RMH returns nearly R330m to shareholders in special dividend

Property investment group RMB Holdings (RMH) has returned R327m to shareholders in special dividends, after the settlement of a loan dispute with property developer Atterbury, in which it has a strategic interest.

RMH has set itself a five-year period during which to monetise its remaining property assets, after unbundling its stakes in FirstRand, Outsurance, Momentum Metropolitan and Discovery to shareholders.

The cash will be returned to shareholders via a special dividend.

“In keeping with our dividend policy to return cash as assets are monetised and within our set monetisation time frame, RMH would like to return the settlement of the Atterbury base loan received together with the settlements received from Integer 3, amounting to R254m,” it said in a results statement on Wednesday.

“In addition, RMH would like to return R73m of the cash retained for ongoing operations, resulting in a total dividend of R327m.

RMH has 38.5% stake in Atterbury, which constitutes nearly two-thirds of its net asset value, which stood at R1.45bn as of September, up 2% year on year.

It also owns strategic stakes in Integer Properties, which owns office, retail, industrial and residential property portfolios.

A year ago, RMH Property sold its stake in retail and office property company Atterbury Europe to Brightbridge for R1.75bn.

Group CEO Brian Roberts said in a statement that the company continued to explore further opportunities to monetise the remaining assets within the portfolio.

Its share price was up 10% to 64c in early trade on the JSE, valuing the company at R794m.

mahlangua@businesslive.co.za