RBG Holdings PLC Refinancing and Convex Capital Update (2567W)
December 11 2023 - 2:00AM
UK Regulatory
TIDMRBGP
RNS Number : 2567W
RBG Holdings PLC
11 December 2023
11 December 2023
RBG Holdings plc
(the "Group", or the "Company")
Refinancing and Convex Capital Update
Refinancing
RBG Holdings plc (AIM: RBGP), the professional services group,
is pleased to announce that it has renewed and extended its
existing borrowing facilities with its current provider, HSBC.
The renewed facility, which runs until 31 December 2025, totals
GBP24.5 million, and consists of a GBP18m revolving bank facility
and a GBP6.5m term loan. The renewed facility replaces the GBP21.5
million of facilities which were due for renewal in April 2024. The
interest rate on the renewed facility will remain the same as for
the previous facilities, paying a margin of 2.4% - 3.15% over the
Sterling Overnight Index Average (SONIA), resulting in a current
effective rate of 8.3%.
The Board has previously stated that reducing the Group's debt
from its existing level is a priority. A number of actions have
already been taken that will help achieve this, including
suspending the dividend policy and exiting the Company's
third-party litigation finance business, LionFish Litigation
Finance Limited.
Convex Capital Update
Following its announcement on 31 October 2023, the Group is
pleased to confirm that the Convex Capital transaction mentioned
has now completed. Following the completion of this transaction,
the Group's pre-IFRS 16 net debt position is GBP22.6 million (as at
8 December 2023).
The Company hopes to announce a further update on the progress
of other Convex Capital transactions in its upcoming pre-close
trading statement.
Kevin McNair, Chief Financial Officer, RBG Holdings, said: "Our
new facility gives the Group and its stakeholders the time and
stability needed as we refocus the Group under its new management
team. After a comprehensive process, we are delighted to be
continuing our long-standing relationship with HSBC who are
supportive of our plans.
"The completion of the Convex Capital transaction is an
encouraging step forward for our non-legal services business. We
are delivering on our promises and our focus is on our commitment
to reduce the Group's debt and restore value to shareholders."
Enquiries:
RBG Holdings plc Via SEC Newgate
Jon Divers, CEO
Kevin McNair, CFO
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 (F inancial Communications ) Tel: +44 (0)7540 106366
Tali Robinson / 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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December 11, 2023 02:00 ET (07:00 GMT)
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