Investec
Investec acted as the independent expert retained to assess the AttBid Proprietary Limited mandatory offer for RMH Holdings. It determined that the R0.47 per share offer price is “fair and reasonable,” but its stated fair value range is R0.47–R0.53 — meaning the offer sits at the absolute floor. The independent RMH board noted this and found the offer “reasonable but not fair,” using this distinction to simultaneously recommend acceptance and warn that minority shareholder protections could be prejudiced. Albie Cilliers and the BNS Nominees v Arrowhead Properties NAV-based appraisal framework present a contrasting view: the impairment-adjusted carrying value of Atterbury had been written down from R770 million (March 2025) to R498 million (November 2025) three weeks after Atterbury Property Fund acquired Coronation Fund Managers’ block at 47c.
Connections
- AttBid Proprietary Limited — the offer Investec assessed
- RMH Holdings — the regulated company Investec opined on
- Albie Cilliers — disputes the floor-of-range opinion using NAV-based methodology