| Fri 16 Apr 2010, 7:30 | | REI - Reinet Investments S.C.A. Depositary Receipts - Net asset value of Reinet |
|
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 March 2010
Reinet Investments S.C.A. Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045793657
Depositary Receipt Code: REI
PRESS RELEASE
16 APRIL 2010
NET ASSET VALUE OF REINET FUND S.C.A. F.I.S. AS AT 31 MARCH 2010
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 March 2010 as follows:
Quote
Reinet Fund S.C.A. F.I.S. (`the Fund`)
Net asset value statement as at 31 March 2010
As at 31 March 2010, the net asset value (`NAV`) of Reinet Fund S.C.A. F.I.S.
amounted to Euro 2 574.6 million. This reflects an increase of Euro 209.6
million, or some 9 per cent, over the NAV as at 31 December 2009 and is
some 39 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 their fair values as at 31 March 2010. The NAV calculation has
not been audited.
No provision has been made in this NAV calculation for any performance fee
which may become 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 quoted on the Luxembourg Stock
Exchange. For illustrative purposes only, assuming a market price of the
Reinet shares of Euro 11.95 (the market price on 31 March 2010) 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 some Euro 93 million. The volume weighted average market price
of the Reinet Investments S.C.A. share over the last 20 trading days prior to
31 March 2011 may differ significantly from the market price at 31 March 2010.
This will result in a higher or lower performance fee being payable at that
time. No fee will be payable if the volume weighted average market price in
March 2011 would be below the Initial Price.
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 March 2010. However, the
consolidated balance sheet of Reinet Investments S.C.A. 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: 16/04/2010 07:30:01 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.
