A LONG WAY OFF
A third example of the winners versus laggards is RBA Holdings, which announced the purchase of a R42m tract of land. The question is how RBA is going to pay for it. Earlier in the year it notified the market that it was buying a R14.5m property subject to financing, that finance proved very tricky and the settlement date kept being extended, with the last notice being that it had been extended to 1 August. We’ve had no further updates so one must assume that deal collapsed. The company is now trying to raise R40m finance for this deal and, while it has raised almost R13m via a rights issue and a sale of shares for cash, the R40m funding seems a long way off.