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It certainly appears to be a good start. Lets see if there is any follow-through.
I'm hoping to be updating my computer/computers sometime soon. There might be a few days I'm not available but I hope not. Doing it myself as I have always done which is probably not the best idea but that's just me!!!
Well Hamp, if the new CEO announcement was made today it must have been outside Rons front door or perhaps off his balcony. I haven't seen anything yet but it is still good to see some shares trading again...
Ok Guys and Gals, expecting news this week (hopefully within next day or two) about new CEO as well as filing of annual report to bring company current again with OTC Markets.
Nothing additional from me, but there was someone on the bid today for 200,000 shares and it wasn't me or anyone I know....
The following contains most of an email I sent Hamp on Friday. If anyone here has more input to add or help clarify the current situation with RHCO, I would be happy to hear it.
In doing some additional reading, I finally think I see what the lawsuit is about.
The company that sold Neckermann.com to Ron and Co. (for about 23% interest in Readen Retail), did not seem to have the right to sell the website name. Because of that hitch, Rons investors did not want to invest anything more until that issue is resolved. Appears all the Neckermann shops are in bankruptcy now but not the web site business. The court (or whatever it's called over there) has apparently appointed a director to over-see the goings on. Actually it appears this might be in RHCO's favor as they are expected to find that Axivate Capital did not have the right or authority to sell the Neckermann.com name.
That does not explain all the other BS that has been going on, but at least it is my understanding of what is going on now that is consuming most of Rons time..
Tell Ron OTC Markets has a "STOP" on RHCO due to lack of information. Needs to get the Annual Roport from end of June out as soon as possible.
Some brokerage firms will not allow trading in a stock with a "STOP". I have been stopped several times with mine, TD Ameritrade.
Thanks! So when do we all get "introduced" to the new CEO???
So Hamp. Any idea what happened to the news Ron said would be released this week???
There has been a lot written on other boards regarding this subject. Seems it's much easier for a Chinese company to R/M into a US company than to go public over there. Seems I read somewhere it could take years vs months to do a R/M.
I stand corrected! As of Quarter ending Feb 28, Lin Han Century Corp was still listed as owner of the 1,000,000 preferred shares.
Latest quarterly report does now list "625519 Alberta Ltd" as the new owner. Note 3 states "Michael Gelmon, the Companys CEO and sole director, is the beneficial owner of 625519 Alberta Ltd".
Good Job, I missed that one since there was never any mention of that transfer of ownership happening in anything else I read.
Based on last Quarterly report: there are 15,000,000,000 shares Authorized and about 8.5 billion shares outstanding. Based on the conversion factor stated for the preffered stock, it would take 20,000,000,000 shares at $.0001 to equal the $2,000,000 value needed to convert. That seems to be a problem with the stock trading at $.0001. Company seems forced to do a reverse split to have the share price higher as the only qualifying statement I read is "the last 5 days trailing average closing price of companies common stock".
So unless something positive happens with company to increase share price, "SOON" then seems to me a R/S is unavoidable. After that Mr Henry Jan will be calling the shots and perhaps a Chinese connection is not that far fetched based on his name.
So on November 29, 2017, the preferred stock automatically converts to common stock and The Lin Han Century Corp. controls 51% of all voting power of all classes of stock. So who is Lin Han Century Corp.?
Henry Jan is the beneficial owner of Lin Han Century Corp,
Who is Henry Jan? "Google search will help"
Based on Financials, whomever owns the 1,000,000 "Preferred" shares, controls 51% voting power of "all" classes of stock.
Annual Report states that entity is "The Lin Han Century Corp."
Preferred Stock
On November 29, 2012, the Company filed a Certificate of Designation that authorized the issuance of up to one million (1,000,000) shares of a new series designated “Series A Preferred Stock,” and established the rights, preferences and limitations thereof. The Series A Preferred Stock have a stated value of $100,000 upon issuance, carry voting power equal to 51 percent of the total voting power of all classes of stock, a dividend preference equal to $0.01 per share, and a conversion option into shares of common stock valued at the time of conversion at 1 million dollars, based on the 5 day trailing average closing price of the Company’s common stock. If not already converted, the preferred stock converts automatically five years after issue into shares of common stock valued at the time of conversion at 2 million dollars, based on the 5 day trailing average closing price of the Company’s common stock.
What another countdown Clock? Here's one, November 29, 2017. The way I read the last Annual Report, if nothing changes with NOHO, M. Gelmon looses control of NOHO on that date.
Is it possible NOHO might see something interesting happen soon???? I believe the odds are good that it will. Whether it will be beneficial to the shareholders is another question... Consider the following...
Also interesting that Google Translate translates "Dragon" in English to "Long" in Chinese. Not sure about the pin part of it.
Annual report should be out soon, (ended June 30). Ron was traveling this week but was to be back today (Friday). I'm hearing Neckermann.com and D5avenue sales are increasing very nicely month to month. But, have no idea what that really means. Hopefully annual report will shed some light on revenues.
Ron told Hamp about a week ago that it looked like at least another couple weeks before ruling on lawsuit. However, over 2 weeks ago he told him it would be about 10 days so WTF knows?
Ron had said back around 1st part of the year that they were looking at trying to do something with the website business and some Chinese company/investors.
I think that might still be in the works once the lawsuit is settled and as long as it is in RHCO's favor.
If, If, If!! Hopefully, for your friends sake as well as the rest of us, Ron will be right about the ruling on the lawsuit. Hopefully, Ron is right about the increase in sales of the Neckermann and d5avenue websites. Those things might at least calm nerves of some shareholders. However, I don't think we will see much in the way of price movement until the chinese investors decide to start buying again. Rons "friends" in Belgium and Netherlands do not seem very interested in the stock!
Site was up within last couple day because I looked at it. Site Domain was renewed only 8/03 for another year.
https://www.whois.com/whois/readenholdingcorp.com
Saw this same message a few months ago and lasted for a day or so. Hopefully they are currently updating the site.
Unfortunately, didn't seem to last long.
So, yesterday the news was that Neckermann.com sales Halved in second half of 2016 to 350k Euro from 853K 1st half.
2 weeks ago Ron said he thinks Neckermann.com & D5Avenue will do over 10 times that amount in the latest Quarter.
Who do we believe? What do we believe???
That article is referring to sales in second half of 2016. Isn't that part of the reason why RHCO filed a lawsuit back in Feb.?
"" READEN HOLDING CORP (PINKSHEET: RHCO) Takes legal actions against Axivate capital partners""
As Hamp said, I've been following this stock for a long time. I have never found it to respond to traditional charting techniques. Just not enough volume in my opinion.
What I can say is that if you buy in at this level and put in a GTC ticket for a nice gain, you will probably eventually be filled. Problem is there is no telling when that might happen. Stock has made a few big moves but they come unexpectedly and dissappear just as fast.
As Doortz stated, that article is over 2 months old from June 16.
As I read it using Google Translate, it appears Ron and his brother basically have to live up to their original deal. Pay former owner approximatley the original amount agreed upon, "PLUS" an additional 5000 Uro per month (FOR THE USE OF THE PROPERTY).
Is that the way you read it???
Also, Ron just stated within past few days that Neckermann.com sales for the past quarter were impressively good (due to translation, he may have ment current quarter not latest quarter). Anyway, it appears they are still in business and Chinese investors seem to still be willing to fund expansion.
I feel your Pain!
Lets hope they get this show on the road while we are all still alive!
From what I have heard I'm also leaning in that direction!
Think we may get some news by the end of the month.
Hear there are a few things going on right now that would be news worthy.
One is RHCO hopes to get a ruling on the lawsuit filed back in Feb.
Could be good or bad but Ron believes it will be in RHCO's favor.
Well they have now!
The Goldendale City Council briskly and unanimously approved the purchase of two lots in the Industrial Park by Auscrete Corporation in a special meeting
http://www.goldendalesentinel.com/story/2017/08/16/news/city-council-votes-auscrete-in-for-business/9307.html
Are you sure they actually did buy that 10 million? If it were bought on the open market, I do not remember seeing it happen although that was a long time ago.
Since Bart is back at work, any idea what he is actually doing (at work)?
A press release that updates the public of what the company is doing and what plans they have for the future would be nice.
Regardless of what Ron said about everyone wanting $50,000 up front or 10% of the company, a press release would not cost that much and RHCO would not have to pay any huge fee to have one drafted as I would assume someone there could jot down a few details and include the standard "Safe Harbor Statement" that all press releases end with....
Come on, we're big Boys and Girls here and we can handle news whether good or bad.
Lets hope so. By the way awile back Bart asked about what we thought of the Website and that he could add info to it.
That might be the best way for us to get updated info since Ron seems to be busy with other matters and not that interested in releasing company news.
For the most part anything that is on the RHCO website, I can put on this forum page.
As I have stated before I can drive some investors to this site but will not unless I like what I see and what I think is going to happen. Right now we are just hoping for good things to happen and that is just not good enough for me to recommend the stock.
If I understand the translation of Neckermanns history, they were still doing over 100 million Euros per year in 2012 when Sun Capital filed for bankruptcy of Neckermann.
I don't know the details of exactly what RHCO bought in 2016, but seems it was the Dutch and Belgium operations.
I know retail is a capital intensive business and you have to be able to pay vendors, employees and all those other expenses while usually operating on a relatively small margin. But, I would think that Ron could have put together a team to use the Neckermann Name/Brand and build a scaled down company that could be profitable.
Look at the Sears Name in the US. They have been considered dead many times over the last few years but recently was given new consideration when they announced a partnership with Amazon to sell their Kenmore Appliances online.
Just saying, takes the right people. Maybe Bart can drive home this fact to Ron!
"NEWS", Looks like they are attempting to move forward with their plans despite the crappy stock performance.
https://upticknewswire.com/auscretes-asckd-15-million-revenues-expected-next-year-goldendale-plant-launches
I'm sure you know what you are talking about.
I started out in the 80's at an investment banking firm. I finished my career about 10 years ago as a commercial lender, so I have a little experience in both areas. However, I'm sure alot has probably changed so I do not pretend to be an expert in these matters.
6 months ago this stock was trading at about $.70 per share (pre-split). I believe if you were to talk to management at this point, they would not agree with your "exit strategy.
I do agree with you in the fact that the company is already public and that should be an asset. But again I come back to the fact if the Public only values your company at $20,000 or so and you believe it will be worth much more in the future, Taking it private would be the way to go.
Like I said before you could always go public again for an Exit strategy. And as I also said before, going public has traditionally been a way to "cash out" thus an exit stratagey.
As mdimport just stated, that's not exactly true. If they can get a SBA loan (And SBA loves to help small towns), they would not really need the "help" of convertable lenders that are known to put small companies in that death spiral of debt...
Actually, the only thing I know of that would make my proposal of taking the company private unfeasable, Would be if the pps of the stock would actually go up just enough to make it impossible for mgmt to come up with the funds needed to pay off the shareholders.
But, that would also depend on just how deep the pockets of mgmt actually is.
You do know this is all just academic. Nothing said here is going to happen!!!!!!!!!!!!!!!!!!!
I agree. But, using your example, the company has already raised alot of funds as a "public" company. The "public" now values this company at less than $20,000. If they could get SBA financing (and now that they are building in a small town with population of 3600 vs 230 for Rufus) they probably can... So, to be able to buy back your public company for less than $20,000 is a great deal. If things work out and you take it public again, one could expect to be worth much more than the scenario you presented. Or if things work out, why go public at all? Just keep the profit.
As you probably know, going public is usually a way of cashing out to some extent not a way of raising funds. Although once public, issuing more stock is a way of raising funds, as long as there are investors willing to buy it.
What would a R/S really do for this company at this point. There are only about 5.5 million shares outstanding. There are 20 billion shares authorized, but what does that matter since nobody is buying the stock at this .003 range. So why would they buy at .03, .30 or 3.00?
Mgmt. can do whatever they want because they have the votes and you and I cannot do anything about it. If it were me "and I was really convinced this 1st plant was going to be built and go into production", at this point I would consider taking this company private. They could pay off all current shareholders for $15,000 - $20,000 and could always take the company public again in the future. Not saying that's what I want to see happen but that's what I would consider doing if in their shoes.
Back around March - April when had a period of time where the stock was trading daily and actually trending up to some extent. Hamp says Ron had some investors that wanted to buy a few million shares and were doing so off the open market. For some reason, he had them stop so that they could do things "a different way" ????.... Sure wish they would start again because without trading activity, nobody here and no new investors are going to want to put additional or new money into this stock. You can put your money in a savings account and get basically zero return but at least you can get it out if you need it!
That about sums it up. I know Hamp has tried repeatedly to help and advise. He's frustrated also with the way Ron responds.
In latest 10Q, Osman Boyraci is no longer listed as an "Officer, Director or Control Person" Yet! It appears he still owns controlling interest (36.69% vs 20.81% for Ron) in RHCO... So I guess we need to be directing our questions to Mr. Boyraci. Right?????
Where is he? Who is he? WTF!!!!
I suspect Ron always controlled these 70 million shares so that he controlled the company. If that is truely the case, then I think I can at least recommend a path forward for him and the company based on recent developments in the way some companies are structuring their shares. But, unless and until I find out the real share structure of RHCO, I will let them figure it out for themselves!!!!!!!!!!!!!!!!!!!!!11
Hamp, Do you know the answer to this??? Ron is listed as owning 39,703,152 shares of RHCO for 20.81%. Osman Boyraci by Boysen Ltd. owns 70,000,000 for 36.69%. This 70 million seemed to be the result of a cancelation or clawback of shares from a deal a few years ago that did not work out.
Do you know if Ron actually controls this 70 million so that he actually controls 57.50% of the outstanding shares?
I'm looking at a recommendation to make to Ron but need to know the answer to this issue.
Before it can go there or anywhere, there has to be more people know about this stock and company than the 4-5 here that have been following it for a long time now.
We know that the reasonable amount of shares outstanding, the very low public float plus a real company with assets and revenue all add up to a (Current) Pink listed company whose share price could shoot up at any time. Oh and did I mention they have absolutely no convertable/toxic debt that we are aware.
No, we need more eyes on this stock and as we have seen before it only takes a small amount of volume to move this stock in very large percentages...