Continuous disclosure

It has been an eventful year for the Eric Watson-controlled Pacific Retail Group - but less so for the company's shares.

Pacific Retail shares closed yesterday 5c shy of the $2 of 12 months ago - having traded within a 50c band over that period.

That was despite the company's sale of its Noel Leeming, Bond & Bond and Big Byte chains to an Australian private equity investor for $138.5 million in July; a warning losses could be worse than expected for its money-gobbling UK retail-chain PowerHouse in September; and the December announcement that it may spin off its profitable finance arm in a sharemarket listing by the middle of this year.

PowerHouse also missed a key break-even target in January and that firm's Pacific Retail-appointed boss Peter Halkett announced his resignation last month.

PowerHouse dominated sentiment towards Pacific Retail.

Investors feared it would suck up proceeds from the sale of the New Zealand retail arm and earnings from the healthier businesses in Pacific Retail's stable.

The share price low of $1.80 was in February, after Halkett's decision to step aside in favour of his British second-in-command Chris Onslow.

But Pacific Retail shares respond sluggishly to news as very few are freely traded: Eric Watson controls 81.4 per cent and fund manager AXA owns 11 per cent.

Pacific Retail shares peaked at $2.30 in late November, after the company announced a record half year for its finance businesses and an agreement to expand its Elle Macpherson Intimates range of lingerie globally.

All eyes are now on whether it floats its finance businesses or sells to a trade buyer after the appointment of investment bank Macquarie to study a range of options.