On 10 December 2018, Finaccess Capital, S.A. de C.V, made an offer of the partial takeover of up to 75% of shares of Restaurant Brands New Zealand Limited (ASX: RBD) at NZ$9.45 cash per share through its subsidiary, Global Valar.
Finaccess Capital on April 1, 2019, has informed RBD that it has today paid shareholders for shares taken up under the partial takeover, and Global Valar is currently holding 75% of Restaurant Brands’ shares.
Jose Pares Gutierrez and Emilio Fullaondo Botella have been appointed as the directors by RBD today, on 1 Apr-19. As per the listing rules of NZX, Jose and Emilio will each stand for re-election at the next Annual Meeting of Shareholders of RBD.
Stephen Copulos, Vicky Taylor and David Beguely have resigned as directors after the appointment of Jose and Emilio. The Board wishes to thank each of them for their service as directors of the company, and for their dedication to maximising value for shareholders.
Ted van Arkel and Hamish Stevens will each remain on the Board as independent directors, and Ted van Arkel will continue as Chairman, until Restaurant Brands’ next Annual Meeting of Shareholders on 10th July 2019, both intend to retire as directors after that meeting.
On the financial front, total group sales for the company stood at NZ$431.0 million in 1H19, an increase of 11.6% as compared to the prior corresponding period of 1H18, primarily the increase being contributed by Australian KFC acquisitions made in the second half of FY 2018. The reported net profit after tax for the period of 1H 2019 stood at NZ$20.4 million, up by $1.3 million or 7.0% on the prior corresponding period 1H 2018. The net profit after tax excluding non-trading items stood at $21.9 million, up by $1.5 million or 7.0% on the prior corresponding period. The EBITDA for the company amounted to $69.2 million in 1H19, an increase of $5.8 million, of which $4.6 million was contributed on the back of the enhancement of Australian KFC business and strong same-store sales growth with New Zealand businesses posting a further $1.1 million.
On the price-performance front, the stock of Restaurant Brands New Zealand Limited last traded at $7.330, with a market capitalisation of ~$914.48 million (AEST 03:25 PM). The stock has generated returns of 1.81%, 4.86% and 1.52% over the past six months, three months and one-month period, respectively. Its 52-week high price stands at $8.050. The stock is trading at PE multiple of 48.740x.
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