RH Chairman & CEO Reports the Sale of a Small Portion of His RH Common Stock Ownership Position
December 11 2019 - 7:24PM
Business Wire
RH (NYSE:RH) announced today that Chairman & Chief Executive
Officer Gary Friedman sold an aggregate of 500,000 shares of RH
common stock from December 9, 2019 through December 11, 2019
consisting of an option to purchase 100,000 shares, and 400,000
shares of common stock that Mr. Friedman owned outright.
Mr. Friedman reported that the current sale of shares was made
in order to fund (1) a final payment obligation due under a marital
dissolution agreement; (2) the acquisition and improvement of real
estate for a personal residence; and (3) the repayment of
outstanding balances under personal line of credit borrowings.
The current sale represented approximately 6.9% of Mr.
Friedman’s aggregate ownership stake in RH. Following this sale,
Mr. Friedman retains beneficial ownership of 6,730,158 shares,
representing beneficial ownership of approximately 28.1% of RH’s
common stock.1
Mr. Friedman last sold shares of RH common stock in 2013. Since
that time, he has purchased shares of common stock in open market
purchase transactions on 6 different occasions from September 2014
to September 2018.
Mr. Friedman stated: “I have been a net buyer of RH shares for a
significant period of time and have sold shares now solely to
satisfy certain financial obligations. My shares continue to
represent the largest ownership position in RH and the vast
majority of my net worth, reflecting my continued commitment to RH
and confidence in the Company’s strategy and growth prospects.”
Mr. Friedman has also informed the Company that he does not
expect to sell additional shares at this time.
A Form 4 and Schedule 13D/A will be filed with the Securities
and Exchange Commission in connection with Mr. Friedman’s sale
transaction.
About RH
RH (NYSE:RH) is a curator of design, taste and style in the
luxury lifestyle market. The Company offers its collections through
its retail galleries across North America, the Company’s multiple
Source Books, and online at RH.com, RHModern.com,
RHBabyandChild.com, RHTeen.com and Waterworks.com.
Forward Looking Statements
Some of the statements in this press release are
“forward-looking” and are made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These statements involve risks and uncertainties that may cause
results to differ materially from the statements set forth in this
press release. Such forward-looking statements include statements
relating to Mr. Friedman’s intention not to sell additional shares
of RH common stock at this time as well as his continued commitment
to RH and confidence in RH’s strategy and growth prospects. The
forward-looking statements in this press release speak only as of
the date of this press release and are subject to uncertainty and
changes. Given these circumstances, you should not place undue
reliance on these forward-looking statements. RH expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to such forward-looking statements to reflect
any change in its expectations with regard thereto or any changes
in the events, conditions or circumstances on which any such
statement is based.
1 Based on 19,044,856 shares of common stock outstanding.
Determined in accordance with Rule 13d-3 of the Securities Exchange
Act of 1933, as amended.
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version on businesswire.com: https://www.businesswire.com/news/home/20191211005992/en/
Allison Malkin 203-682-8225 allison.malkin@icrinc.com
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