RHJI Announces Sale of Stake in Shaklee
(Thomson Reuters ONE) -
Brussels, May 15, 2013 - RHJ International ("RHJI") announces today that it has
entered into an agreement with Shaklee Global Group, Inc. ("Shaklee") to sell a
39% stake in Shaklee via a share buyback transaction. The sales price of JPY
500 per share is in line with the share price underlying the current carrying
value and translates into gross proceeds of JPY 5,064 million. The corresponding
amount in Euro terms of EUR 38.2 million is lower than the current carrying
value of our stake in Shaklee, principally reflecting adverse movements in the
exchange rate between the Japanese Yen and the Euro. On closing, the expected
gross cash proceeds from the transaction will be EUR 30.6 million. These
proceeds will be subject to withholding taxes of approximately EUR 2.7 million.
The remaining 20% of the gross consideration will be deferred in the form of an
interest bearing payment undertaking issued by Shaklee with a maturity of, at
most, 3 years. Completion is subject to closing conditions customary for a
transaction of this nature and is expected to occur towards the end of the
second quarter. Post transaction RHJI will maintain a 1.6% stake in Shaklee.
RHJ International's Chief Executive Officer, Leonhard Fischer, commented:
"We are very pleased to announce today's transaction, which represents one of
the last disposals from our legacy industrial portfolio. We will continue to
seek opportunities to exit our remaining legacy industrial investments, which
now represent less than 3% of our total investment portfolio."
About RHJ International
RHJ International is a financial services group with principal activities in
wealth management, asset management and merchant banking. Our wealth management
operations are conducted through Kleinwort Benson: an independent and
relationship-driven private bank. RHJI's asset management operations are carried
out through Kleinwort Benson Investors: a Dublin-based institutional asset
manager that offers investors innovative and differentiated specialist
strategies on both a segregated and unitised basis. RHJI is listed on Euronext
Brussels, with the ticker symbol "RHJI"
For further information, please contact:
Duncan Heath
Investor Relations Director
RHJ International
Tel: +32 2 643 6013
E-mail: dheath(at)rhji.com
Full Press Release (PDF):
http://hugin.info/135946/R/1689592/561962.pdf
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originality of the information contained therein.
Source: RHJ International SA via Thomson Reuters ONE
[HUG#1689592]
Unternehmensinformation / Kurzprofil:
Datum: 15.05.2013 - 08:08 Uhr
Sprache: Deutsch
News-ID 260149
Anzahl Zeichen: 3282
contact information:
Town:
Brussels
Kategorie:
Business News
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