Aldrich Music Limited               Ronagold Limited

 12 Kings Avenue (Management) Limited    Simco Limited

 Syco Entertainment Limited              Star Receivables Limited

 Syco Holdings Limited                   Support Trustee Limited

 Maidmetal Limited                       Roslake Farms LLP

 Over The Top Productions Limited

 Syco Touring Limited

 Unit 2 Music Ltd

 Cherwell Films LLP

 

 

Mr Rosenblatt was an LLP Designated Member of Programmed Planned Exit LLP
which entered creditors' liquidation in September 2016 and was then dissolved
on 10 November 2022. Total claims made by unsecured creditors in relation to
the liquidation were £1,194,462.56 and a sum in excess of this amount was
paid to the liquidators. As a result of liquidation fees incurred, at the
direction of the principal creditor, total distributions paid to unsecured
creditors equalled 81.14p in the £.

As at the date of this announcement, Ian Rosenblatt owns 16,911,214 ordinary
shares in the Group (or 17.74% of issued share capital)².

 

¹Tania MacLeod is deemed to be acting in concert with Ian Rosenblatt under
the definition of the Takeover Code. The Board does not, therefore, consider
her to be independent for the purposes of determining the fair and
reasonableness of the related party transaction.

²These shares are pledged to Julius Baer pursuant to a personal loan.

 

 

Enquiries:

 

 RBG Holdings plc                             Via SEC Newgate

 Jon Divers, Chief Executive Officer

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

 Rick Thompson / Alex Bond / James Fischer

 (Corporate Finance)

 Tom Salvesen (Corporate Broking)
 SEC Newgate (for media/analyst enquiries)   Tel: +44 (0)7970 664807

 Molly Gretton                               rbg@secnewgate.co.uk (mailto:rbg@secnewgate.co.uk)

 

 

About RBG Holdings plc

RBG Holdings plc is a legal services and professional services group, which
comprises three core brands:

 

Rosenblatt

Rosenblatt is one of the UK's pioneering legal practices and a leader in
dispute resolution. Rosenblatt provides a range of legal services to its
diversified client base, which includes companies, banks, entrepreneurs and
individuals. Complementing this is Rosenblatt's increasingly international
footprint, advising on complex cross-jurisdictional disputes.

 

Memery Crystal

Memery Crystal offers legal services in a range of areas such as corporate
(including a market-leading corporate finance offering), real estate,
commercial, IP & technology (CIPT), banking & finance, tax &
wealth structuring and employment. Memery Crystal offers a partner-led service
to a broad range of clients, from multinational companies, financial
institutions and owner-managed businesses to individual entrepreneurs.

 

Convex Capital Limited

Convex Capital is a specialist sell-side M&A boutique based in Manchester.
Convex Capital is entirely focused on helping companies, particularly
owner-managed and entrepreneurial businesses, realise their value through
sales to large corporates. Convex Capital identifies and proactively targets
firms that it believes represent attractive acquisition opportunities.

 

 

Further information is available at: www.rbgholdings.com
(http://www.rbgholdings.com)

 

 

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