RMB Holdings reports 28% decline in net asset value amid Atterbury acquisition talks

RMB Holdings (RMH), currently the target of an approach by the Atterbury Property Fund, said net asset value (NAV) decreased to R662 million by September 30, 2023, from R919m as at September 30, 2022.

RMH said in its annual financial results Friday this decline was primarily driven by a 2% increase in the underlying NAV of Atterbury - Atterbury comprises 92% of RMH's portfolio value - offset by an impairment of R272m; a R34m increase in the expected credit loss on the Integer shareholders' loan; and the yield on cash not being sufficient to fully cover operating expenses.

As at September 30, RMH's market capitalisation came to R557m. The NAV per share fell to 47.5 cents by financial year end, 28% lower than 66 cents at the end of 2022. On Friday afternoon, the share price traded 2.2% higher at 46 cents on the JSE.

Its loss for the year doubled to R18.2m, compared with the R9.1m loss at the end of the 2024 year. Revenue came to R86m compared to a R57m revenue loss the previous year. RMH's directors said they remain committed to monetising the remaining portfolio assets in a manner that maximises value for shareholders.

Since June 2020, RMH has returned R3.56 billion in cash to shareholders through special dividends, as part of its monetisation efforts. RMH's market capitalisation on June 24, 2020 was R2.4bn, demonstrating the effectiveness of its value realisation strategy.

On October 8, 2025, RMH and Atterbury entered into an arbitration agreement following a dispute over the recognition and approval processes of taking on debt, between them, in 2016 and amended in 2019.

"The matter remains ongoing as of the date of this announcement. Management is unable to reliably quantify the potential financial impact, if any, until the arbitration process has progressed further," RMH's directors said.

On October 27, 2025, Atterbury, through its subsidiary Atterbury Property Fund, obtained 28.35% of the shares of RMH through the acquisition of Coronation Fund Manager's interest in RMH.

On November 19, 2025, RMH released a cautionary announcement of a potential offer by Atterbury Property Fund. RMH has since received an indicative proposal from Atterbury Property Fund, which forms the basis for the renewal of the cautionary announcement.

The R272m impairment related to the receipt of an unsolicited offer valued below RMH's proportionate share of Atterbury's NAV.

"This offer constituted direct, entity-specific external evidence that the recoverable amount of the investment may be less than the carrying amount. As this evidence was not available in the prior year, and previous transactions in Atterbury shares were concluded at NAV, management considered this new information in performing its year-end impairment assessment," RMH directors said.

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