Reinet Investments S.C.A. Annual Report and Accounts 2010
47
REINET
19. CAPITAL COMMITMENTS
At 31 March 2010, Reinet had committed to invest a further
291 million (2009: 16 million) in unlisted investments.
20. DIVIDEND PAYABLE
Recognising the need to accumulate retained earnings within Reinet Fund and taking into account the uncertain economic
environment, the Board of the General Partner believes it prudent not to propose any dividend at this time.
21. SUBSEQUENT EVENTS
As at 31 March 2010, no capital contributions had been made in respect of the commitment to Vanterra Flex Investments L.P.,
however, in April 2010 capital contributions totalling US$ 5 million were made.
Reinet received a final dividend of approximately £ 60 million from its investment in BAT. The dividend was approved by the
shareholders of BAT on 28 April 2010 and was paid on 6 May 2010.
Reflecting the commitment made when Reinet initially invested in Trilantic, funds in which Mr Quasha is an investor and has
a management role (including Vanterra Flex Investments L.P.) will, during the year ahead, acquire a 15 per cent interest in the
Reinet subsidiary company which holds the Trilantic investment. The acquiring funds will also contribute their pro-rata share
of the capital calls received from Trilantic, thus further reducing Reinet's commitment to Trilantic.
22. SCOPE OF THE CONSOLIDATION
Companies included within the scope of the consolidation:
Name
Domicile
Percentage held
Parent company:
Reinet Investments S.C.A.
Luxembourg
Subsidiaries:
Reinet Fund S.C.A., F.I.S.
Luxembourg
100 %
Columbus VC S.A.
Luxembourg
100 %
J & R Investments Ltd
British Virgin Islands
100 %
Reinet S.à r.l.
Luxembourg
100 %
Reinet GmbH
Switzerland
100 %
Reinet Jersey Holdings Ltd
Jersey, Channel Islands
100 %
Reinet Limited
United Kingdom
100 %
Reinet TCP Holdings Limited
Jersey, Channel Islands
90 %
Reinet Stokes Holdings S.A.
Luxembourg
100 %
RSF S.A.
Luxembourg
100 %
Reinet Flex Holdings Limited
Jersey, Channel Islands
100 %
Associates:
Richemont Securities AG
Switzerland
50 %