TIDMRBGP
RNS Number : 4316F
RBG Holdings PLC
16 July 2021
16 July 2021
RBG Holdings plc
("RBG" or the "Group")
Pre-Close Trading & Dividend Update
RBG Holdings plc (AIM: RBGP), the professional services group,
today publishes a pre-close trading update ahead of the publication
of its financial results for the six months ending 30 June 2021 on
15 September 2021.
The Board is pleased to announce that the Group continues to
trade in line with market expectations. As a result, the Board
intends to pay an interim dividend of 2 pence per share in respect
of the six months to 30 June 2021 on 27 August 2021 to shareholders
on the register as of 30 July 2021.
Legal Services Division
The Group's legal services division, which includes Rosenblatt
Limited ("RBL") and Memery Crystal Limited ("Memery Crystal"), has
performed well across all practice areas, particularly those areas
focused on contentious law such as dispute resolution, and the
Group's corporate division which is focused on commercial
transactions. The acquisition of the business of Memery Crystal LLP
was completed on 28 May 2021.
The integration of Memery Crystal into the legal services
division is progressing well. While RBL and Memery Crystal retain
their own brand identities, the two firms are highly complementary
and are in the process of being combined into one legal services
business. Opportunities have been identified to leverage both
firms' skills, resources, and reputation to enhance the Group's
offering to its combined client base. Looking ahead, the Group
plans to integrate all support functions, including technology
platforms, and implement other changes to deliver further synergies
while retaining the client facing brands of 'Rosenblatt' for
contentious legal services and 'Memery Crystal' for non-contentious
legal services. Further details on the integration plans will be
provided with the Group's interim results in September.
Litigation Finance
The Group has two types of litigation assets - RBG's own client
matters, and litigation matters run by third-party solicitors
funded by LionFish Litigation Finance (UK) Limited ("LionFish").
Both offer opportunities for high potential returns.
The current litigation assets include three large cases, project
named Neptune, Shango, and Mercury. Updates will be provided when
appropriate. In the case of Project Neptune, the Court of Appeal
recently found that because there was a 19-month delay in the judge
providing a judgment, this judgment is not safe. Therefore, a full
re-trial has been ordered with the date not yet set.
LionFish is actively invested in 10 cases with a total cash
investment of GBP3.2 million across the cases and a total capital
commitment of GBP8 million if all cases go to trial. In April,
LionFish recorded its first successful litigation investment since
its launch. While the return is not material to the Group's
forecast financial results, the successful investment provided a
gross two times money return over and above invested cash.
Moreover, the result confirmed that LionFish could deliver
significant returns from its portfolio of assets.
Convex Capital Limited ("Convex Capital")
Convex Capital is the Group's specialist sell-side corporate
finance boutique. After a challenging 2020, where deals were
postponed or delayed due to Covid, the Convex Capital team worked
to pivot its sector focus to rebuild its transaction pipeline.
As a result, since 1 January 2021, Convex Capital has completed
eight deals generating revenue of GBP5.0 million. Furthermore,
Convex Capital has a strong pipeline of 25 deals with several
currently at various stages of completion.
Commenting Group CEO Nicola Foulston, said: "The Group has
continued its strong performance in the first six months, after an
excellent 2020. We have seen demand for all legal services continue
as expected, including a significant increase in corporate and
commercial transactions, such as IPOs and real estate deals, as we
emerge from the pandemic. I am pleased with the progress in terms
of integrating Memery Crystal into the Group. We are identifying
many opportunities for both law firms to work together and enhance
our client offering.
"We continue to build a portfolio of litigation investments
comprising both RBG's own matters and third-party matters through
LionFish which offer the potential for high returns for our
shareholders. Our M&A business, Convex Capital, has sustained
its strong start to the year converting its pipeline. We are
confident about the rest of the year as market conditions continue
to improve."
Enquiries:
RBG Holdings plc Via SEC Newgate
Nicola Foulston, CEO
Singer Capital Markets (Nomad and Tel: +44 (0)20 7496 3000
Broker)
Shaun Dobson / Alex Bond (Corporate
Finance)
Tom Salvesen (Corporate Broking)
SEC Newgate (for media enquiries) Tel: +44 (0)7540 106366;
Robin Tozer/Tom Carnegie rbg@secnewgate.co.uk
About RBG Holdings plc
RBG Holdings plc is a professional services group, which
comprises the following divisions:
Rosenblatt Limited ("Rosenblatt")
Rosenblatt is one of the UK's pioneering law firms 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. Rosenblatt's practice areas
include banking & finance, competition & regulatory,
corporate, dispute resolution, employment, financial crime,
financial services, insolvency & financial restructuring,
IP/technology/media, real estate, serious & general crime, tax
resolution and white-collar crime.
Memery Crystal Limited ("Memery Crystal")
Specialist international law firm 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, employment and dispute resolution. Memery
Crystal is one of the leading firms in the UK to advise the
emerging cannabis sector on a wide range of business issues. 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.
Together, Rosenblatt and Memery Crystal form the Group's Legal
Services Division - RBGLS.
LionFish Litigation Finance (UK) Limited ("LionFish")
The Group also provides litigation finance in selected cases
through a separate arm, LionFish Litigation Finance (UK) Limited.
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 assets -
Rosenblatt'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.
Convex Capital Limited ("Convex Capital")
Convex Capital is a specialist sell-side corporate finance
boutique based in Manchester. Convex Capital is entirely focussed
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.
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