Key Developments For Reading International, Inc.
Reading International, Inc. (RDI.O) (Consolidated Issue listed on NASDAQ Capital Market)
Reading International, Inc. Moves to NASDAQ
Reading International, Inc. announced that it will move the listing of both classes of its common stock from the NYSE Amex stock exchange to The NASDAQ Stock Market LLC.
Reading International, Inc. Closes Settlement
Reading International, Inc. announced that on July 2, 2009, Magoon Acquisition and Development, LLC and Reading closed settlement of their litigation with Malulani Investments, Limited (MIL), and certain of its officers, directors and controlling shareholders. As disclosed in Reading's Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, Magoon and Reading released their claims against the defendants and transferred their respective interests in MIL and The Malulani Group (TMG). In return, Magoon and Reading received:- a release of claims, $2.5 million in cash, and $6.75 million three-year 6.25% secured promissory note issued by TMG, and a ten year tail interest in MIL and TMG which allows Reading and Magoon to participate in certain distributions made or received by MIL, TMG, or in certain cases, the shareholders of TMG.
Reading International, Inc. Joins Russell 2000 Index
Reading International, Inc. announced that it has joined the broad-market Russell 3000 Index and the subset Russell 2000 Index following the reconstitution by Russell Investments of its comprehensive set of U.S. and global equity indexes on June 26.
GE Provides $55 Million In Financing To Reading International, Inc.
Reading International, Inc.: GE Commercial Finance's Media, Communications & Entertainment business announced that it has provided $55 million in financing to Reading International, Inc. The financing will support Reading International's acquisition of a number of cinemas in California and Hawaii, operated by Pacific Theatres Exhibition Corp. GE acted as administrative agent for the transaction, which closed on February 22, along with GE Capital Markets as sole lead arranger.
Reading International, Inc. Concludes Purchase of Hawaii and California Cinemas
Reading International, Inc. announced that it has completed the acquisition of 15 leasehold cinema complexes and related assets through its newly formed subsidiary, Consolidated Amusement Theatres, Inc. (Consolidated). The cinemas comprise 181 screens and generate revenues of approximately $80 million annually. The purchase price of the cinemas and other assets was $69.3 million, and was financed primarily by a $50 million term loan and a $5 million revolving line of credit provided by institutional lenders. While the term financing is initially guaranteed by RDI, the guarantee will expire once the debt-to-cash flow ratio falls below a certain threshold. Based on management's estimates this should occur in about 18 to 24 months, upon the debt being reduced to approximately $38 million, by applying most of the theaters' net cash flow during that same timeframe to paying down the financing. An additional $21 million of financing was provided under a term loan from an affiliate of the sellers.
