RECM and Calibre Ltd (“RAC”)

RAC is a JSE-listed investment holding company, with its single largest investment being 58.8% shareholding in the Goldrush Group.

RAC was established in 2009 with a capital structure which consists of ordinary shares and redeemable participating preference shares. The ordinary shares are unlisted and owned by entities which are controlled by Jan van Niekerk and Piet Viljoen.   The redeemable participating preference shares were listed on the JSE in June 2010 under JSE share code: “RACP”.  The economic interests of the ordinary and preference shares are identical, while only the ordinary shares have voting power (except in certain special situations, which are explained in RAC’s Memorandum of Incorporation).

RAC made a number of investments during the first 10 years of its life.  In April 2021, the majority of these investments were spun off through the separate listing* of Astoria Investments Ltd, a Mauritian domiciled global investment company.  This left the Goldrush Group as RAC’s single largest Asset.

For a detailed explanation of our approach, we suggest you read our latest Shareholders’ letter, which is contained in our Annual Report.

RAC is governed by a board of directors and has no employees.  RAC’s portfolio is managed by Regarding Capital Management (“RECM”).

*For every 100 RACP owned, an investor would have received 110 Astoria shares.

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