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...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.