Enterprising Investor
2 years ago
Retail Holdings N.V. Announces $0.56 Per Share Distribution (7/25/22)
WILLEMSTAD, Curacao, July 25, 2022 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. ("Retail Holdings" or the "Company") announced that the Retail Holdings Board of Directors has approved a distribution of $0.56 per common Share of the Company. The record date for this distribution will be August 22, 2022 and the payment date for the distribution will be August 24, 2022. The $0.56 distribution will bring total dividends and distributions paid to Shareholders from inception of the dividend/distribution program in 2007 to $38.86.
The $0.56 per Share distribution exceeds 25% of the Company's closing stock price. Consequently, pursuant to FINRA rules, the date on which the Company's shares will begin to trade without the distribution, or ex-distribution, is the first business day following the payment date. The Company anticipates that in accordance with this rule, the ex-distribution date as set by FINRA will be August 25, 2022, the first business day following the payment date for the distribution, which is August 24, 2022. Shareholders who have questions regarding this matter are advised to contact their broker or financial advisor.
The Company is not able at this time to characterize the distribution as to whether it is a return of capital, a dividend, or otherwise for US federal income tax purposes. This will only be ascertained with certainty following the closing of the Company's 2022 year-end accounts, sometime after December 31, 2022.
The distribution is to be funded from Retail Holdings' existing cash balance. For a fuller explanation as to the Company's current status, intentions and likely timetable, including with regard to any future distributions, please see the Chairman's Letter to Shareholders, dated July 25, 2022, posted on the Corporate/Investor, Annual and Periodic Reports section of the Company's website www.retailholdings.com and included with the 2022 Retail Holdings N.V. Proxy Statement mailed to Shareholders.
Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's shares are available on the "Pink Sheets" quotation services under the symbol "RHDGF".
https://www.prnewswire.com/news-releases/retail-holdings-nv-announces-0-56-per-share-distribution-301592034.html
Enterprising Investor
2 years ago
Retail Holdings N.V. Announces Plans to Liquidation (1/25/22)
WILLEMSTAD, Curaçao, Jan. 25, 2022 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF), Retail Holdings N.V. (the "Company") announced today its schedule going forward to the ultimate liquidation of the Company.
With the completion of the sale at year-end 2021 of the shares of its indirect affiliate, Retail Holdings (India) BV, to third party investors, Retail Holdings N.V. no longer has any remaining operating assets. The Company now has only four intermediate, dormant holdings companies that it will be working to liquidate over the next 15 months. During this period, the Company will be seeking to collect and monetize its remaining financial assets, and to mitigate a number of contingent risks, including reducing the negative impact of the unclaimed distributions payable to certain foreign shareholders.
The Retail Holdings N.V. Board of Directors has elected to defer any further distributions to shareholders until the liquidation process is further advanced. A final liquidation distribution will probably be declared once this amount can be determined with certainty. At that time, shareholders will be asked to approve the terms of the Company's liquidation.
While it is difficult to accurately forecast, management estimates, based on the available facts, assumptions, and beliefs, that the ultimate final distribution to shareholders will probably be approximately $0.50 per Share. The likely timing of this distribution is in early 2023. Please note, no assurance can be given that management's estimate will prove to be correct, as to the amount or timing of this distribution, as a number of important risks and uncertainties to be resolved during the liquidation process can cause the ultimate outcome to materially differ from the estimate. Management believes it is unlikely that the liquidation distribution will be meaningfully greater than $0.50 per Share and in the worst case, the distribution may be significantly less or even nil.
Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Retail Holdings' website www.retailholdings.com. Price quotations for Retail Holdings shares are available on the "Pink Sheets" quotation service under symbol "RHDGF".
https://www.prnewswire.com/news-releases/retail-holdings-nv-announces-plans-to-liquidation-301468021.html
Enterprising Investor
2 years ago
Retail Holdings N.V. Announces Affiliate Sale (12/20/21)
WILLEMSTAD, Curaçao, Dec. 20, 2021 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. ("Retail Holdings", together with its subsidiaries and affiliates, the "Company") announced that it has entered into agreements to sell its remaining approximately 57.6% equity interest in its affiliate, Retail Holdings (India) BV ("India BV"), to two UK private equity investors (the "Investors"). India B.V.'s assets include an approximately 57.7% equity stake in Singer India Limited ("Singer India"), an Indian public company. Singer India is primarily a wholesale distributor and manufacturer of sewing products and a wholesale distributor of home appliances throughout India. Following closing, Singer India will be owned 42.4% by the India public, 24.3% by an existing private international investor, and 19.1 % and 14.2%, respectively, by the two new Investors.
The two transactions are expected to close before year end. The cash consideration to be received, net of liabilities to be assumed, is approximately $5.0 million. Approximately 54.1% of this amount is attributable to the Retail Holdings shareholders.
Commenting on the transaction, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "This sale is the final step in successful execution of Retail Holdings strategy to maximize and, ultimately, to monetize the value of its assets, with the objective to divest these assets and distribute the resulting funds to shareholders. Following the sale, Retail Holdings will have no remaining operating assets. A decision as to the disposition of the Company's cash, including the proceeds of this sale, and of the Company's remaining financial assets, will be made and announced by late January.
Mr. Goodman continued, "The Singer India business should benefit significantly from the relationship with the Investors, who have extensive experience in successfully growing and improving the profitability of operations including in developing markets.
Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's shares are available on the "Pink Sheets" quotation services under the symbol "RHDGF".
https://www.prnewswire.com/news-releases/retail-holdings-nv-announces-affiliate-sale-301448228.html
Enterprising Investor
3 years ago
Retail Holdings N.V. Announces $1.05 Per Share Distribution (1/19/21)
WILLEMSTAD, Curacao, Jan. 19, 2021 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. ("Retail Holdings" or the "Company") announced that the Retail Holdings Board of Directors has approved a distribution of $1.05 per common Share of the Company. Both the record date and the payment date for the distribution will be February 10, 2021. The $1.05 distribution will bring total dividends and distributions paid to Shareholders from inception of the dividend/distribution program in 2007 to $38.30.
The $1.05 per Share distribution represents approximately 81% of Retail Holdings' closing stock price on January 15, 2021. Pursuant to FINRA rules, when a distribution is declared in a per share amount that exceeds 25% of a company's stock price, the date on which that company's shares will begin to trade without the distribution, or ex-distribution, is the first business day following the payment date. The Company anticipates that in accordance with this rule, the ex-distribution date as set by FINRA will be February 11, 2021, the first business day following the payment date for the distribution, which is February 10, 2021. Shareholders who have questions regarding this matter are advised to contact their broker or financial advisor.
The Company is not able at this time to say whether the distribution will constitute a return of capital or a dividend for US federal income tax purposes. This will only be ascertained with certainty following the closing of the Company's 2021 year-end accounts sometime after December 31, 2021.
The distribution is to be funded from Retail Holdings' share (54.1%) of the proceeds from the sale in December 2020 of 42.4% of the Company's equity interest in Retail Holdings (India) B.V. (owner, in turn, of 59.0% of the equity of Singer India Limited), and the residual proceeds from the sale in March 2019 of all of the Company's equity interest in Retail Holdings Bhold B.V. (owner, in turn, of 57.6% of the equity of Singer Bangladesh Limited). Following the distribution, Retail Holding's remaining assets will include: 1.) a 54.1% equity ownership stake in Singer Asia Limited ("Singer Asia"), which, in turn, has approximately $1.6 million cash and the remaining 57.6% of the equity of Retail Holdings (India) B.V., and 2.) approximately $1.2 million cash at Retail Holdings corporate.
Stephen H. Goodman, the Company's Chairman, CEO and President noted, "The recent India sale and the distribution are the penultimate steps in the successful realization of the Company's strategic objective of monetizing its assets and distributing the resulting proceeds to Shareholders. Shareholders should note that following the distribution, the Company's stock price will likely fall to an amount less than $1.00 per Share. This decline may have an impact on the volatility and liquidity of trading in the Retail Holdings' Shares.
"While it is very difficult to accurately forecast, management has nevertheless estimated, based on the available facts, assumptions and beliefs, the likely timing and amounts of future distributions to Shareholders, as indicated in the following paragraphs. Please note, no assurance can be given that management estimates will prove to be correct as a number of important risks and uncertainties can cause the ultimate outcome to materially differ from the forecast results.
"Retail Holdings corporate structure is expected to remain largely unchanged, including no additional Shareholder distributions for the remainder of 2021. During the year, Singer Asia will be seeking to collect outstanding receivables, sell its remaining stake in Retail Holdings (India) B.V. and avoid or mitigate a number of contingent risks.
"By year end 2021, or more likely early in 2022, Retail Holdings is expected to have resolved a number of current risks and uncertainties including reducing the potential negative impact of the substantial unclaimed dividend payable to certain foreign shareholders. It should then be in position to make a further distribution to Shareholders. Management estimates that this second Shareholder distribution will be approximately $0.50 per Share; it is unlikely that the distribution will be a meaningfully greater amount per Share, and, in the worst case, the distribution could be nil.
"Following the second distribution to Shareholders, the Company will likely proceed to an orderly, voluntary liquidation at year end 2022 or early in 2023. A very small or nil liquidation distribution could be paid to Shareholders at that time as part of the liquidation procedure. "
Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's shares are available on the "Pink Sheets" quotation services under the symbol "RHDGF".
https://www.prnewswire.com/news-releases/retail-holdings-nv-announces-1-05-per-share-distribution-301210998.html
Enterprising Investor
3 years ago
Retail Holdings N.V. Announces Sale Of Stake In Subsidiary (12/15/20)
WILLEMSTAD, Curaçao, Dec. 15, 2020 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. ("Retail Holdings", together with its subsidiaries and affiliates, the "Company"), announced that its indirect owned subsidiary, Retail Holdings Asia B.V., has entered into an agreement to sell approximately 42.4% of its equity interest in that company's subsidiary, Retail Holdings (India) B.V. ("India B.V."), to an international private investor (the "Investor"). India B.V.'s assets include an approximately 59.0% equity stake in Singer India Limited ("Singer India"). The remaining approximately 41.0% of Singer India is publicly owned. The transaction is anticipated to close before year end.
Singer India is primarily a wholesale distributor and manufacturer of sewing products and a wholesale distributor of home appliances throughout India. The India company has over 2,000 wholesale dealers and distributors, an e-commerce platform, approximately 28 small retail locations, and a unique right, for a foreign owned company, to retail nationwide. Singer India's revenue in 2019 was approximately $68.4 million; net income was approximately $1.3 million. Singer has operated in India since 1871.
The net cash consideration to be received for the India B.V. shares is approximately $3.5 million. Approximately 54.1% of this amount is attributable to the Retail Holdings shareholders.
Commenting on the transaction, Stephen H. Goodman, the Company's Chairman, President and CEO, noted "The Singer India business should benefit significantly from the relationship with the Investor. The Investor has extensive experience in sewing and appliance distribution worldwide, including owning and operating Singer sewing and appliance businesses in France, Greece, and Eastern Europe. In each of these locations, the Investor has successfully grown and improved the profitability of the operation. The India company will have the benefit of the Investor's extensive experience.
Mr. Goodman continued, "The sale is another step in the execution of Retail Holdings' strategy to maximize and, ultimately, to monetize the value of its assets, with the objective to divest these assets and to distribute the resulting funds to shareholders. Following the sale, Retail Holdings will have only two remaining principal assets: cash (including a 54.1% interest in the cash at Singer Asia Limited) and a 18.4% indirect equity interest in Singer India. No decision has yet been made as to the disposition of the cash or the Company's remaining assets.
Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's shares are available on the "Pink Sheets" quotation services under the symbol "RHDGF".
For further information, please contact Amy Pappas via email at apappas@retailholdings.com.
https://www.prnewswire.com/news-releases/retail-holdings-nv-announces-sale-of-stake-in-subsidiary-301193221.html
Enterprising Investor
5 years ago
Retail Holdings N.V. Announces $8.00 Per Share Dividend (5/21/19)
WILLEMSTAD, Curaçao, May 21, 2019 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. ("Retail Holdings" or the "Company"), announced today that the Retail Holdings Board of Directors had approved a dividend of $8.00 per Common Share of the Company, to be paid on June 25, 2019 to shareholders of record on June 25, 2019. The $8.00 dividend will bring total dividends and distributions paid to Shareholders since inception of the dividend/distribution program to $36.75 per Common Share.
Commenting on the dividend, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "The $8.00 dividend will return to Shareholders approximately $37.2 million of the approximately $43.1 million in cash at Retail Holdings corporate (an additional $8.2 million in cash remains at Sewko Holdings Limited/Singer Asia Limited ("Sewko/Singer Asia"), 54.1% of which is attributable to the Company). These cash holdings primarily reflect proceeds from the recent sale of the Singer Bangladesh business. The funds remaining following the dividend, plus additional amounts anticipated to be received later this year or early in 2020, will fund ongoing Retail Holdings S&A expenses, permit opportunistic repurchases of Retail Holdings shares in the market, and fund potential further dividends and distributions. This dividend and other distributions to date reflect the implementation of the Company's strategy to maximize and monetize the value of its assets and to return the resulting funds to Shareholders."
[Tables deleted]
There are no meaningful assets at Retail Holdings N.V. or Sewko /Singer Asia that are not reflected in the above schedule. There can be no assurance that the $18.3 million valuation at market at April 30, 2019, equivalent to approximately $3.93 per Retail Holdings Common Share, is an accurate projection of the amount that ultimately will be realized from a public or private market sale of Sewko and/or its Indian subsidiary, and the liquidation of Retail Holdings, in any particular time frame or ever. The ultimate realization of the residual value of the Company will depend, among other factors, on the ongoing profitability of Singer India, the divestment proceeds from the sale of Singer India, the continuing costs of operating and of closing the Company, and the likely costs and proceeds from ongoing contingencies.
The $8.00 per Share dividend is equal to 78% of the Company's closing Share price on May 20, 2019. Pursuant to FINRA rules, when a dividend is declared in a per share amount that exceeds 25% of the company's stock price, the date on which the company's shares begin to trade without the dividend, or ex-dividend, is the first business day following the payment date; the ex-dividend date, therefore, will be June 26, 2019. Shareholders who sell their shares prior to that date will not receive the $8.00 dividend. Shareholders who have additional questions or who require further clarification regarding the ex-dividend date are advised to contact their financial advisor or broker.
Unlike the Company's distributions the last several years, the $8.00 dividend will be characterized as an ordinary (nonqualified) dividend for US federal income tax purposes. US taxpayers are likely, therefore, to have to pay tax on the dividend amount at US and applicable state ordinary tax rates. Shareholders who have additional questions or who require further clarification as to the treatment in their personal circumstances are advised to contact their tax or financial advisor.
About Retail Holdings
Retail Holdings N.V. is a holding company with one principal asset; a 54.1% equity interest in Sewko Holdings Limited, the parent company of Singer Asia Limited, a distributor of sewing machines and other consumer durable products through a 59.1% ownership of a public subsidiary in India. Retail Holdings has no operating activities other than those carried out through Sewko/Singer Asia. The Company's ongoing strategy is to maximize and monetize the value of its remaining assets and to commence its liquidation within the next year or so. Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's shares are available on the "Pink Sheets" quotation service under the symbol "RHDGF".
https://www.prnewswire.com/news-releases/retail-holdings-nv-announces-8-00-per-share-dividend-300854085.html
Enterprising Investor
5 years ago
Retail Holdings N.V. Announces 2018 Results (3/29/19)
WILLEMSTAD, Curaçao, March 28, 2019 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. ("ReHo", together with its subsidiaries, the "Company"), announced today strong results for the year ended December 31, 2018. Financial highlights include:
Consolidated revenue for the period ending December 31, 2018 was $231.3 million, an increase of 17.4% from prior year. Revenue at the Company's operations in Bangladesh grew 20.5%. Revenue at Singer India increased 7.8%.
Results from operating activities in 2018 were a profit of $17.1 million, a jump of 98.0% from prior year.
The Company's net income for 2018 was $7.5 million, compared to a 2017 profit from continuing operations of $2.8 million. Including a profit of $52.2 from discontinued operations in 2017, the Company's profit that year was $55.0 million.
In a Subsequent Event, on March 22, 2019, the Company entered into an agreement to sell its indirect subsidiary, Retail Holdings Bhold B.V. ("Bhold") for a cash consideration of approximately $75.0 million; 54.1% of this amount is attributable to ReHo shareholders. Bhold's principal asset is a 57.0% equity interest in Singer Bangladesh Limited. The transaction is expected to close in April. The Company's profit from the transaction, after tax and expenses, will be approximately $42.0 million.
Chairman's Comments
Commenting on the 2018 results, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "I am pleased that the Company's operations performed well in 2018, with double digit percentage growth in revenue and profit. I am also extremely pleased by the progress made during 2018 and continuing into 2019 in the Company's strategic program to monetize and return to shareholders the underlying value of the Company's assets.
"I am optimistic about the prospects for 2019, in terms both of operating performance and likely further progress in the strategic divestment program. The Company's goal is to complete the sale of substantially all of its business assets and begin the liquidation process within the next one to two years.
"I encourage all shareholders to read the 2018 Summary Annual Report and the Audited Consolidated Financial Statement and Notes, which will be available in the next several days at the Corporate/Investor section of the Retail Holdings website: www.retailholdings.com, and can be obtained free of charge by email, telephone or regular mail request to the Company.
"I extend my sincere thanks to my fellow employees and directors for their considerable effort in making 2018 a success and thank all of the Company shareholders for their continued support."
Management Discussion and Analysis: 2018 Results
Continuing operations
For the year ended December 31, 2018, the Company's U.S. Dollar consolidated revenue was $231.3 million, compared to consolidated revenue from continuing operations of $196.9 million for the same period in 2017, an increase of $34.3 million or of 17.4%. Consolidated revenue measured at constant exchange rates (assuming no change in the average exchange rate of each of the foreign currencies against the U.S. Dollar in 2018 as compared to 2017) grew 20.5%.
The Bangladesh Taka and the Indian Rupee declined by 5.7% and 5.3% respectively, against the U.S. Dollar in 2018, negatively impacting results when measured in U.S. Dollars.
Revenue at the Company's operations in Bangladesh grew 20.5% from prior year, as measured in U.S. Dollars, and grew 23.9% as measured in local currency. The strong revenue performance reflects continued buoyant local market conditions, and the success of a number of product and marketing initiatives. Revenue at the Company's operation in India increased by 7.8% from prior year in U.S. Dollar terms and 13.5% in local currency, reflecting the Indian company's success in growing market share for sewing products and small domestic home appliances.
The Company's revenue for the year ended December 31, 2018 and for the year ended December 31, 2017 includes $1.1 million of earnings from finance charges on credit sales in both years.
Gross profit for the year ended December 31, 2018 was $62.8 million, an increase of 18.6% over prior year, representing a gross profit as a percentage of revenue of 27.1%, compared to prior year's 26.9%. The improvement in gross profit percentage primarily reflects better sourcing at Singer Bangladesh.
Other income for the year ended December 31, 2018 was $0.9 million, compared to $1.1 million for the year ended December 31, 2017. Other income mainly consists of penalty charges on late payments, commission income and fees from the provision of financial services, and profit on PP&E sales.
S&A expenses for the year ended December 31, 2018 were $43.5 million, representing 18.8% of revenue, compared to $39.8 million and 20.2% of revenue for the year ended December 31, 2017. The reduction in S&A expenses as a percentage of revenue reflects tighter cost management, particularly at Singer Bangladesh, and the benefits of greater scale as fixed costs did not grow as fast as revenue.
Other expenses, primarily representing royalty payments to SVP for the use of the Singer trade name and trademark, amounted to $3.0 million for the year ended December 31, 2018, compared to $5.6 million for the year ended December 31, 2017, which included royalty payments on Singer Sri Lanka revenue for the first nine months of 2017. Royalty expense is now set at 0.88% of Singer Asia's consolidated U.S. GAAP revenue, representing a reduction, effective October 1, 2017, from the 1.0% earlier in 2017 and in prior years.
Results from operating activities for the year ended December 31, 2018 were a profit of $17.1 million, compared to a profit of $8.6 million from continuing operations for the same period in 2017, an increase of 98.0% from prior year. The improvement in results from operating activities primarily reflects the improvement in gross profit, lower S&A expenses relative to revenue, and the elimination of Singer Sri Lanka related royalties.
Finance income was $0.8 million for the year ended December 31, 2018, and $0.1 million for the year ended December 31, 2017, reflecting higher average Corporate cash balances in 2018 as compared to 2017.
Finance costs, which represent interest expense on borrowings at the Sewko operating companies to finance working capital, were $5.2 million for the year ended December 31, 2018 compared to $2.1 million for the year ended December 31, 2017. Finance costs increased by $3.1 million as compared to the same period in 2017 primarily because of the growth in the Bangladesh business and the resulting growth in Bangladesh interest-bearing debt.
The Company's profit from continuing operations, before tax, was $12.7 million for the year ended December 31, 2018, compared to a profit from continuing operations, before tax, of $7.4 million for
the year ended December 31, 2017. The increase in profit from continuing operations reflects the flow through of the results from operating activities offset, in part, by increased finance costs.
Tax expense increased to $5.2 million for the year ended December 31, 2018 from $4.6 million for the same period prior year. The effective tax rate, which is calculated based on total tax expense as a percentage of profit from continuing operations, before tax, was 41.3% for the year ended December 31, 2018, compared to an effective tax rate of 62.6% prior year. The lower effective tax rate is a consequence of lower withholding taxes in 2018 reflecting smaller dividends from subsidiaries, and a shift in the mix of Company earnings to lower tax jurisdictions.
The Company's profit for the year ended December 31, 2018, net of tax, was $7.5 million, compared to a profit from continuing operations, net of tax, of $2.8 million for the same period in 2017, an increase in profit of $4.7 million.
Net income at the Company's operations in Bangladesh grew 17.1% to $10.8 million for the period ended December 31, 2018. Net income at the Company's operation in India decreased to $1.2 million for the period ended December 31, 2018, as compared to $1.3 million the prior year.
Overall
The Company's profit, for the year ended December 31, 2018 was $7.5 million, compared to a profit of $55.0 million for the same period in 2017. The Company's 2017 results benefitted from a profit from discontinued operations; the earnings from Singer Sri Lanka for the first nine months of 2017 and a gain on the sale of that operation in October 2017, totaling $52.2 million. No operation was discontinued in 2018.
The profit attributable to ReHo shareholders is $0.4 million for the year ended December 31, 2018, compared to a profit of $25.7 million for the same period prior year. A profit of $7.1 million is attributable to non-controlling interests for the year ended December 31, 2018, compared to a profit of $29.2 million for the year ended December 31, 2017. The decrease of Retail Holdings' share of Company profit from 46.8% in 2017 to 5.3% in 2018 reflects the absence of share disposal gains at the holding company level in 2018 and the timing of bonus accruals relating to distributions to Retail Holdings shareholders.
The profit attributable to equity holders of the Company is equivalent to basic and diluted earnings per Share of $0.08 for the year ended December 31, 2018, compared to basic and diluted profit per Share attributable to equity holders of the Company of $5.53 for the year ended December 31, 2017.
Total comprehensive income for the year ended December 31, 2018 was $6.4 million, compared to
$54.0 million in comprehensive income for the year ended December 31, 2017. The reduction in comprehensive income of $47.6 million is largely due to the flow through of the reduction in the Company's profit, as explained above.
About Retail Holdings
Retail Holdings N.V. is a holding company with one principal asset: a 54.1% equity interest in Sewko Holdings Limited, the parent company of Singer Asia Limited, a distributor of consumer durable products through public subsidiaries in Bangladesh and India. Retail Holdings N.V. has no operating activities other than those carried out through Sewko/Singer Asia. Additional financial and other information about Retail Holdings N.V., including the complete text of the 2018 Retail Holdings Summary Annual Report and 2018 Audited Consolidated Financial Statements and Notes, may be found at the Corporate/Investor section of the Retail Holding's website: www.retailholdings.com. Price quotations for Retail Holdings shares are available on the "Pink Sheets" quotation service under the symbol "RHDGF".
For further information, please contact Amy Pappas at 1-914-241-3404.
https://www.prnewswire.com/news-releases/retail-holdings-nv-announces-2018-results-300820666.html
Enterprising Investor
6 years ago
Retail Holdings N.V. Announces Strong 2017 Results, Additional 2018 Distribution (3/29/18)
WILLEMSTAD, Curacao, March 29, 2018 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. (the "Company"), announced today strong results for the year ended December 31, 2017. Financial highlights include:
Consolidated revenue from continuing operations was $196.9 million, an increase of 16.4% from prior year. Revenue at the Company's operations in Bangladesh grew 18.3% from prior year. Revenue in India increased 14.8%.
Results from operating activities in 2017 were a profit of $8.6 million, a jump of 65.5% from prior year.
Net proceeds of $104.4 million were realized in 2017 from the sale of most of the Company's equity stake in Singer Sri Lanka and from share sales in local equity markets in Bangladesh and India; this is in addition to the $68.9 million realized from equity sales in 2015 and 2016.
The Company's after-tax profit, including profit from discontinued operations, was $55.0 million in 2017, compared to a net profit of $15.1 million prior year. The 2017 results include a disposal gain of $45.2 million from the sale of a majority equity stake in Singer Sri Lanka
The 2017 profit attributable to Retail Holdings shareholders was $25.7 million, equivalent to $5.53 per Share, compared to $4.1 million attributable profit in 2016. During 2017 the Company paid distributions to shareholders of $3.00 per Share. A further $9.00 per Share distribution was paid in January 2018.
The Company's Board of Directors also confirmed a further 2018 distribution of $1.00 per Share, to be paid in the fall of 2018, with a likelihood of a larger distribution, depending on the level of asset sales. This would bring the distributions during 2018 to at least $10.00 per Share and would bring total distributions since inception of the Company's dividend/distribution program in 2007 to at least $28.75 per Share.
Chairman's Comments
Commenting on the 2017 results, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "I am pleased that the Company's continuing operations performed well in 2017, with double digit percentage growth in revenue and profit, both at the consolidated level and at each of the Company's two remaining operations. I am also extremely pleased by the very substantial progress made during 2017 in the Company's strategic program to monetize and return to shareholders the underlying value of the Company's assets.
"I am optimistic about the prospects for 2018, in terms both of operating performance - - the two remaining operations are off to a very good start - - and likely further progress in the strategic divestment program. The Company's goal to complete the sale of substantially all of its business assets and begin the liquidation process within the next two years.
"I encourage all shareholders to read the 2017 Summary Annual Report and the Audited Consolidated Financial Statement and Notes, which will be available in the next several days at the Corporate/Investor section of the Retail Holdings website: www.retailholdings.com, and can be obtained free of charge by email, telephone or regular mail request to the Company.
"I extend my sincere thanks to my fellow employees and directors for their considerable effort in making 2017 a success and thank all of the Company shareholders for their continued support."
About Retail Holdings
Retail Holdings N.V. is a holding company with one principal asset: a 54.1% equity interest in Sewko Holdings Limited, the parent company of Singer Asia Limited, a distributor of consumer durable products through subsidiaries in Bangladesh and India and with a residual equity stake in a similar business in Sri Lanka. Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Retail Holding's website: www.retailholdings.com. Price quotations for Retail Holdings shares are available on the "Pink Sheets" quotation service under the symbol "RHDGF".
https://www.prnewswire.com/news-releases/retail-holdings-nv-announces-strong-2017-results-additional-2018-distribution-300621760.html
Enterprising Investor
6 years ago
Retail Holdings N.V. Distribution Payment Date (1/04/18)
WILLEMSTAD, Curacao, Jan. 4, 2018 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. ("ReHo") issued today this further explanation regarding the payment date of the previously announced $9.00 per Share distribution. The payment date for the distribution is January 10, 2018.
The $9.00 per Share distribution represents approximately 42% of ReHo's closing stock price on January 3, 2018. Pursuant to NASDAQ rules, when a distribution is declared in a per share amount that exceeds 25% of a company's stock price, the date on which that company's shares will begin to trade without the distribution, or ex-distribution, is the first business day following the payment date. Because the distribution is expected to exceed 25% of ReHo's Share price, NASDAQ will apply this rule, and ReHo expects, in accordance with this rule, that the ex-dividend date as set by NASDAQ, will be January 11, 2018, the first business day following the payment date for the distribution. Shareholders of record on the record date, January 4, 2018, who sell their Shares prior to the ex-distribution date, January 11, 2018, will not receive the $9.00 cash distribution.
Shareholders who have additional questions or who require further clarification, are advised to contact their broker.
About Retail Holdings
Retail Holdings N.V. is a holding company with one principal asset, a 54.1% equity interest in Sewko Holdings Limited ("Sewko"), the parent company of Singer Asia Limited, a distributor of consumer durable products through public subsidiaries in Bangladesh and India, with a residual equity interest in a similar business in Sri Lanka. Retail Holdings N.V. has no other operating activities other than those carried out through Sewko/Singer Asia. Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's shares are available on the "Pink Sheets" quotation services under the symbol "RHDGF".
https://www.prnewswire.com/news-releases/retail-holdings-nv-distribution-payment-date-300577730.html
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