Key Developments: Reading International, Inc. (RDI.O)
3.94USD
9 Feb 2010
$0.05 (+1.29%)
$3.94
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$3.91
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Latest Key Developments
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.
Reading International, Inc. Agrees To Purchase Cinemas From Pacific Theatres
Reading International, Inc. announced that it has entered into agreements to acquire leasehold interests in 15 of the 29 cinemas operated by Pacific Theatres Exhibition Corp. and its affiliates. The aggregate purchase price of the cinemas and related assets is $72 million.
Reading International, Inc. Acquires Land Interest; Sells Puerto Rico Movie Theater Circuit; Announces Settlement with Plaza Las Americas
Reading International, Inc. announced that it has closed the acquisition of the land interest underlying the Company's Cinemas 1, 2 & 3 in Manhattan for approximately $12.2 million. Additionally, the Company's Puerto Rican subsidiary has sold for $2.1 million, plus the assumption of certain employee related liabilities, its interest in the cinemas and assets comprising the CineVista cinema circuit in Puerto Rico. These CineVista assets include six leasehold cinemas. In connection with the CineVista sale, the litigation with Plaza Las Americas was settled for no additional compensation. The litigation with Caribbean Cinemas and certain of its affiliates continues.
Reading International, Inc. Closes Sale of Glendale Office Building for $21 Million
Reading International, Inc. announced the close of escrow on the sale for $21 million of its last remaining non-entertainment oriented property, its Glendale office building in Glendale, California.
Reading International, Inc. Signs Anchor Tenants for its Newmarket Development in Australia
Reading International, Inc. announced that it has entered into agreements for lease with the two anchor tenants for its planned 102,257-square-foot Newmarket development in suburban Brisbane, Australia. When completed, "The Newmarket," as the site will in the future be known, will include a Coles Myer grocery store, an ALH pub with gambling facilities, and 30 specialty shops and restaurants, as well as commercial office suites. Agreements for Lease have been signed or are out for signature to tenants representing approximately 55% of the specialty shop/restaurant space. Reading is also working on the development of a 12-screen cinema on land that it owns adjacent to The Newmarket that will be operated by Reading Cinemas, its Australia based cinema-operating company. Demolition work has begun at the site, and it is anticipated that The Newmarket will open in September 2005.
Reading International, Inc. Acquires Anderson Cinema Complexes in Australia
Reading International, Inc. announced that it has contracted to acquire substantially all of the cinema assets of Australia-based Anderson Cinemas. The cinemas under contract include, in Melbourne: the 10-screen Epping Cinema, the 5-screen Melton Cinema, the 5-screen Sunbury Cinema, and the 2-screen Colac Cinema; in Sydney, the 8-screen Rhodes Peninsula Cinema (currently under construction); and, in Adelaide, the 7-screen West Lakes Cinema (currently under construction). Terms of the transaction were not disclosed.
Reading International Inc Q3 results
READING INTERNATIONAL INC : * Third quarter revenue rose 33.9 percent to $32.6 million ((Bangalore Equities Newsroom +91 80 4135 5800; within U.S. +1 646 223 8780))
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