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RECM & Calibre (RAC), spearheaded by asset managers Piet Viljoen and Jan van Niekerk, has timed its transformation from a diversified investment counter to a cash-spinning gaming company to perfection, with subsidiary Goldrush notching up record profits and paying a maiden dividend.

On Friday, RAC, which was listed 12 years ago, confirmed it will distribute its remaining holding in listed investment company Astoria to shareholders via a dividend in specie. Astoria still holds a number of RAC’s original investments, such as niche retailers Outdoor Holdings, diamond miner Trans Hex and private education business ISA Carstens. The group has also sold out of its remaining units in the RAC Flexible Value Prescient QI Hedge Fund...

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