Settlement of Project Blue Sky
6th January 2020
RBG Holdings plc, the professional services group, is pleased to announce the pre-trial settlement of Project Blue Sky, one of its internally funded litigation cases.
Project Blue Sky was a damages-based agreement for a shareholder dispute case. The parties have agreed to a settlement just over a year since the claim was filed, and a year earlier than the scheduled trial at the end of 2020. This has therefore enhanced the Group’s Internal Rate of Return (IRR) on the investment.
As well as acting for the claimant, the Group also part-financed the case in line with its strategy. The return on the Company’s investment in the case, in terms of cash and time, was 184% with an IRR of 317%. Project Blue Sky is the Company’s smallest self-funded litigation case, and the Group has invested £2.5million in 11 other cases which are yet to conclude.
The settlement, while not material in terms of the Group’s forecast full-year financial results, is, however, the first successful completion of a case that the Group has invested in since its flotation in May 2018. It demonstrates the significant returns that can be achieved through the Group’s litigation finance strategy.
|RBG Holdings plc
Nicola Foulston, CEO
|Via Newgate Communications|
|Stifel (Nominated Adviser and Broker)||Tel: +44 (0)20 7710 7600|
Stewart Wallace (QE)
|Newgate Communications (for media enquiries)
Robin Tozer/Tom Carnegie
|Tel: +44 (0)20 3757 6880; email@example.com|
About RBG Holdings plc
RBG Holdings plc is a professional services group, which includes one of the UK’s pioneering law firms, Rosenblatt Limited, which is a leader in dispute resolution.
Rosenblatt Limited 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. Rosenblatt Limited’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.
The Group also owns Convex Capital Limited, a specialist sell-side corporate finance boutique, based in Manchester, UK. 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.