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Unaudited interim results, cash dividend declaration and board changes for six months ended 31 December 2016
RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
JSE Ordinary share code: RMH
ISIN code: ZAE000024501
Condensed unaudited interim results announcement, cash dividend declaration and board changes for the six months ended 31 December 2016
Financial indicators
for the six months ended 31 December 2016
Normalised earnings +6% to 275.4 cents per share
Dividend +8% to 153.0 cents per share
Net asset value +7% to 2 796.4 cents per share
Intrinsic value +26% to 7 120.7 cents per share
Basis of preparation
This report covers the unaudited interim financial results of RMB Holdings Limited (RMH), based on International Financial Reporting Standards (IFRS), for the
six months ended 31 December 2016.
The primary results and accompanying commentary are presented on a normalised basis as we believe this most accurately reflects the group's
underlying economic performance. The normalised earnings have been derived from the unaudited, IFRS financial results. A reconciliation of the
adjustments made to derive normalised earnings is presented in the accompanying schedules.
Ellen Marais CA(SA) prepared these financial results under the supervision of Herman Bosman LLM CFA.
Who we are
RMH is a top 40 JSE-listed investment holding company with a 34% share in one of Southern Africa's leading banking and financial services groups, FirstRand
Our primary objective is to create long-term value for our shareholders
RMH was founded by leading South African businessmen GT Ferreira, Laurie Dippenaar and Paul Harris almost 40 years ago. It represents the merger of
Rand Consolidated Investments and Rand Merchant Bank, then owned and managed by Johann Rupert of Remgro. Our founding members still play an
important role in the decision-making of RMH.
Since its listing in November 1992, RMH has provided shareholders with a vehicle to co-invest with the founders of FirstRand.
In 2011, all insurance interests were separately listed as Rand Merchant Investment Holdings Limited (RMI). Since then, RMH has been a dedicated
investment vehicle into FirstRand.
In 2016 RMH announced the expansion of its investment strategy to include a property investment business alongside its investment in FirstRand. This
involves establishing a diversified portfolio of scalable entrepreneur-led businesses with proven track records in managing and building out property
portfolios.
Our portfolio
RMH is well-known for its entrepreneurship, innovation and value creation. We invest in businesses that can deliver superior earnings, dividend growth and
sustained capital growth. RMH specifically targets the wider financial services industry and industries complementary to its current portfolio.
RMH's main interest is its 34% investment in separately listed, FirstRand. The extension of the investment strategy to include property, involved the previously-
announced acquisition of a 27.5% interest in Atterbury Property Holdings Proprietary Limited (Atterbury) and a 34% interest in Propertuity, an urban
renewal business. In addition, during the period under review, RMH concluded a transaction to acquire 40% of Genesis Properties Three Proprietary Limited
(Genesis Properties), a mezzanine debt and equity funding business.
The RMH portfolio comprises:
First National Bank (FNB) the retail and commercial bank
Rand Merchant Bank (RMB) the corporate and investment bank
FirstRand
WesBank the instalment finance business
Ashburton Investments the group's investment management business
Atterbury a leading South African property group
RMH Property Propertuity an urban renewal business
Genesis a mezzanine debt and equity funding business
RMH is an influential shareholder and partners management in strategic dialogue. The group provides benefits such as broad-based black economic
(BBBEE) shareholding, portfolio optimisation and long-term focus.
Our dividend policy
We seek to achieve a sound balance between providing an attractive yield to shareholders and achieving sustained capital growth. RMH has a stated
policy of returning net dividends (after providing for funding and operational costs incurred at the centre) received in the ordinary course of business to
shareholders.
Our performance and outlook
Economic environment
The macroeconomic environment remained tough during the reporting period, with global and local political and economic uncertainty increasing.
The South African economy was impacted by rising unemployment and inflation, combined with lower business and consumer confidence. This resulted in
decreased household and business spending. The inflation rate remained well above the South African Reserve Bank's 6% upper-range, which prevented
any interest rate relief.
The Rand was supported by the fall in domestic imports and an increase in export growth as a result of a decrease in the trade deficit and a significant
improvement in South Africa's terms of trade.
The continued local political uncertainty negatively impacted local and international investor confidence. This was compounded by increased global
political uncertainty in the aftermath of the US election.
The macroeconomic environment in the rest of the sub-Saharan region remained challenging and experienced lower commodity prices, weakened
government finances, drought conditions and policy uncertainty.
Overview of results
Despite the challenging economic climate, FirstRand produced a satisfactory performance, increasing normalised earnings by 7% (2015: 9%) and
delivering a return on equity (ROE) of 22.9% (2015: 23.4%). The RMH results include the first contribution of R7 million by RMH Property, which was mostly
offset by an increase in finance cost due to an increase in funding of R925 million. RMH increased normalised earnings by 6% (2015: 9%) and produced
normalised earnings of R3.9 billion (2015: R3.6 billion). Normalised earnings per share amounted to 275.4 (2015: 258.8) cents per share. FirstRand franchises,
FNB, RMB and WesBank, all produced resilient operating results. RMH Property delivered results within RMH's investment expectation.
The RMH interim dividend of 153.0 (2015: 142.0) cents per share increased by 8% (2015: 16%). This is in line with RMH's stated policy of returning dividends to
shareholders after provision for RMH's funding and administrative costs.
Sources of income
FirstRand's well-diversified income stream is drawn from the full spectrum of banking services and is predominantly sourced from South Africa. RMH's
normalised earnings is made up as follows:
For the six months ended For the
R million 31 December year ended
30 June
2016 2015 % change 2016
FNB 6 462 6 278 3 12 294
RMB 2 853 2 805 2 6 287
WesBank 1 944 1 786 9 3 927
Other* 387 46 >100 347
Firstrand normalised earnings 11 646 10 915 7 22 855
Attributable to RMH 3 965 3 717 7 7 783
RMH Property 7 - 100 -
RMH's funding and administrative costs (84) (63) (33) (124)
Rmh normalised earnings 3 888 3 654 6 7 659
* Other is the total of FCC including group treasury and the preference dividend paid on non-cumulative, non-redeemable
preference shares issued by FirstRand. It includes year-on-year negative accounting mismatches, improvement of interest
rate management and improvement in foreign currency liquidity management.
Underlying intrinsic value
During the six months to 31 December 2016, RMH's market capitalisation increased by 19% year-on-year. At that date, it amounted to R93.7 billion (June
2016: R79.4 billion) or 6 640 cents (June 2015: 5 625 cents) per share. This represented a 7.2% discount (June 2016: 6.1% discount) to RMH's underlying
intrinsic value. Net asset value per share increased 7% to 2 796.4 cents (June 2015: 2 709.1) per share.
As at 31 December As at
30 June
R million 2016 2015 % change 2016
Market value of listed interest (FirstRand) 101 578 80 945 85 664
Carrying value of RMH Property 728 - -
Net funding (1 783) (1 068) (1 072)
Total intrinsic value 100 523 79 877 26 84 592
Intrinsic value per share (cents) 7 120.7 5 658.2 26 5 992.2
Net asset value per share (cents) 2 796.4 2 613.5 7 2 709.1
Price-to-book ratio (times) 2.4 2.1 2.1
Interim dividend payment
RMH's sole source of dividend income is its investment in FirstRand. FirstRand believes, that due to the sustained superior return profile and strong
performances from franchises, combined with a strong capital position and low growth in risk-weighted assets for the six months period to December
2016, an increase in dividend above earnings growth was appropriate. As a result, the dividend cover is slightly below FirstRand's stated long-term cover
range of 1.8 to 2.2. The range is assessed on an annual basis.
The board is of the opinion that RMH is adequately capitalised and that the company will be able to meet its obligations in the foreseeable future, after
payment of the interim dividend.
Having due regard to the interim dividend receivable from FirstRand and applying the dividend practice outlined above, the board of RMH has resolved
to declare a gross interim dividend of 153.0 cents per share (2015: 142.0 cents). This dividend is 1.8 times (2015: 1.8 times) covered by normalised earnings
per share and represents a year-on-year increase of 8% (2015: 16%).
Changes to the board of directors
In compliance with the JSE Limited Listings Requirements, RMH advises the following changes to its board of directors:
- Jannie Durand was appointed deputy chairman and non-executive director, effective 13 March 2017. He was previously alternate to Faffa Knoetze.
- In turn, Faffa Knoetze resigned as non-executive director from the RMH board effective the same day and was appointed as alternate to Jannie
Durand effective 13 March 2017.
Outlook
Based on the FirstRand outlook and current macroeconomic conditions, the group expects economic growth to pick up in the second half of the year.
Global and local political uncertainty imposes downside risk.
RMH management will focus on the following during the rest of the year:
Diversify
Diversification of income stream and distribution of assets:
Identifying opportunities for our core and specialist portfolio in the newly-created property business.
Evaluate expanding RMH's geographic footprint further, either independently and/or through the existing portfolio.
Optimise
Optimisation of our established investments:
Will continue its strategic dialogue and activity across the portfolio and it will assist with capital planning and provide a funding platform for investee
companies.
Modernise
Modernisation:
RMH recognises the technological development in the global financial services industry.
Will continue to assess and invest in new business trends and disruptive technologies, either independently or in partnership with investee companies.
The board is of the opinion that the diversification of the income base of RMH, together with FirstRand's stated intent to continue to deliver ongoing
growth and superior returns, will contribute positively to returns for RMH shareholders over the short-, medium- and long-term. RMH has a strong pipeline of
potential property investment opportunities spanning a wide variety of niche sub-segments that meet the mandate of RMH's specialist property portfolio.
However, given the challenging macroeconomic outlook, RMH remains cautious in terms of deploying large amounts of capital into established property
portfolios, preferring to focus on partnering with entrepreneurs who have high levels of intellectual property and track records with less mature property
portfolios. There are no imminent transactions at this reporting date.
For and on behalf of the board
GT Ferreira Herman Bosman
Chairman Chief executive
Sandton
10 March 2017
Interim dividend declaration
Notice is hereby given that a gross interim dividend of 153.0 cents per share, payable out of income reserves, was declared on 10 March 2017 in respect
of the six months ended 31 December 2016.
The dividend will be subject to Dividend Withholding Tax at a rate of 20%, which will result in a net dividend of 122.4 cents per share for those shareholders
who are not exempt. The company's tax reference number is 9950/098/71/6. Its issued share capital at the declaration date comprises 1 411 703 218
ordinary shares and 11 800 redeemable preference shares.
Shareholders' attention is drawn to the following important dates:
Last day to trade in order to participate in this dividend Tuesday, 28 March 2017
Shares commence trading ex-dividend on Wednesday, 29 March 2017
The record date for the dividend payment will be Friday, 31 March 2017
Dividend payment date Monday, 3 April 2017
No dematerialisation or rematerialisation of share certificates may be done between Wednesday, 29 March 2017 and Friday, 31 March 2017 (both days
inclusive).
In the interest of facilitating safer and faster payment of dividends and other payments by RMH, it has been decided that no further cheques will be
issued and all future payments will only be made by electronic transfer into a nominated bank account. RMH's memorandum of incorporation has been
amended accordingly. RMH dividends, therefore will no longer be paid by cheque to stakeholders. Shareholders who have not yet provided bank
account details to Computershare Investor Services (Pty) Ltd are reminded to contact Computershare on 0861 100 930/933 with their bank account
details into which ordinary dividends can be electronically paid.
By order of the board
Ellen Marais
Company secretary
10 March 2017
Financial review
The dominant part of RMH's income is its share in the after-tax profits of FirstRand, amounting to R4 049 million (2015: R3 569 million).
Condensed consolidated income statement
For the six months ended For the
31 December year ended
30 June
R million 2016 2015 % change 2016
Share of after-tax profit of associate companies 4 073 3 569 14 7 684
Investment income 6 (5) 7
Net fair value gain/(loss) on financial assets and liabilities 27 (21) (14)
Net income 4 106 3 543 16 7 677
Administration expenses (35) (2) >(100) (16)
Income from operations 4 071 3 541 15 7 661
Finance costs (73) (43) (70) (87)
Profit before tax 3 998 3 498 14 7 574
Income tax expense (8) - (100) (15)
PROFIT FOR THE PERIOD 3 990 3 498 14 7 559
Attributable to:
Equity holders of the company 3 990 3 498 14 7 559
PROFIT FOR THE PERIOD 3 990 3 498 14 7 559
Condensed consolidated statement of comprehensive income
For the six months ended For the
31 December year ended
30 June
R million 2016 2015 % change 2016
Profit for the period 3 990 3 498 14 7 559
Other comprehensive income, after tax:
Items that may be reclassified to profit or loss
Share of other comprehensive income of associates after tax and
non-controlling interests (543) 792 82
Items that may not subsequently be reclassified to profit or loss
Net loss on available-for-sale financial assets (13) - -
Share of other comprehensive income of associates after tax and
non-controlling interests (28) (22) (47)
OTHER COMPREHENSIVE INCOME FOR THE PERIOD (584) 770 >(100) 35
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3 406 4 268 (20) 7 594
Total comprehensive income attributable to:
Equity holders of the company 3 406 4 268 (20) 7 594
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3 406 4 268 (20) 7 594
RMH regards normalised earnings as the appropriate basis to evaluate business performance as it eliminates the impact of non-recurring items and
accounting anomalies.
Computation of headline and normalised earnings
For the six months ended For the
31 December year ended
30 June
R million 2016 2015 % change 2016
Earnings attributable to equity holders 3 990 3 498 14 7 559
Adjustment for:
RMH's share of adjustments made by associates:
Gain on disposal of investment securities and other investments
of a capital nature - (2) (2)
(Gain)/Loss on disposal of available-for-sale assets (22) 1 (2)
Loss on disposal of investments in associates or joint ventures 1 - -
Loss/(Gain) on disposal of investment in subsidiaries 2 - (28)
Loss/(Gain) on the disposal of property and equipment 3 (27) (50)
Fair value of investment properties - - 7
Impairment of goodwill - - 3
Impairment of assets in terms of IAS 36 - - 16
Tax effects of adjustments 5 - (7)
Non-controlling interests adjustment - - 3
RMH's own adjustments:
(Gain)/Loss on deemed sale of associate due to change in
effective shareholding (18) 6 4
HEADLINE EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS 3 961 3 476 14 7 503
RMH's share of adjustments made by FirstRand:
Treasury shares 2 - (2)
Total Return Swap adjustment (57) 194 168
IAS 19 adjustment (18) (18) (35)
Private equity subsidiary realisations - - 28
Adjustment for:
RMH shares held by associate(1) - 3 1
Group treasury shares(2) - (1) (4)
NORMALISED EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS 3 888 3 654 6 7 659
(1) RMH shares held for client trading activities by FirstRand.
(2) Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand, i.e. reflecting treasury shares
as if they are non-controlling interests.
Computation of earnings per share
For the six months ended For the
31 December year ended
30 June
R million 2016 2015 % change 2016
Earnings attributable to equity holders 3 990 3 498 14 7 559
Headline earnings attributable to equity holders 3 961 3 476 14 7 503
Normalised earnings for the period 3 888 3 654 6 7 659
Net asset value 39 485 36 902 7 38 244
Number of shares in issue (millions) 1 412 1 412 1 412
Weighted average number of shares in issue (millions) 1 411 1 411 1 411
Diluted weighted average number of shares in issue (millions) 1 411 1 411 1 411
Weighted average number of shares in issue (millions) for
normalised earnings 1 412 1 412 1 412
Earnings per share (cents) 282.8 247.9 14 535.7
Diluted earnings per share (cents) 282.8 247.9 14 535.7
Headline earnings per share (cents) 280.7 246.4 14 531.7
Diluted headline earnings per share (cents) 280.7 246.4 14 531.7
Normalised earnings per share (cents) 275.4 258.8 6 542.5
Diluted normalised earnings per share (cents) 275.4 258.8 6 542.5
Net asset value per share (cents) 2 796.4 2 613.5 7 2 709.1
Dividend per share
For the six months ended For the
31 December year ended
30 June
R million 2016 2015 % change 2016
Dividend per share (cents)
Interim 153.0 142.0 8 142.0
Final - - 153.0
TOTAL 153.0 142.0 8 295.0
Dividend cover (relative to headline earnings) 1.8 1.7 1.8
Dividend cover (relative to normalised earnings) 1.8 1.8 1.8
The investment in associates increased with RMH's share of after-tax profits of R4 049 million (2015: R3 569 million) and RMH's share of associates' other
reserves of R5 million (2015: R367 million). This was offset by dividends received of R2 254 million (2015: R2 235 million).
Condensed consolidated statement of financial position
As at 31 December As at
30 June
R million 2016 2015 2016
ASSETS
Cash and cash equivalents 21 16 18
Loans and receivables 3 2 3
Investment securities 413 209 223
Derivative financial instruments 25 14 12
Taxation receivable 7 - 1
Investment in associates 41 281 37 970 39 316
TOTAL ASSETS 41 750 38 211 39 573
EQUITY
Share capital and premium 8 825 8 813 8 825
Reserves 30 660 28 089 29 419
TOTAL EQUITY 39 485 36 902 38 244
LIABILITIES
Financial liabilities 2 137 1 217 1 218
Derivative financial instruments 15 24 29
Trade and other payables 86 54 62
Long-term liabilities 1 12 10
Provisions 13 2 1
Deferred tax liability 13 - 9
TOTAL LIABILITIES 2 265 1 309 1 329
TOTAL EQUITY AND LIABILITIES 41 750 38 211 39 573
Condensed consolidated statement of cash flows
for the six months ended For the
31 December year ended
30 June
R million 2016 2015 2016
Net cash generated from operating activities 2 246 2 179 4 273
Dividends paid (2 160) (2 174) (4 178)
Net cash outflow in investment activities (929) - -
Net cash in/(out)flow in financing activities 846 (5) (93)
Net decrease in cash and cash equivalents 3 - 2
Cash and cash equivalents at the beginning of the period 18 16 16
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 21 16 18
Condensed statement of changes in equity
Share Total
capital equity Non-
and Total holders' controlling Total
R million premium reserves funds interest equity
Balance as at 1 July 2015 8 815 26 359 35 174 - 35 174
Total comprehensive income for the period - 4 268 4 268 - 4 268
Dividend paid - (2 174) (2 174) - (2 174)
Reserve movements relating to associate - (367) (367) - (367)
Movement in treasury shares (2) 3 1 - 1
BALANCE AS AT 31 DECEMBER 2015 8 813 28 089 36 902 - 36 902
Balance as at 1 July 2015 8 815 26 359 35 174 - 35 174
Total comprehensive income for the period - 7 594 7 594 - 7 594
Dividend paid - (4 178) (4 178) - (4 178)
Reserve movements relating to associate - (356) (356) - (356)
Movement in treasury shares 10 - 10 - 10
BALANCE AS AT 30 JUNE 2016 8 825 29 419 38 244 - 38 244
Balance as at 1 July 2016 8 825 29 419 38 244 - 38 244
Total comprehensive income for the period - 3 406 3 406 - 3 406
Dividend paid - (2 160) (2 160) - (2 160)
Reserve movements relating to associates - (5) (5) - (5)
BALANCE AS AT 31 DECEMBER 2016 8 825 30 660 39 485 - 39 485
Basis of preparation of results
The accompanying condensed results for the six months ended 31 December 2016 reflect the operations of RMH and its proportionate interests in its
associates, which have been equity accounted.
The report is prepared in accordance with:
- International Financial Reporting Standards (IFRS), including IAS 34: Interim Financial Reporting;
- The requirements of the South African Companies Act, 71 of 2008;
- SAICA Financial Reporting Guide, as issued by the Accounting Practices Committee;
- Financial Reporting Pronouncements as issued by Financial Reporting Standards Council; and
- The Listings Requirements of the JSE Limited.
The results are prepared in accordance with the going concern principle under a historical cost basis, as modified by the fair value accounting of certain
assets and liabilities, where required or permitted by IFRS. This announcement is the responsibility of the directors. The information contained in this
announcement, including any forward-looking statements, do not constitute an earnings forecast and has not been reviewed and reported on by the
company's external auditor.
Accounting policies
These summarised results incorporate accounting policies that are consistent with those used in preparing the financial results for the year ended
30 June 2016.
There were no new or amended IFRS standards and interpretations which became effective for the first time in the current financial period.
Normalised results
RMH believes that normalised earnings more accurately reflect its operational performance. Headline earnings are adjusted to take into account the
following non-operational and accounting anomalies:
1. RMH's portion of normalised adjustment made by its associate, FirstRand Limited, which have a financial impact:
- the Total Return Swap, which is an economic hedge against the share-based payment obligation;
- FirstRand shares held for client trading activities;
- IAS 19 measurement of plan asset; and
- the consolidation of private equity subsidiaries, which is excluded from the Rule 1 exemption of Circular 2/2015, Headline Earnings per Share.
2. RMH shares held for client trading activities by FirstRand.
3. Adjustment to reflect earnings impact based on the actual RMH shareholding in FirstRand.
Contingencies and commitments
As at 31 December As at
30 June
R million 2016 2015 2016
Contingencies and commitments
Guarantees 645 - 321
Balance at the end of the period 645 - 321
Segmental report
FCC and Total RMH Total
R million FNB RMB WesBank other FirstRand Property Other RMH
Six months ended 31 December 2016
Share of after-tax profit of associates 2 201 972 662 214 4 049 6 18 4 073
Investment income - - - - - 1 5 6
Net fair value loss on financial assets - - - - - 1 26 27
Net income 2 201 972 662 214 4 049 8 49 4 106
Administration expenses - - - - - - (35) (35)
Income from operations 2 201 972 662 214 4 049 8 14 4 071
Finance costs - - - - - (1) (72) (73)
Profit before tax 2 201 972 662 214 4 049 7 (58) 3 998
Income tax expense - - - - - - (8) (8)
PROFIT FOR THE PERIOD 2 201 972 662 214 4 049 7 (66) 3 990
Headline earnings 2 201 972 662 203 4 038 7 (84) 3 961
Normalised earnings 2 201 972 662 130 3 965 7 (84) 3 888
Assets - - - - - - 469 469
Associates - - - - 40 553 728 - 41 281
TOTAL ASSETS - - - - 40 553 728 469 41 750
TOTAL LIABILITIES - - - - - - 2 265 2 265
Six months ended 31 December 2015
Share of after-tax profit of associate 2 139 956 608 (133) 3 570 - (1) 3 569
Investment income - - - - - - (5) (5)
Net fair value loss on financial assets - - - - - - (21) (21)
Net income 2 139 956 608 (133) 3 570 - (27) 3 543
Administration expenses - - - - - - (2) (2)
Income from operations 2 139 956 608 (133) 3 570 - (29) 3 541
Finance costs - - - - - - (43) (43)
Profit before tax 2 139 956 608 (133) 3 570 - (72) 3 498
Income tax expense - - - - - - - -
PROFIT FOR THE PERIOD 2 139 956 608 (133) 3 570 - (72) 3 498
Headline earnings 2 139 956 608 (159) 3 543 - (67) 3 476
Normalised earnings 2 139 956 608 14 3 717 - (63) 3 654
Assets - - - - - - 241 241
Associate - - - - 37 970 - - 37 970
TOTAL ASSETS - - - - 37 970 - 241 38 211
TOTAL LIABILITIES - - - - - - 1 309 1 309
Segmental report
FCC and Total RMH Total
R million FNB RMB WesBank other FirstRand Property Other RMH
Year ended 30 June 2016
Share of after-tax profit of associate 4 189 2 142 1 338 19 7 688 - (4) 7 688
Investment income - - - - - - 7 7
Net fair value loss on financial assets - - - - - - (14) (14)
Net income 4 189 2 142 1 338 19 7 688 - (11) 7 677
Administration expenses - - - - - - (16) (16)
Income from operations 4 189 2 142 1 338 19 7 688 - (27) 7661
Finance costs - - - - - - (87) (87)
Profit before tax 4 189 2 142 1 338 19 7 688 - (114) 7 574
Income tax expense - - - - - - (15) (15)
PROFIT FOR THE PERIOD 4 189 2 142 1 338 19 7 688 - (129) 7 559
Headline earnings 4 189 2 142 1 338 (41) 7 628 - (125) 7 503
Normalised earnings 4 187 2 141 1 337 118 7 783 - (124) 7 659
Assets - - - - - - 257 257
Associate - - - - 39 316 - - 39 316
TOTAL ASSETS - - - - 39 316 - 257 39 573
TOTAL LIABILITIES - - - - - - 1 329 1 329
Geographical segments
RMH does not have multiple geographic segments as all its associates are viewed as South African entities.
Administration
Directors
GT Ferreira (chairman), Herman Bosman (chief executive), Johan Burger, Peter Cooper, Sonja De Bruyn Sebotsa, Laurie Dippenaar, Jan Dreyer, Pat Goss,
Paul Harris, Albertinah Kekana, Faffa Knoetze, Per Lagerstrom, Murphy Morobe and Khehla Shubane
Alternate directors: Jannie Durand and Obakeng Phetwe
Secretary and registered office
Ellen Marais
Physical address: 3rd Floor, 2 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Postal address: PO Box 786273, Sandton, 2146
Telephone: +27 11 282 8000
Telefax: +27 11 282 4210
Web address: www.rmh.co.za
Sponsor
(in terms of JSE Limited Listings Requirements)
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Physical address: 1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Transfer secretaries
Computershare Investor Services Proprietary Limited
Physical address: Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Postal address: PO Box 61051, Marshalltown, 2107
Telephone: +27 11 370 5000
Telefax: +27 11 688 5221
Date: 10/03/2017 08:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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