The founding father of one of many London inventory market’s few listed regulation corporations has launched a bid to oust a trio of board members after a disastrous fall in its valuation.
Sky Information has learnt that Ian Rosenblatt, who’s the single-largest shareholder in RBG Holdings, has employed restructuring specialists at Teneo to advise on choices to strengthen the corporate’s funds and rebuild its fame.
Sources stated that each Mr Rosenblatt and Teneo had written to RBG’s board on Monday, with the regulation agency’s founder demanding the fast resignation of Jon Divers, its chief government, and two of its non-executive administrators.
One insider stated the corporate’s latest monetary efficiency had led Mr Rosenblatt to hunt the appointment of an skilled skilled providers turnaround staff of their place.
The potential replacements are understood to be Jonathan Fox, a former managing accomplice of accountancy agency Saffery Champness, who could be put in as RBG’s chairman; Adil Taha, a former banker and personal fairness government who has labored in skilled providers companies equivalent to Gunnercooke and Kingsley Wooden.
Mr Taha could be put in as RBG’s chief government, whereas Jonathan Watmough, a former Metropolis regulation agency managing accomplice, would be part of the board as a non-executive director.
RBG is known to have been given a deadline of the top of Monday to answer Mr Rosenblatt’s ultimatum.
Until it does, he’s considered planning to requisition a rare shareholder assembly, echoing a menace he made in a letter to its board final month.
Mr Rosenblatt owns simply over 20% of the corporate’s inventory, which on Monday was price lower than £500,000.
Its shares have crashed by over 90% over the last yr.
Interpath Advisory is claimed to be advising RBG on its refinancing choices.
RBG, which additionally owns Memery Crystal, one other authorized follow, misplaced practically £3m throughout the first half of this yr.
Mr Rosenblatt took his eponymous agency public in 2018, elevating £43m at a value of 95p-a-share.
When contacted by Sky Information, Mr Rosenblatt declined to remark, whereas RBG has been contacted for remark.
