REG - RBG Holdings PLC - Statement Confirming Settlement

RBG HoldingsAnnouncement

30/10/2023 07:15

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RNS Number : 6198R  RBG Holdings PLC  30 October 2023

30 October 2023

 

RBG Holdings plc

("RBG", or the "Company")

 

Statement Confirming Settlement

 

RBG Holdings plc (AIM:  RBGP), the professional services group, announces
that it has reached an agreement with its former CEO, Nicky Foulston ("NF"),
and her management company Velocity Venture Capital Limited ("VVC") which
settles all outstanding matters between the parties (the "Settlement").

 

The parties reflected on their respective statements of case and engaged in a
process of alternative dispute resolution. As a consequence of the Settlement,
NF and VVC have withdrawn their respective claims of wrongful dismissal and
breach of contract by RBG and RBG has withdrawn the allegations of breach of
fiduciary duty in its counterclaim.

 

As part of the Settlement, the Company will pay VVC £500,000 (comprising
£200,000 of agreed damages for breach of contract and £300,000 in respect of
legal costs incurred by NF and VVC in relation to the Settlement) to be paid
in twelve equal monthly instalments.  The total stated value of the claims
submitted by NF and VVC against RBG prior to this announcement was in excess
of £1.2m.

 

The above arrangement is classified as a related party transaction under the
AIM Rules for Companies. The Directors, all of whom are independent of NF and
VVC, consider that having consulted with Singer Capital Markets as Nominated
Adviser, the terms of the Settlement are fair and reasonable, insofar as
shareholders are concerned.

 

Following this statement, no further comment will be made.

 

Enquiries:

 

 RBG Holdings plc                                                 Via SEC Newgate
 Marianne Ismail, Chair

 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 (Financial Communications)                          Tel: +44 (0)7540 106366

 Tom Carnegie  / Robin Tozer                                     rbg@secnewgate.co.uk

 

 

About RBG Holdings plc

·    Further information about RBG Holdings plc is available at:
www.rbgholdings.co.uk (http://www.rbgholdings.co.uk)

·    Further information about Rosenblatt (founded in 1989) is available
at:  www.rosenblatt.co.uk (http://www.rosenblatt.co.uk)

·    Further information about Memery Crystal (founded in 1979) is
available at:  www.memerycrystal.com (http://www.memerycrystal.com)

·    Further information about Convex Capital (founded in 2010) is
available at:  www.convexcap.com (http://www.convexcap.com)

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