| Fri 5 Feb 2010, 8:00 | | REI - Reinet Investments S.C.A. Depositary Receipts - Press Release For |
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REI
REI
REI - Reinet Investments S.C.A. Depositary Receipts - Press Release For
Immediate Release
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
5 FEBRUARY 2010
MANAGEMENT STATEMENT FOR THE THREE MONTHS ENDED 31 DECEMBER 2009
Key financial data
Net asset value of Reinet
Investments S.C.A. at 31 December 2009 EUR 2 361.6 m
Number of shares in issue 195 942 286
NAV per share EUR 12.05
Share price at 31 December 2009 EUR 11.00
Make up of the net asset value
31 December 2009 30 September 2009
EUR % EUR %
British American Tobacco plc 1 918.3 81.2 1 808.9 80.3
Cash and liquid funds 370.7 15.7 393.1 17.4
Other investments 53.4 2.3 48.5 2.1
Trilantic Capital Partners 12.7 0.5 12.0 0.5
Other assets, net of short-term 6.5 0.3 (8.1) (0.3)
liabilities
Net assets 2 361.6 100.0 2 254.4 100.0
Exchange rates used EUR / 0.8862 0.9149
pound
1.4318 1.4637
Eur / US Dollar
All of the underlying assets are held by Reinet Fund S.C.A., F.I.S.
("Reinet Fund")
As detailed below, the NAV does not include any provision for a performance
fee payable to Reinet Investment Advisors Limited, which is treated as a
contingent liability.
British American Tobacco (`BAT`)
During the three months, the BAT share price increased from pound 19.63 at 30
September 2009 to pound 20.165 at 31 December 2009. The aggregate value of
Reinet Fund`s investment in BAT increased by EUR 109.4 million to EUR 1 918.3
million over the period under review due to the improvement in the BAT share
price. Reinet Fund holds 84.3 million shares in BAT. No shares were bought or
sold during the period.
Cash and liquid funds
Reinet`s overall cash decreased by EUR 22.4 million, largely reflecting
further investments made in respect of the portfolio of other investments and
Trilantic Capital Partners and the payment of the management fee for the six-
months ended 30 September 2009. Reinet`s liquid funds are invested in euros,
in short-term deposits and in a euro-denominated, money market fund backed by
short-term government debt.
Other investments
During the period, Reinet Fund continued to finance its commitments in terms
of a portfolio of small investments. A net amount of EUR 2.3 million was
invested during the period.
This portfolio of other investments is carried in the net asset statement at
the fair values used at 30 September 2009, adjusted for movements in exchange
rates and in the market prices of underlying listed investments as well as
movements in the portfolio since that date.
Trilantic Capital Partners
Reinet Fund has invested the equivalent of some EUR 0.7 million in funds and
related entities managed by Trilantic Capital Partners during the quarter
under review. The investment in Trilantic Capital Partners is carried at cost,
which is considered to represent the fair value in the net asset valuation as
at 31 December 2009.
Other assets, net of short-term liabilities
Other assets, net of short-term liabilities include a short-term loan of EUR
14.0 million, which was repaid in January 2010, partially offset by an accrual
of EUR 4.8 million in respect of the management fee payable by Reinet Fund. No
provision has been made 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
EUR 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 EUR 7.1945, the performance fee payable by Reinet Fund on 31 March
2011 would be EUR 75 million. Further information relating to the calculation
of the fee can be found in the Reinet Investments S.C.A. 2009 interim report.
Shares in issue
The number of shares in issue remained unchanged during the period 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 31 December 2009 is given in the appendix to this document.
Reinet Investments S.C.A.
General Partner
4 February 2010
Website: www.reinet.com
The information contained in this 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
http://marco3.newsbox.ch/publish/reinet/49_56/Mgmt_Statement_cos_048_05.02.10.
pdf
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 05/02/2010 08:00:02 Produced by the JSE SENS Department.
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