| Thu 6 Oct 2011, 15:36 | | REI - Reinet Investments S.C.A. Depositary Receipts - Investment by Reinet Fund |
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REI
REI
REI - Reinet Investments S.C.A. Depositary Receipts - Investment by Reinet Fund
S.C.A. F.I.S. in Renshaw Bay Ltd
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
Investment by Reinet Fund S.C.A. F.I.S. in Renshaw Bay Ltd
In February 2011, Reinet Investments S.C.A. announced that Reinet Fund S.C.A.
F.I.S. ("Reinet") intended to participate in the launch of Renshaw Bay in
partnership with Bill Winters and RIT Capital Partners plc ("RIT"), a
London-listed investment trust chaired by Lord Rothschild. Mr Winters,
formerly the Co-Chief Executive of JP Morgan Investment Bank, has established
Renshaw Bay as a new asset management and advisory group focusing on capital
markets based investment strategies.
Reinet Investments S.C.A. is pleased to announce that documentation has been
entered into today under which both Reinet and RIT have agreed to invest in
the business and will be key shareholders in the holding company of the group,
Renshaw Bay Ltd ("RB"). Under the terms of the group shareholders` agreement,
Reinet has committed to invest up to Pound 10,005,000 in cash in RB. Following
subscriptions for shares, Mr Winters together with his connected persons
and RB`s management will own 50% of RB. RIT and Reinet will each own 24.99%
and 25.01% respectively.
The agreement contains a rebalancing provision, under which RIT and Reinet
have agreed that there may be a transfer of value in either shares or cash
between them to reflect relative contributions to the business over an initial
two-year period. The agreement also provides for the exercise of a put option
by RIT, Reinet, or Mr Winters in specified circumstances.
Renshaw Bay, under the leadership of Mr Winters who has been appointed Chief
Executive Officer, will work with sophisticated investors to establish funds
and new investment vehicles that are suitable for its investor clients. Mr
Winters, RIT and Reinet each intend to invest in these funds and investment
vehicles. Reinet will benefit from any growth in value of its shareholding
in RB and will, as a founding shareholder, have priority access to investment
opportunities created by the RB group. The RB group London-based management
company, Renshaw Bay LLP, has applied for FSA authorisation.
Reinet Investments Manager S.A.
for and on behalf of
Reinet Investments S.C.A.
Website: www.reinet.com
Reinet Investments S.C.A. 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 Depository Receipts are included in the JSE
`Top 40` Share Index.
Reinet Investments S.C.A.
Registered office: 35, Boulevard Prince Henri, L-1724 Luxembourg
6 October 2011
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 06/10/2011 15:36:01 Produced by the JSE SENS Department.
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