Earlier this month I sold Retail Holdings, only to quickly buy it back after I realized there was a mistake in my sheet. Since then the price of the company has increased a bit more than 6% while the underlying asset value actually declined a tiny bit. Since the discount earlier this month was just 12.7% (using a 33% discount on the non-remittance shares) these relative small movements are enough to change the story. At the moment the remaining discount is 6.01% which translates to 10.1% after the dividends have been paid. Given that there are for sure some costs at the holding company level, and that it quite possible that a fair discount on the non-remittance shares is actually higher than 33% I sold my position. There might be a bit of upside left (especially if this Seeking Alpha author is right with respects to the licence fees), but I think the Retail Holdings story has mostly played out at this point in time.
I bought my initial position a bit more than three years ago. Taking into account the dividends paid out in the meantime I generated a more than solid internal rate of return of 20.2%:
Author has no position in Retail Holdings anymore