RHJ International (RHJIF.PK) announced that it has entered into an agreement with Shaklee Global Group, Inc. to sell a 39% stake in Shaklee via a share buyback transaction.
The sales price of 500 per share Japanese Yen is in line with the share price underlying the current carrying value and translates into gross proceeds of 5.064 billion yen.
The corresponding amount in Euro terms of 38.2 million euros 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 30.6 million euros. These proceeds will be subject to withholding taxes of approximately 2.7 million Japanese. 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.
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