RETAIL HOLDINGS N.V. PLACED IN VOLUNTARY LIQUIDATION

Rhea-AI Summary

Retail Holdings N.V., symbol RHDGF, announced on March 31, 2023, that its shareholders have approved the voluntary liquidation of the company, with approximately 98.75% voting in favor. Following this decision, the entire Board of Directors has resigned.

Ms. Ramona Alfred has been appointed as Liquidator and will work with Antillean Management Corporation N.V. as the Administrator. No distributions will be made to shareholders at this time, but the Liquidator may pay excess funds in the future. Financial information will be available on the company's website until June 30, 2023.

Positive

• Shareholders overwhelmingly approved the voluntary liquidation, indicating a decisive corporate direction.
• Experienced liquidator appointed, which may facilitate a smoother liquidation process.

Negative

• No distributions are being made to shareholders at this time.
• The resignation of the entire Board of Directors may indicate severe operational issues.

WILLEMSTAD, Curacao, March 31, 2023 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. (the "Company") announced today that the Company's shareholders had approved the voluntary liquidation of the Company, now identified as Retail Holdings N.V. – In Liquidation (the "Liquidating Company"), in Curacao, the country of the Company's incorporation. Approximately 98.75% of shareholders attending the meeting, in person or by proxy, voted in favor of liquidation. The entire Board of Directors and Officers of the Company have resigned effective March 31, 2023. 

Shareholders at the meeting appointed as Liquidator, Ms. Ramona Alfred, a Curacao resident with a dispensation from the Central Bank of Curacao and Saint Maarten to provide liquidator services. Ms. Alfred will be assisted by Antillean Management Corporation N.V., (the "Administrator") a Curacao, secretarial services company, who will act as Administrator to the Liquidator and assist her in preparing, completing, and filing all liquidation documents with the local authorities as are deemed necessary.  The Liquidator, assisted by the Administrator, will assume control of all the assets and operations of the Liquidating Company as at March 31, 2023, and will complete the liquidation and dissolve that company when all the requirements for liquidation pursuant to Curacao law and regulation have been satisfied.

No distribution is being made to shareholders at this time. At the discretion of, at a time and in an amount to be determined by the Liquidator, the Liquidator may pay from the cash balance of the Liquidating Company a distribution of the funds, if any, that are determined by the Liquidator to be in excess of likely future claims on the Liquidating Company and other expenses for the liquidation until its ultimate conclusion.

During April 2023, the Company will provide on its website, www.retailholdings.com, certain summary financial information, including a balance sheet as at March 31, 2023 and results of operations from January 1, 2023 to March 31, 2023. The Company intends to maintain its website only until June 30, 2023.

It is not anticipated that the Liquidating Company will provide any financial statements for the period beyond March 31, 2023, other than those that will be required in the liquidation process. The Liquidating Company will not maintain a unique website but will in the period following liquidation provide applicable notices to shareholders, initially through publication on the Company's website and by other means thereafter, as well, as appropriate, through notices in the Landscourant van Curacao.

For additional information or questions, shareholders may for the time being contact the Liquidator, the Administrator or the Liquidating Company at liquidator@retailholdings.com. Further contact details will be provided during April.

View original content:https://www.prnewswire.com/news-releases/retail-holdings-nv-placed-in-voluntary-liquidation-301787262.html

SOURCE Retail Holdings N.V.

FAQ

What was the date of Retail Holdings N.V.'s voluntary liquidation announcement?

Retail Holdings N.V. announced its voluntary liquidation on March 31, 2023.

What percentage of shareholders voted for the liquidation of RHDGF?

Approximately 98.75% of shareholders voted in favor of the liquidation.

Who has been appointed as the liquidator for Retail Holdings N.V.?

Ms. Ramona Alfred has been appointed as the liquidator.

When will financial information regarding Retail Holdings N.V. be available?

Financial information will be available on the company's website until June 30, 2023.

Will Retail Holdings N.V. make any distributions to shareholders during liquidation?

Currently, no distributions are being made to shareholders.