RBGP Rbg Holdings Plc

TIDMRBGP

RNS Number : 7824N

RBG Holdings PLC

03 February 2021

3 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 GBP0.002 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      No. of   No. of Shares        Aggregate 
                                  held prior      Shares       held post       holding as 
                              to Acquisition    Acquired     Acquisition    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                        Via SEC Newgate 
  Nicola Foulston, CEO 
 N+1 Singer (Nomad and Broker)          Tel: +44 (0)20 7496 3000 
  Shaun Dobson / Alex Bond (Corporate 
  Finance) 
  Tom Salvesen (Corporate Broking) 
 SEC Newgate (for media enquiries)      Tel: +44 (0)20 3757 6880; 
  Robin Tozer/Tom Carnegie               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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February 03, 2021 02:00 ET (07:00 GMT)

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