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@rhji.com (mailto:dheath@rhji.com)
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Source: RHJ International SA via Thomson Reuters ONE
