Acquisitions and investments

Last year we indicated to shareholders that in our view RMBH had reached a point in its development where it would be appropriate to give consideration to further investment opportunities and to broaden our portfolio. Clearly, the mayhem of the last year did not make for an environment that was conducive to building out the portfolio. However, we do believe that the premise on which we based our investment thesis (maturity of our core portfolio, ungeared state of our balance sheet and good dividend flows) remains intact. Accordingly, we continue to explore appropriate investment opportunities – albeit with a renewed awareness that the massive deleveraging experienced in global markets must impact on global growth in the medium term with a consequential knock on effect on the attractiveness of investment opportunities presented.