| Tue 14 Jul 2009, 7:30 | | REI - Reinet Investments S.C.A. Depositary Receipts - |
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REI
REI
REI - Reinet Investments S.C.A. Depositary Receipts -
Management statement for the three months ended 30 June 2009
Reinet Investments S.C.A. Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045793657
Depositary Receipt Code: REI
MANAGEMENT STATEMENT FOR THE THREE MONTHS ENDED 30 JUNE 2009
Key financial data
Net asset value of Reinet Investments S.C.A. at EUR 2 084.7 m
30 June 2009
Number of shares in issue 195 942 286
NAV per share EUR 10.64
Share price at 30 June 2009 EUR 9.45
Make up of the net asset value
30 June 2009 31 March 2009
EUR % EUR %
British American Tobacco plc 1 654.8 79.4 1 470.4 79.7
Cash and liquid funds 377.6 18.1 331.4 17.9
Other assets, net of short-term 52.3 2.5 44.2 2.4
liabilities
Net assets 2 084.7 100.0 1 846.0 100.0
Exchange rates used EUR / GBP 0.8523 0.9248
EUR / USD 1.4035 1.3249
British American Tobacco (`BAT`)
During the quarter, the BAT share price increased from GBP 16.43 at 31 March
2009 to GBP 16.73 at the quarter-end. Taking into account the recovery in the
value of sterling against the euro over the period, the aggregate value of
Reinet Fund`s investment in BAT increased by EUR 184.4 million to EUR 1 654.8
million over the period under review. Reinet Fund holds 84.3 million shares in
BAT. No shares were bought or sold during the period.
In May 2009, Reinet received a dividend of GBP 51.9 million from the investment
in BAT. This was the final dividend in respect of BAT`s financial year ended 31
December 2008.
Cash and liquid funds
Over the period, Reinet Fund`s overall cash increased by EUR 46.2 million,
largely as a result of the receipt of the dividend income from BAT, offset by
further investments made in terms of the portfolio of other investments.
Reinet`s liquid funds are invested in euros, largely in short-term deposits. EUR
100.0 million is invested in a euro-denominated, short-term money market fund
backed by short-term government debt.
Other assets, net of short-term liabilities
During the period, Reinet Fund continued to finance its commitments in terms of
the portfolio of small investments. A total of EUR 2.6 million was invested in
the quarter.
The portfolio of other investments is carried in the net asset statement at the
fair values used at 31 March 2009, adjusted for movements in the market prices
of underlying listed investments and reflecting amounts invested since the last
balance sheet date. This portfolio was carried at EUR 48.4 million at 30 June
2009.
Short-term liabilities include an accrual of EUR 3.9 million in respect of the
management fee payable.
Trilantic Capital Partners
Included in other assets are amounts invested in the management companies of the
former Lehman Brothers Merchant Banking businesses, now renamed Trilantic
Capital Partners. During the quarter, USD 10.0 million has been invested by
Reinet Fund in acquiring the interest in the management companies. In a separate
transaction, a further EUR 2.1 million has been invested in acquiring limited
partner interests in assets held in the European fund from the Lehman Brothers
bankruptcy estate in the United Kingdom. These investments are carried at cost.
Reinet has committed to invest up to USD 230 million over the remaining lives of
the funds under Trilantic management as part of the acquisition of the
management company interests and has assumed obligations to invest up to EUR 63
million in terms of the limited partner interests acquired subsequently.
Shares in issue
The number of shares in issue remained unchanged during the quarter at 195 942
286. This figure includes 1 000 management shares held by the General Partner.
Share price information
Share and depository receipt price information for the period from 31 March 2009
to 30 June 2009 is given in the appendix to this document.
Reinet Investments S.C.A.
General Partner
14 July 2009
Website: www.reinet.com
The information contained in this quarterly statement has not been audited.
Reinet Investments SCA is a partnership limited by shares incorporated in the
Grand Duchy of Luxembourg and having its registered office at 35 Boulevard
Prince Henri, L 1724 Luxembourg. Reinet shares are listed on the Luxembourg
Stock Exchange and Reinet South African Depository Receipts are listed in
Johannesburg on the exchange operated by the JSE Limited. Reinet shares are
included in the `LuxX` index of the principal shares traded on the Luxembourg
exchange and the South African Depositary Receipts are included in the JSE `Top
40` Share Index.
Appendix
Reinet share and depository receipt price information
Please follow the link, to view the chart:
http://marco3.newsbox.ch/publish/reinet/49_37/Reinet_14jun09_789_fgh.pdf
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 14/07/2009 07:30:01 Produced by the JSE SENS Department.
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