CORPORATE ACTION
How low will RMH go in selling its assets?
The company’s deeply discounted sale has infuriated activist shareholders, who argue that management is perversely motivated to offload the group’s last remaining jewels
29 September 2022 - 05:00
It seems illogical for shareholders in one of the JSE’s best capital allocators, innovators and value creators to allow management to sell prize assets at a deep discount to their stated value — and get rewarded in the process.
Weird indeed. But this is one interpretation that investors might draw from the recent AGM of RMB Holdings (RMH), at which a shareholder activist protested that “we seem to be getting the worst of all worlds”. At the same time, opportunistic investors might be able to cash in on this market cynicism. ..
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