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Institutional Investors Throw a Spanner in the Works at RHG
Mar
31
Written by:
3/31/2011 5:27 PM
It would appear that for the second time in recent years, institutional investors are looking to make board changes at RHG (previously Rams Home Loans-pre GFC). Steve Johnson and members of the Intelligent Investor group failed in a similar attempt 18 months ago, only to have a group of institutional investors (holding 8.4% of the company) led by Karl Siegling and Geoff Wilson make a second attempt as announced today.
Today's announcement (attached to a substantial holding disclosure) stated that the group intends to requisition the removal of two existing directors (Greg Jones and John McGuigan) and replace them with three new directors (Malcolm McComas, Gabriel Radzyminski and Paul Jensen). Additionally, the announcement details the group's intent to ensure the company remains a listed entity and to distribute surplus cash as dividends (franked wherever possible). The existing share buy-back proposal will remain intact, leaving existing holders with the option of either accepting the buy back with it's potentially beneficial franking credits and associated capital loss ( read our blog on BHP's buy back for a similar example), or remaining a shareholder and reaping gains in distributions over coming years.
Steve Johnson has voiced his opinion ( via his blog) on the RHG fiasco for quite some time and is well worth a read in my opinion. As the lead chief investment officer of The Intelligent Investor Fund, he has been very much a shareholder activist on the matter.
With today's announcement and the apparent large holdings behind the move, I would say there are a few more twists and turns around the corner for all invested in the RHG Group. Definitely one to watch.
Disclaimer: I am not a professional advisor and as such no investment decisions should be made on the basis of anything published on this blog. Always obtain advice from a licensed professional advisor before making any investment decision.
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