INVESTMENT firm RECM and Calibre (RAC) — headed by investment personalities Piet Viljoen, Jan van Niekerk and Theuns de Bruyn — has made rosy returns on its holding in healthcare retailer Dischem, which is reportedly being prepped for a JSE listing.At a meeting of shareholders on Wednesday, Viljoen disclosed for the first time the value of RAC’s interest in Dis-Chem. Previously, the pharmacy chain was reported as part of the retail segment, which included the company’s stake in specialist retailer Safari & Outdoor.A breakdown of RAC’s intrinsic value showed the Dis-Chem stake to be worth R127m, which Viljoen stressed was about half the valuation of similar JSE-listed companies.RAC invested in Dis-Chemindirectly via private equity company Fledge in mid-2013 at a cost of only R30.5m. RAC holds 50% of Fledge, which holds 50% of a company with a 10% stake in Dis-Chem. RAC effectively owns 2.5% of Dis-Chem.Viljoen said the structure offered no liquidity and RAC had no influence at Fledge...
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