According to the Foundation for the Only Dutch Alternative (HENA), which was behind both ideas, the new owners of the department store chain are particularly reluctant to inform investors about the financial results. “After months of puzzling together with the new owners of HEMA, we had to conclude that our plan is not feasible”, the board of the foundation wrote to its members today.
HENA arose when HEMA ran into financial difficulties last year, after which creditors took over the retail business and wanted to sell it.
Many Dutch enthusiasts wanted to prevent the brand, considered to be traditionally Dutch, from coming into the hands of a foreign investor again. They made an offer under the name KoopdeHEMA, but eventually the company came into the hands of Jumbo family Van Eerd and investor Parcom.
Piece of HEMA
Initially, the foundation had the idea to give enthusiasts the opportunity to buy depositary receipts for shares. This would allow them to still own a piece of HEMA. That plan fell through, so the foundation investigated the possibility whereby HEMA fans would lend money to the retail chain via bonds.
A few months after the failure of the share plan, the foundation now concludes that this plan does not match its original goal: to own a piece of HEMA for the participants. After all, a bond is a loan. “That is why it was decided in good consultation to waive the option of issuing bonds,” said the foundation.
Another factor in the decision is that the new owners do not feel like all the extra administrative pressure that the mandatory quarterly and annual reports entail, according to PvdA senator Mei Li Vos, one of the initiators.
The bonds would be traded on the Nxchange stock exchange and in that case you should regularly inform investors about the financial situation.
HEMA suffered a lot from the corona crisis in 2020 and now wants to invest all its time and energy in a change of course. HEMA fans can still remain involved with the company. The retail chain is working on a proposal where they can come up with ideas to make the company more sustainable, the foundation reports.