BNS Nominees

BNS Nominees (RF) (Pty) Ltd is the investment vehicle through which shareholder activist Albie Cilliers holds approximately 15% of RMH Holdings, built up from ~40c per share in late 2024 — below the 47c AttBid Proprietary Limited offer price. Also referred to as Breede Coalitions in some sources. At ~15% of total issued capital, the holding represents approximately 26% of the “offer shares” (the float excluding Atterbury Property Fund’s pre-existing 28.35% stake). Section 124 of the Companies Act requires 90% acceptance of offer shares for compulsory acquisition — Cilliers’s block alone is more than double the 10% blocking stake. BNS Nominees was the plaintiff in the landmark BNS Nominees v Arrowhead Properties [2022] ZAGPJHC 848 case establishing NAV as the basis for s164 appraisal rights in JSE property transactions.

Connections

• Albie Cilliers — controlling activist
• RMH Holdings — ~15% stake; blocks 90% squeeze-out threshold
• BNS Nominees v Arrowhead Properties — 2022 case establishing NAV-basis appraisal precedent
• AttBid Proprietary Limited — offer being resisted