RHCO Announces Commencement of Massive 22% Share Buyback Program
Hilversum, Netherlands--(Newsfile Corp. - March 12, 2021) - Readen Holding Corp. (OTC Pink: RHCO), a diversified holding company, today announced that the Company has commenced its previously announced share buyback program. Effective immediately, RHCO's Board of Directors will commence the buyback and cancellation of 59,366,666 shares of its common stock, which is roughly 22% of the Company's issued and outstanding shares.
The goal of the share buyback program is to significantly reduce the total outstanding shares of common stock of RHCO. Under the buyback program, the Company is authorized to repurchase shares through open market purchases, privately negotiated transactions, block purchases, fixed price tender offers, or otherwise, in accordance with applicable federal securities laws. The Company intends to pay for share repurchases using a variety of methods, including cash, preferred shares, shares in subsidiaries, debt and with other resources at its disposal. RHCO's management categorically states that no convertible or toxic debt will ever be used to fund its share buyback program.
Earlier in the week, RHCO announced that the Company has signed a definitive agreement to acquire $3.3 million of common stock in a U.S. public company, yet to be named. RHCO will receive 2,262,455 shares of restricted common stock, which closed on Friday at $1.49 per share. Additional terms of the deal were not disclosed.
Last month, RHCO announced that it had completed its acquisition of leading Payment Gateway and Payment Service Provider (PSP) OkePay New Zealand and its subsidiary OkePay Asia Limited (www.okepay.biz) and with that, has officially entered the $4.7 Trillion Global Payment Market. RHCO paid $13 million for the purchase of Okepay in cash and stock. With its acquisition of OkePay, RHCO has achieved its goal of becoming a major participant in the online and POS payments sector.
Richard Klitsie, CEO of RHCO stated, "I am thrilled to once again prove to all our loyal RHCO shareholders that the Company is fully committed to the enhancement of shareholder value."
RHCO is a diversified holding company, with an operating history of over 30 years, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns, in order to maximize value for all shareholders. RHCO has subsidiaries and liaison offices in Europe and Asia.
For further information please contact RHCO at email@example.com or +852 3950 5911.
The RHCO corporate email address is firstname.lastname@example.org.
The RHCO corporate website can be accessed at www.readenholdingcorp.com.
The RHCO Twitter account can be accessed at https://twitter.com/readenrhco.
The OkePay website can be accessed at www.okepay.biz.
The READIES website can be accessed at www.readies.biz.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Readen Holding Corp. to accomplish its stated plan of business. Readen Holding Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Readen Holding Corp. or any other person.
Readen Holding Corp.
+852 3950 5911
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