| Mon 3 Nov 2008, 8:00 | | REI/CFR - Reinet Investments S.C.A./Compagnie Financiere Richemont SA Depositary |
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CFR REI
CFR REI
REI/CFR - Reinet Investments S.C.A./Compagnie Financiere Richemont SA Depositary
Receipts - Reinet distributes shareholding in British American Tobacco
Reinet Investments S.C.A.
Depositary Recepits
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045793657
Depositary Receipt Code: REI
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
REINET DISTRIBUTES SHAREHOLDING IN BRITISH AMERICAN TOBACCO
Further to the restructuring of Richemont as set out in the Information
Memorandum dated 15 August 2008 and the Reinet Prospectus dated 10 October 2008,
Reinet Investments SCA (`Reinet`) will, as previously announced, today
distribute 90 per cent of its interest in British American Tobacco plc (`BAT`)
to its shareholders and holders of Reinet Investments depositary receipts
(`DRs`). The distribution is against the cancellation of 86.3 per cent of
shareholders` and DR holders` interests in Reinet. Reinet shares and DRs have
traded `ex` the entitlement to the BAT distribution since Tuesday, 28 November
2008. South African Depositary Receipts trade in the ratio of 10 Reinet DRs for
each Reinet share.
During the course of today, Reinet will cancel 495 599 271 shares, being 86.3
per cent of the ordinary shares in issue, and deliver 351 032 964 shares in BAT
to shareholders. It is expected that the BAT shares will be credited to
holders` accounts by Tuesday, 4 November 2008. Richemont Securities AG
(`Richemont Securities`) will consequently also cancel 86.3 per cent of the DRs
currently in issue and deliver BAT shares to DR holders.
Subject to Remgro Limited (`Remgro`) exercising a put option granted by Reinet,
Reinet will today also issue a further 30 255 541 new shares in exchange for a
contribution by Remgro of 21 430 000 BAT shares. Upon receipt of such BAT
shares from Remgro, Reinet shall issue these new shares in the form of 302 555
410 DRs directly to Remgro shareholders.
Following the Reinet reduction of capital and the capital increase as a
consequence of the Remgro contribution, Reinet will have 108 856 270 ordinary
shares outstanding (in addition to the 1 000 management shares in issue) and
will hold 60 433 663 BAT shares.
BAT shares are listed on the London Stock Exchange (Reuters code BATS.L /
Bloombergs BAT LN) and are also listed on the exchange operated by JSE Limited
in Johannesburg (Reuters BTIJ.J / Bloombergs BTI SJ). In addition to its holding
of BAT shares, Reinet also holds some EUR 351.1 million in cash and investments
valued at some EUR 55.1 million, as detailed in the Information Memorandum and
the Prospectus. Reinet has no debt and no significant other liabilities.
Applying the valuation bases as set out in the Information Memorandum and
valuing the BAT shareholding at the closing market value of 31 October 2008 of
GBP17.00 per share converted at a Euro/GBP exchange rate of 0.7848, and assuming
the Remgro contribution is effected, the aggregate net asset value of Reinet at
the close of business today will amount to some EUR 1 716 million. On the basis
of the 108 857 270 Reinet shares which are expected to be in issue as at the
close of business today, the indicative net asset value per share would be EUR
15.76.
Further information:
Mr Alan Grieve
Chief Financial Officer
Reinet Investments SCA
Tel: +41 22 721 3507
3 November 2008
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Limitations of this announcement
This announcement is not intended for distribution to, or use by any person or
entity in any jurisdiction or country where such distribution or use would be
contrary to local law or regulations. This announcement does not constitute nor
does it form part of any offer or invitation to buy, sell, exchange or otherwise
dispose of, or issue, or any solicitation of any offer to sell or issue,
exchange or otherwise dispose of, buy or subscribe for, any securities, nor does
it constitute investment, legal, tax, accountancy or other advice or a
recommendation with respect to such securities, nor does it constitute the
solicitation of any vote or approval in any jurisdiction, nor shall there be any
offer or sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the applicable securities laws of any such jurisdiction (or under
exemption from such requirements).
In particular, the information contained herein does not constitute an offer of
securities for sale in the United States. None of the securities described or
directly or indirectly referred to in this announcement have been and nor will
they be registered under the US Securities Act of 1933, as amended (the
"Securities Act"). Such securities may not be offered or sold in the United
States or to, or for the account or benefit of, US persons (as such terms are
defined in Regulation S under the Securities Act) unless registered under the
Securities Act or pursuant to an exemption from such registration. If and to the
extent that any such securities may be deemed to be offered or sold as a result
of the transactions described in this announcement, such securities are being
offered and sold only to persons in offshore transactions outside the United
States in accordance with Regulation S under the Securities Act. This
announcement has not been and may not be disseminated or distributed by any
person in the United States or to US persons.
Neither Reinet Investments SCA nor Reinet Fund SCA, FIS have been approved by
the Swiss Federal Banking Commission as a foreign collective investment scheme
pursuant to Article 120 of the Swiss Collective Investment Schemes Act of 23
June 2006.
Date: 03/11/2008 08:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
