| Mon 5 Mar 2012, 16:00 | | REI - Reinet Investments S.C.A. Depositary Receipts - Reinet extraordinary |
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REI
REI
REI - Reinet Investments S.C.A. Depositary Receipts - Reinet extraordinary
General Meeting of shareholders approves new investment guidelines
Reinet Investments S.C.A. Depositary Receipts
issued by Reinet Securities SA
(Incorporated in Switzerland)
ISIN: CH0045793657
Depositary Receipt Code: REI
COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE
REINET EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
APPROVES NEW INVESTMENT GUIDELINES
An Extraordinary General Meeting (the "EGM") of Reinet Investments S.C.A. (the
"Company") was held in Luxembourg today to seek shareholder approval for an
amendment to the investment guidelines of the Company and of its wholly-owned
subsidiary Reinet Fund S.C.A., F.I.S. ("Reinet Fund"), as set out in the
prospectus issued in 2008.
The amendment would vary the risk diversification policy of the Company and
Reinet Fund, to permit equity participations in any one investment to exceed the
30 per cent guideline until such time Reinet Fund may gradually diversify its
portfolio, taking into account prevailing market conditions.
At the EGM, a total of 139 543 824 ordinary shares (or 71.22%) and all the 1 000
management shares were represented by proxy out of a total of 195 941 286
ordinary shares and 1 000 management shares in issue.
The shareholders approved the amendment of the investment guidelines of the
Company and of its wholly-owned subsidiary, Reinet Fund.
Commenting on the positive outcome of the meeting, Mr Josua Malherbe, who acted
as the Chairman of the EGM, said:
Quote
The decision not to reduce our shareholding in British American Tobacco p.l.c.
("BAT shares") over the last three years has been a conscious one. As managers
we have over the period evaluated the various options available to us and we
believe our decision added substantial value for the Company`s shareholders. We
further believe that in these difficult times it would be wrong to dispose of
such an excellent investment purely because of an arbitrary time constraint.
We are pleased that the shareholders support our decision. We have also in the
last two weeks used Reinet`s substantial holding of BAT shares as security for a
prudent level of borrowing to finance other investment opportunities. We will
continue to evaluate the various options available to us and will choose the
ones we believe will add most value to shareholders.
Unquote
Reinet Investments Manager S.A.
for and on behalf of Reinet Investments S.C.A.
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. It is governed by the Luxembourg law on
securitisation and in this capacity allows its shareholders to participate
indirectly in the portfolio of assets held by its wholly-owned subsidiary Reinet
Fund S.C.A. F.I.S., a specialised investment fund also incorporated in
Luxembourg. Reinet Investments shares are listed on the Luxembourg Stock
Exchange, Reinet Investments` primary listing, and Reinet Investments South
African Depository Receipts issued by Reinet Securities S.A., are listed in
Johannesburg, Reinet Investments` secondary listing. Reinet Investments shares
are included in the `LuxX` index of the principal shares traded on the
Luxembourg exchange and the Reinet Investments South African Depositary Receipts
issued by Reinet Securities S.A., are included in the JSE `Top 40` Share Index.
Registered office: 35, Boulevard Prince Henri, L-1724 Luxembourg, Tel. (+352) 22
42 10, Fax (+352) 22 72 53, email: info@reinet.com, www.reinet.com
5 MARCH 2012
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 05/03/2012 16:00:04 Produced by the JSE SENS Department.
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