RMB Holdings reports 28% decline in net asset value amid Atterbury acquisition talks

RMB Holdings (RMH), currently the target of an approach by the Atterbury Property Fund, said net asset value (NAV) decreased to R662 million by September 30, 2023, from R919m as at September 30, 2022.

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RMH said in its annual financial results Friday this decline was primarily driven by a 2% increase in the underlying NAV of Atterbury - Atterbury comprises 92% of RMH’s portfolio value - offset by an impairment of R272m; a R34m increase in the expected credit loss on the Integer shareholders’ loan; and the yield on cash not being sufficient to fully cover operating expenses.

As at September 30, RMH's market capitalisation came to R557m. The NAV per share fell to 47.5 cents by financial year end, 28% lower than 66 cents at the end of 2022. On Friday afternoon, the share price traded 2.2% higher at 46 cents on the JSE.