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RBA
RBA
RBA - RBA Holdings Limited - Group and board restructuring
RBA Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1999/009701/06)
(JSE code: RBA ISIN: ZAE000104154)
("RBA Holdings" or "the company")
Group and board restructuring
Group restructuring
The Board of RBA Holdings has during 2009 taken the strategic decision to
streamline the group structure into four operating companies with a view to
decreasing costs and increasing efficiencies. The group consisted of 24 legal
entities at the time.
The Board of RBA Holdings approved that the structure be simplified as follows
with effect from 1 January 2010:
RBA Holdings will remain the holding company;
Land procurement will remain housed in Ground Base (Pty) Limited ("Ground
Base");
All sales activities will be housed in Gemini Moon Trading 314 (Pty) Limited,
which is in the process of changing its name to RBA Homes (Pty) Limited ("RBA
Homes");
All development activities will be housed in RBA Developments (Johannesburg)
(Pty) Limited ("RBA Developments");
All construction activities will be housed in RBA Building Projects (Pty)
Limited ("RBA Projects").
The resultant shareholdings of RBA Holdings in the abovementioned operating
companies are as follows:
Ground Base - 87%
RBA Homes - 51%
RBA Developments - 93.5 %
RBA Projects - 51%
All the issued shares in subsidiaries incorporated into RBA Homes, RBA
Developments and RBA Projects which were not held by RBA Holdings, were acquired
from the minority shareholders. It is envisaged that most of the said former
subsidiaries will become dormant and be de-registered in due course.
The Board believes that this structure will not only lead to greater efficiency
and responsiveness, but will also increase the focus on core activities and
intensify the sense of accountability amongst the leadership corps.
Board restructuring
In line with the rationale behind the restructuring and streamlining of the RBA
group, Daniel Esterhuyse and George Warren will assume strategic positions on
the boards of RBA Homes and RBA Developments respectively and have resigned from
the board of RBA Holdings to focus their attention on their new roles and
responsibilities. The Board wishes to thank these two gentlemen for their
contributions as board members of the holding company and wish them well in
their new roles.
Richard Eksteen resigned as board member of RBA Holdings to pursue other
interests. The board wishes to thank Ricky for his contribution to RBA Holdings
spanning some 10 years and wishes him and his family all the best for the
future.
The Board of RBA Holdings now consists of three executive and two independent
non-executive directors. This restructuring of the board confirms RBA`s
commitment to increase the corporate governance regime in the company, in line
with the guidelines of King III.
4 March 2010
Johannesburg
Designated Advisor
Exchange Sponsors
Date: 04/03/2010 11:47:01 Produced by the JSE SENS Department.
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