Marc Hasenfuss Editor-at-large

A fascinating bit of correspondence penned by investor Nick Krige to Herman Bosman, CEO of RMB Holdings (RMH), fell into my hands this week. I took note because I feel RMH, which has an influential stake in banking giant FirstRand as its value mainstay, perpetuates an archaic (and pointless) holding company structure that no longer has a place on the JSE. The most recent time I witnessed Krige in action was at last year’s Trencor AGM, where he gave the board a piece of his mind sans the usual corporate diplomacy. What’s irking Krige this time — and presumably bothering other investors too — is not the holding company structure as much as the extension of RMH’s investment strategy into property. RMH Property has made investments through the acquisition of a 27.5% interest in Atterbury Property Holdings, a 34.1% interest in Propertuity Development (an urban renewal business) and 40% of Genesis Properties (a mezzanine debt and equity funding specialist). But these investments are minus...

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