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 As a consequence of the Settlement, NF and VVC have withdrawn their respective claims of wrongful dismissal and breach of contract by RBG and RBG has withdrawn the allegations of breach of fiduciary duty in its counterclaim.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 £500,000 (comprising £200,000 of agreed damages for breach of contract and £300,000 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 £1.2m.

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:

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