Johannesburg - RBA Holdings, the listed affordable homes builder that is in business rescue, intends to publish its 2015 annual financial statements by June to accommodate the implications of the company being in business rescue.
Trevor Glaum, the company’s business rescue practitioner, said yesterday in a progress report that RBA’s chief operating officer, Francois le Roux, had resigned with immediate effect. His resignation followed that of chief executive Aidan-John Rothman, who resigned last month, leading to the appointment of Des Hughes as the acting chief executive.
The trustees of Old Mutual’s Housing Impact Fund South Africa (Hifsa) in February successfully applied to the South Gauteng High Court in Johannesburg for RBA Holdings and its wholly owned subsidiary RBA Developments to be placed into business rescue.
RBA Holdings in 2014 entered into an agreement with Hifsa for a loan of R55 million, with the trust subscribing for 550 million shares at 10c each in the share capital of RBA. The company received the R55m in November 2014.
Three additional subsidiaries, RBA Building Projects, RBA Homes and RBA Executive Homes, were subsequently last month also placed in business rescue. Glaum said as part of the process in formulating the business rescue plan, he continued to work closely with the management to reduce costs in the endeavour and to restore the RBA Group to solvency.