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Retail Holdings N. V.

Retail Holdings N. V. . Pinksheets : RHDGF Christian Gabis. Structure. Retail Holdings N.V. . Singer Asia 56.2 % Total: $177.65m. Cash $19.5m. KSIN Notes $25.2 m. Singer Bangladesh 75.0% $186.1m. Singer India   85.9% $7.5m. Singer Pakistan 70.3 % $5.02m.

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Retail Holdings N. V.

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  1. Retail Holdings N. V. Pinksheets : RHDGF Christian Gabis

  2. Structure • Retail Holdings N.V. • Singer Asia • 56.2% • Total: $177.65m • Cash • $19.5m • KSIN Notes • $25.2 m • Singer Bangladesh • 75.0% • $186.1m • Singer India   • 85.9% • $7.5m • Singer Pakistan • 70.3% • $5.02m • Singer (Sri Lanka)   • 87.5% • $102.3m • Singer Thailand • 48.5% • $15.2m **Dollar Values account for % ownership**

  3. Cash • At the holding company level they have $19.5 m • More cash at the sub. companies being paid as dividends

  4. Singer Asia Subsidiary Market Caps. • Bangladesh: 17,580.659m BDT = $248.2m ($1=70.82 BDT) • India : 39 Cr.Rs. = $8.7 m ($1= 44.5 Rs.) • Pakistan : 614.7m PKR = $7.15m ($1= 85.8 PKR) • Sri Lanka:13.1B LKR = $117m ($1=111 LKR) • Thailand:939.6m THB = $31.4m ($1=29.8 THB)

  5. KSIN Notes • As of December 31, 2009 the KSIN Notes were in default and consequently interest was payable at the rate of 12%. In May 2010 KSIN cured the outstanding default and the interest rate of the Notes reverted to 10%. At the same time, in consideration for an increase in the interest rate on the KSIN Notes from 10% to 11%, effective October 2010, and from 11.0% to 12.0%, effective October 2011, with a minimum interest payment in cash of at least 7% of the outstanding principal, ReHo agreed to an extension of the maturity of the KSIN Notes to February 2014 from September 2010 and September 2011.

  6. Final Valuation • Adding up all the different parts gives us a value of $222.35m • Singer Asia alone is worth $177m • Add in the cash and notes $44m • Shares outstanding =5.2m • Current Value/Shr. =$42.75 • Without Notes : $37.38

  7. Other Considerations • Liquidity • Holding Period • Taxes • Insider Holdings (CEO ~20%) • Notes…..when and if • Exchange Rates • Continued Buybacks • USE LIMIT ORDERS • Pays dividends once a year • Hold in a Roth IRA

  8. Other Companies • IKNX • ARDNA • ARKR • ATRI • CODI • BWINB • CORE

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