| Thu 15 Jul 2010, 7:30 | | REI - Reinet Investments S.C.A. Depositary Receipts - Net Asset Value of |
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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 30 JUNE 2010
Reinet Investments S.C.A. Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045793657
Depositary Receipt Code: REI
NET ASSET VALUE OF REINET FUND S.C.A., F.I.S. AS AT 30 JUNE 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 30 June 2010 as follows:
Quote
Reinet Fund S.C.A., F.I.S. (`the Fund`)
Net asset value statement as at 30 June 2010
As at 30 June 2010, the net asset value (`NAV`) of Reinet Fund S.C.A., F.I.S.
amounted to Euro 2 648.4 million.
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 30 June 2010. The NAV calculation has not
been audited.
A provision of Euro 40 million is included in this NAV calculation in respect
of the potential performance fee, which may become payable after 31 March
2011 if certain conditions are met. This provision is unchanged from that
made in the financial statements at 31 March 2010; no additional provision
has been made in the quarter to 30 June 2010.
The calculation of the performance fee is based on the increase in the volume
weighted average market price of the Reinet Investments S.C.A. share as
quoted on the Luxembourg Stock Exchange over the last 20 trading days prior
to 31 March 2011 compared to the Initial Price, calculated over the trading
period from 22 December 2008 to 19 March 2009, of Euro 7.1945. For
illustrative purposes only, assuming a market price of the Reinet shares of
Euro 11.61 (the market price on 30 June 2010) and applying the Initial Price,
the performance fee payable on 31 March 2011 would be some Euro 86.5 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 30 June 2010 and may 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 30 June 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. may 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.
14 JULY 2010
Website: www.reinet.com
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 15/07/2010 07:30:01 Produced by the JSE SENS Department.
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