RMB Holdings (RMH) said yesterday Atterbury Property Holdings (APH) had repaid a base loan of R162 million to RMHAH (RMH Asset Holding Company) in cash together with interest at JIBAR plus 2.75%.
And to settle the balance of the loan of R325m, APH would issue shares to RMHAH on about November 1, 2023, calculated as at the June 2023 net asset value of APH - the NAV was in the process of being finalised.
The loan repayment represents a compromise agreement between the parties, as RMH, which is in the process of realising the value of its remaining investments for its shareholders, had previously said it wanted the loan to be repaid in cash, while APH had wanted it to be repaid with shares.
On August 21, 2023, RMH told its shareholders that it, RMHAH and APH had entered into an agreement on the terms of the R487m loan facility between RMHAH as lender, and APH as borrower.
Earlier that month, in line with RMH’s monetisation strategy, the sale of the shares in Malinick Properties to existing shareholders for R50m was announced. The sale was done through RMH’s 100% subsidiary RMH Property Holdco 4, which owns 50% of Integer Properties 3, which in turn owned 33.3% of Milanick Properties.
By the end of the year to March 31, 2023, RMH had realised 63% of its net asset value through its monetisation strategy. It paid out a R2.2 billion special dividend in October 2022, and a R1.1bn special dividend in May 2021.
RMH’s share price increased 2.04% to 50 cents by early yesterday afternoon. A year ago the share price was trading at 60 cents.
BUSINESS REPORT