Mark McQuater has resigned as CEO a day after confirmation a Stonegate takeover is off the cards.

Companies: Revolution Bars Group Plc


Revolution Bars (LON: RBG) has announced in a late-morning update that Mark McQuater has resigned from his post of Group CEO. He will leave the Group with immediate effect after four and half years at the helm.

 

Keith Edelman will assume the role of Executive Chairman until a replacement has been found.

 

The announcement comes a day after several lunchtime RNS releases surrounding the Stonegate takeover offer, which is now off after RBG held shareholder meetings. One RNS said:


"The requisite resolutions were not passed and, therefore, the Scheme has lapsed."

The announcements come after the news on October 6 that RBG's majority shareholder had withdrawn their approval of Stonegate's 203p per share cash offer. Deltic then announced on October 10 that it would not go through with a formal offer after it performed due diligence.


Stockopedia's Paul Scott has been following the Group for some time and gave some great insights on the situation in his Small Cap Report yesterday, which we recommend reading here.


RBG's share price has barely shifted with the news of its CEO resigning. At the time of writing it trades at 176p.


What is your thought on the stock? We'd love to hear your thoughts/opinions on RBG in the comments below.



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