LOOK­ING BLEAK

Finweek English Edition - - INVESTMENT -

RBA Hold­ings is cur­rently plan­ning a rights is­sue to raise some R10m and while it seems a small amount and sig­nif­i­cantly adds to di­lu­tion, RBA is strug­gling, as one can see from the SENS an­nounce­ments it’s been is­su­ing. In April RBA an­nounced plans to buy land for R14.5m sub­ject to it be­ing able to get a loan be­fore 1 May 2013. This dead­line was sub­se­quently ex­tended to 1 June and has now been ex­tended to 1 Au­gust. By then the rights is­sue would have been con­cluded and that should have en­abled the loan, but it shows just how tough things are for the prop­erty de­vel­oper right now.

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