| Fri 15 Jan 2010, 8:00 | | REI - Reinet Investments S.C.A. Depositary Receipts - Net Asset Value Of Reinet |
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REI
REI
REI - Reinet Investments S.C.A. Depositary Receipts - Net Asset Value Of Reinet
Fund S.C.A. F.I.S. As At 31 December 2009
Reinet Investments S.C.A. Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045793657
Depositary Receipt Code: REI
PRESS RELEASE FOR IMMEDIATE RELEASE
15 JANUARY 2010
NET ASSET VALUE OF REINET FUND S.C.A. F.I.S. AS AT 31 DECEMBER 2009
Reinet Investments S.C.A.`s wholly-owned subsidiary, Reinet Fund S.C.A. F.I.S.
has today announced its net asset value as at 31 December 2009 as follows:
Quote
Reinet Fund S.C.A. F.I.S. (`the Fund`)
Net asset value statement as at 31 December 2009
As at 31 December 2009, the net asset value (`NAV`) of Reinet Fund S.C.A. F.I.S.
amounted to Euro 2 365.0 million. This reflects an increase of Euro 107.6
million, or some 5 per cent, over the NAV as at 30 September 2009 and is some 28
per cent above the NAV as at 31 March 2009.
This valuation reflects the Fund`s holding of 84 303 670 shares in British
American Tobacco p.l.c., its cash resources and other assets net of liabilities
and accrued expenses. The assets and liabilities have been revalued to fair
value as at 31 December 2009. The NAV calculation has not been audited.
No provision has been made in this NAV calculation for any performance fee
payable; the performance fee is treated as a contingent liability, being payable
only at 31 March 2011 at the earliest if certain conditions are met. The
performance fee is based on the increase in the price of Reinet Investments
S.C.A. ordinary shares. For illustrative purposes only, assuming a market price
of the Reinet shares of Euro 11.00 (the market price on 31 December 2009) and
applying the Initial Price, calculated over the trading period from 22 December
2008 to 19 March 2009, of Euro 7.1945, the performance fee payable on 31 March
2011 would be Euro 75 million. Further information relating to the calculation
of the fee can be found in the Reinet Investments S.C.A. 2009 interim report.
The entire ordinary share capital of the Fund is owned by Reinet Investments
S.C.A.. In addition, 1 000 management shares in the Fund are held by Reinet Fund
Manager S.A.
The net asset position of the Fund is a substantial element of the consolidated
balance sheet of Reinet Investments S.C.A. at 31 December 2009. However, the
consolidated balance sheet of Reinet Investments will reflect other parent
company assets or liabilities, including amounts payable to or receivable from
the Fund. As such, the net asset value of Reinet Investments S.C.A. will differ
from that of the Fund.
Unquote
Reinet Investments S.C.A. ordinary shares are listed on the Luxembourg Stock
Exchange and Reinet Depositary Receipts (`DR`s"), each representing a one tenth
interest in a Reinet Investments S.C.A. ordinary share, are listed on the
Johannesburg stock exchange.
Reinet Investments Manager S.A.
for and on behalf of Reinet Investments S.C.A.
Website: www.reinet.com
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 15/01/2010 08:00:07 Produced by the JSE SENS Department.
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