REG - RBG Holdings PLC - Purchase of Shares by Directors of Convex
RNS Number : 7824NRBG Holdings PLC03 February 20213 February 2021
RBG Holdings Plc
(the "Company")
Purchase of Shares by Directors of Convex
Following its announcement on 28 January 2021, RBG Holdings plc (AIM: RBGP), the professional services group, announces that on 2 February 2021 the directors of Convex Capital Limited (a wholly owned subsidiary of the Company) ("Convex") acquired a total of 45,067 ordinary shares of £0.002 pence each in the capital of the Company (the "Shares") at a price of 78.56 pence per Ordinary Share.
As previously stated, the Shares were purchased as part of the arrangement between the directors of Convex and the Company to exchange their fixed base salary arrangements for a flexible commission structure directly linked to income from completed deals[1].
This new commission scheme replaces the deferred consideration arrangements under the sale and purchase agreement with the Convex Capital sellers, announced at the time of the acquisition in September 2019. This deferred consideration was due to be payable one year after completion of the purchase, based on certain performance criteria, which were not met due to the pandemic. The relevant provision will be released in the accounts for the year ended 31 December 2020.
The number of ordinary Shares acquired by each director of Convex is summarised below:
Name
No. of Shares held prior to Acquisition
No. of Shares Acquired
No. of Shares held post Acquisition
Aggregate holding as a % of issued share capital
Mike Driver (CEO)
2,268,750
22,424
2,291,174
2.68
Chris Froggatt (Partner)
825,000
12,418
837,418
0.98
Nathalie Hodgkinson (Partner)
275,000
10,225
285,225
0.33
Enquiries:
RBG Holdings plc
Nicola Foulston, CEO
Via SEC Newgate
N+1 Singer (Nomad and Broker)
Shaun Dobson / Alex Bond (Corporate Finance)
Tom Salvesen (Corporate Broking)
Tel: +44 (0)20 7496 3000
SEC Newgate (for media enquiries)
Robin Tozer/Tom Carnegie
Tel: +44 (0)20 3757 6880; rbg@secnewgate.co.uk
About RBG Holdings plc
RBG Holdings plc is a professional services group, which includes one of the UK's pioneering law firms, Rosenblatt Limited ("RBL"), which is a leader in dispute resolution.
RBL provides a range of legal services to its diversified client base, which includes companies, banks, entrepreneurs and individuals. Complementing this is the Company's increasingly international footprint, advising on complex cross-jurisdictional matters. RBL's practice areas include dispute resolution, financial crime, corporate, banking and finance, insolvency and financial restructuring, construction and projects, employment, financial services, IP/technology/media, real estate, regulatory and tax resolution.
The Group also provides litigation finance in selected cases through a separate arm, LionFish Litigation Finance (UK) Ltd. LionFish finances litigation matters being run by other solicitors in return for a significant return on the outcome of those cases. As such, the Group has two types of litigation investments - RBL's own client matters, and litigation matters run by third-party solicitors. LionFish is positioned to be a unique, alternative provider to the traditional litigation funders.
The Group also owns Convex Capital Limited, a specialist sell-side corporate finance boutique, based in Manchester. Convex is entirely focussed on helping companies, particularly owner-managed and entrepreneurial businesses, realise their value through sales to large corporates. Convex identifies and proactively targets firms that it believes represent attractive acquisition opportunities.
[1] The authority granted by management under the scheme is irrevocable and non-discretionary, and during a Close Period the Board has no power to invoke any changes to the authority. Any purchases will be undertaken at the sole discretion of N+1 Singer Limited. The Group confirms that it currently has no unpublished price sensitive information.
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