StockMarketWire.com - Revolution Bars (RBG) said it is in discussions regarding a proposed acquisition of four bars in Edinburgh for approximately £16m. In the year to 26 April 2015, the bars reported an aggregate site EBITDA of £3.3 million. The proposed acquisition is expected to be significantly earnings enhancing for the group's financial year ending 30 June 2017 and would enlarge the group's portfolio of bars. It would also introduce a further brand, which the directors believe to be capable of being rolled out to other sites. The consideration is expected to be funded via new debt, a relatively small placing of new ordinary shares for cash and the issue of ordinary shares to the vendors. Discussions are ongoing and in light of the EU Referendum results may or may not result in any transaction, whether as described above or at all, being agreed. The group continues to trade well in the second half of the financial year ending 30 June 2016 following its strong performance in the first half. The site opening programme for the financial year ending 30 June 2017 is progressing ahead of schedule. At 8:41am: (LON:RBG) Revolution Bars Group Plc share price was -4.12p at 179.38p Story provided by StockMarketWire.com