RBG Holdings PLC Statement Confirming Settlement (6198R)
October 30 2023 - 3:00AM
UK Regulatory
TIDMRBGP
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consequence of the Settlement, NF and VVC have withdrawn their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RBG and RBG has withdrawn the allegations of breach of fiduciary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 GBP500,000
(comprising GBP200,000 of agreed damages for breach of contract and
GBP300,000 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
GBP1.2m.
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
Rick Thompson / Alex Bond / James Fischer (Corporate 3000
Finance)
Tom Salvesen (Corporate Broking)
SEC Newgate (Financial Communications) Tel: +44 (0)7540 106366
T om Carnegie / Robin Tozer rbg@secnewgate.co.uk
About RBG Holdings plc
-- Further information about RBG Holdings plc is available at: www.rbgholdings.co.uk
-- Further information about Rosenblatt (founded in 1989) is available at: www.rosenblatt.co.uk
-- Further information about Memery Crystal (founded in 1979) is
available at: www.memerycrystal.com
-- Further information about Convex Capital (founded in 2010) is
available at: www.convexcap.com
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END
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