Patsy Baker quits RBG as NED as it formally goes bust: how’s this for a thank you?

As part of its commitment to showing how absolutely fecking diverse it was as it turned a £36 million war chest into a £25 million black hole in just seven years, RBG Holdings (RBGP) had, at one stage, a female CEO, and now has a female chairperson and until today, a senior female NED Patsy Baker. With so many birds in charge it is shocking that the company did not do better as we are always hectored, diversity = success.

RBG Holdings (#RBGP) – with shares suspended due to its financial “uncertainty”, non-executive director Patsy Baker now resigns

RBG Holdings was so bleeding diverse and now it is going bust

Does anyone now believe the canard that a diverse workforce drives better financial results? I invite you to look at the last annual report from RBG Holdings (RBGP), the owner of Rosenblatt’s and Memery Crystal whose shares are now suspended pending clarification. This is not the Diversity report. That i8s s separate brochure produced at great additional cost.

RBG Holdings (#RBGP) – now considers “unlikely” to be able to secure funding required, shares suspended

RBG Holdings (#RBGP) – agrees one week extension of “exclusivity period” with Rosenblatt Law

Another AIM Disaster: The collapse of RBG continues: Nick Davies quits board, shares minus 99% since IPO

To be fair the senior man at the Memery Crystal is staying on there but he has left the PLC board at RBG (RBGP) with immediate effect. No reason is given for this departure and that is surely a very big red flag.

RBG Holdings (#RBGP) – Senior Partner of Memery Crystal business, Nick Davis, “has resigned as a board director”

RBG Holdings – “Balance Sheet Update”, but financial specifics which dare not speak their name?

Legal services company RBG Holdings (RBGP) has sought to reassure, following “speculative comments” in the press, that it “continues to trade and enjoy the support of its principal creditors, whilst it explores ongoing opportunities to strengthen its balance sheet”. That makes it sound like there’s attractive funding options aplenty but I suggest the current funding environment and its current financial position mean that there will be shown not to be.

RBG Holdings (#RBGP) – admits financing “need”, but states financing “terms currently being negotiated”

RBG Holdings (#RBGP) – terminates consultancy agreement of Ian Rosenblatt

RBG Holdings (#RBGP) – requisition notice from Ian Rosenblatt to replace CEO and two non-executive directors

RBG Holdings – interims argue “Executing a clear strategy to restore value and reduce risk profile”… but it’s currently not working!

Most recently writing on legal services company RBG Holdings (RBGP), in March with the shares at 8.85p I concluded including ‘the still-limited fundraising size in relation to the debt and the outlook currently still concern… at a prospective £11.4 million market capitalisation, at this juncture I still wouldn’t want to own the shares’. The shares most recently closed at below 6p and what of them currently below 4p on the back of half-year results despite these headlined “Executing a clear strategy to restore value and reduce risk profile”?

RBG Holdings – “pleased to announce… Result of Retail Offer”. Er, really?!

A “Result of Retail Offer” announcement today commencing, “Further to the announcement made by the company on 23 February 2024, RBG Holdings plc (AIM: RBGP), the legal and professional services group, is pleased to announce”. So good news then, with the shares at 8.85p?

RBG Holdings (#RBGP) – retail offer via BookBuild platform to raise up to £0.70m at 9p per share

RBG Holdings – “pleased to announce a proposed fundraising”. Why’s that then?…

Legal and professional services company RBG Holdings (RBGP) today states that it “is pleased to announce a proposed fundraising to raise, in aggregate, minimum gross proceeds of approximately £2.7 million”. Is this “pleased to announce” in the same sense as IQ-AI (IQAI) I noted earlier though?

RBG Holdings (#RBGP) – proposed minimum £2.7m equity raise at 9p per share including a “retail offer”

RBG Holdings – significant profit (lack of) warning… with just two weeks to its year-end?!

“Legal and professional services” company RBG Holdings (RBGP) has issued a “trading update” commencing that “2023 has been a pivotal year for the group. The new leadership team has taken action to reduce the group's risk profile and refocus on its core business activities where the board believes it can best maximise profits” and including that it “is confident that the business is moving into FY 2024 on a significantly stronger footing than at the start of this year”. However, that also tends to suggest a disappointing current performance and…

RBG Holdings (#RBGP) – trading warning, argues new leadership team has refocused business

RBG Holdings (#RBGP) – to pay £0.5m settlement to former CEO Nicky Foulston

RBG Holdings (#RBGP) – “materially behind” warning due to litigation finance case losses, “taking steps” re. ongoing exposure