Remgro holds back
FOLLOWING the outcry when Anglo American – in the midst of the global financial crisis – held back its dividend, TheSPECtacle was rather surprised not to receive calls from REMGRO shareholders last week. As a result of its change in year-end, no dividend was proposed by Remgro for the 12 months to end-March 2011. Shareholders (never a patient lot, even at the best of times) will have to wait for a final dividend for the 15 months ending 30 June 2011, which will only be declared in September and paid in November this year.
TheSPECtacle supposes – with Remgro’s cash balance sitting at R5,6bn (before the windfall from the Fundamo sale) most shareholders reckon it might be worth the wait.
The interest on that cash pile should get mouths watering. Oh no, wait…what interest? Most of Remgro’s cash is being held offshore in euro, British pounds and US dollars – a position shareholder activist Theo Botha may query (again) at its upcoming AGM.