| Mon 17 Jan 2011, 7:05 | | 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 2010
Reinet Investments S.C.A. Depositary Receipts
issued by Reinet Securities SA
(Incorporated in Switzerland)
ISIN: CH0045793657
Depositary Receipt Code: REI
PRESS RELEASE FOR IMMEDIATE RELEASE
Net asset value of Reinet Fund S.C.A., F.I.S. as at 31 DECEMBER 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 December 2010 as follows:
Quote
Reinet Fund S.C.A., F.I.S. (`the Fund`)
Net asset value statement as at 31 December 2010
As at 31 December 2010, the net asset value (`NAV`) of Reinet Fund S.C.A.,
F.I.S. amounted to EUR 2 825.0 million, an increase of EUR 86.2 million from 30
September 2010.
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 December 2010. The NAV calculation has not been audited.
A provision of EUR 100 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 reflects an increase of EUR 25
million from that made in the financial statements at 30 September 2010 and is
pro-rated over the period covered by the performance fee. The basis of the
calculation of the performance fee is set out in note 17 to the consolidated
financial statements of Reinet Investments S.C.A. included in the Reinet 2010
annual report, which may be downloaded from the Reinet website. No fee will be
payable if 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 would be below
the initial reference price of EUR 7.1945.
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 2010. However, the
consolidated balance sheet of Reinet Investments S.C.A. will reflect other
parent company assets and 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.
Reinet Investments S.C.A.
Registered office: 35, Boulevard Prince Henri, L-1724 Luxembourg
14 JANUARY 2011
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 17/01/2011 07:05:03 Produced by the JSE SENS Department.
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