NPM Capital sells stake in Macintosh

In line with its strategy of selling off minority interests in listed companies, Dutch investment firm NPM Capital has sold its 6.18 per cent stake in retail group Macintosh.

NPM Capital NV has agreed to sell its remaining 6.18 per cent shareholding in Macintosh, a Dutch retail group, back to the company. The companies have not disclosed the value of the transaction.

Over the last 12 months, NPM has been pursuing a strategy of selling off all share holdings in quoted companies except in cases where it sees significant strategic value. Last year, NPM had already sold back another 6.18 per cent in Macintosh stock. It's decision to sell was also influenced by the fact that Macintosh no longer needed its financial support, a source at NPM told PEO. NPM first invested in Macintosh in 1991.

Macintosh is paying E20.25 per share for the 488,683 shares in question. It then intends to cancel the shares, thereby reducing the number of outstanding shares from 7,906,389 to 7,417,706. As a result, net operating profit per share will rise to E2.49 from E2.34. The shares are being bought from available cash.The Dutch retail group company intends to cancel the shares it is buying back. Net operating profit on the reduced number of shares will rise to E2.49 from E2.34.

Macintosh said that the transaction “meets the wish often expressed by shareholders to use Macintosh Retail Group's strong balance sheet position partly to purchase the company's own shares”.

Macintosh will continue to focus on growth, both organic and by means of acquisitions. “With shareholders equity of 34.1 per cent of the balance sheet total and guaranteed funds of 40.1 following the purchase of its own shares, Macintosh Retail Group still has sufficient financial scope to make acquisitions,” a company statement says.

The retail group operates in the living (home furnishing), fashion, automotive and telecom sectors and employs approximately 9,000 people.