RMH Holdings said yesterday a recording of a private conversation between RMH’s CEO Brian Roberts and CFO Ellen Marais mistakenly disseminated to the market on July 11, 2023, had since been removed.
The group, which held an investor call on the day, had done a system test prior to the commencement of the formal results call, which had erroneously included the private conversation between RMH executives in preparation of the call, and which had been disseminated to the market.
The recording had been replaced, the company said in a statement.
“RMH acknowledges some of the contents of the private conversation is not in line with the standard of professionalism RMH or its employees have always adopted, for which we apologise,” it said.
RMH said it would like to reiterate that no statement made during the private conversation was material or price sensitive, and that all statements were in line with the information disseminated to shareholders during the investor call and historically.
“As previously disclosed, the dispute between Atterbury Property Holdings (APH) and RMH (concerning the repayment of a R487 million loan made to Atterbury by RMB in 2016) is ongoing and dynamic with various possible outcomes which are being deliberated,” the company said.
It said RMH Asset Holding Company (RMHAH) had stepped into the shoes of the lender by paying RMB under the RMHAH Guarantee and took over all the lender’s rights and obligations.
“This then gave RMH, in our view, the right to decline APH's request to settle the loan in shares and demand immediate repayment of the loan. APH disputes that RMHAH is entitled to decline the settlement of the loan in shares.”
The group said should it eventually be determined that RMHAH’s position was correct and the loan amount of R487m was immediately due and payable to RMH, “APH will need to manage its balance sheet in order to access the necessary liquidity to repay the loan whilst meeting its other obligations. This does not detract from RMH management’s view that APH remains a sound investment.”
RMH said it would update the market as the matter developed, where appropriate.
BUSINESS REPORT