19 NOVEMBER 2018


Reinet Investments S.C.A. (the “Company”) announces today the commencement of a share buyback programme. Under the programme, commencing 20 November 2018, the Company intends to purchase shares at market price for an aggregate maximum amount of € 55 million subject to a maximum of 3.2 million shares over a period ending 15 March 2019 at the latest.

The purpose of the programme is to return value to the shareholders of the Company. Shares repurchased under the programme may be used for any legitimate purpose, such as consideration for acquisitions.

The programme will be executed on the Johannesburg Stock Exchange by an intermediary. The Company will not at any time have the right to instruct the intermediary to amend the parameters of the repurchase programme allowing the intermediary to execute share repurchases in the market during both open and closed periods.

The programme will be executed within the limits of the existing authority granted by the Company’s shareholders at the annual general meeting held on 28 August 2018, including but not limited to the current limitation that the repurchase price must be at a price no more than an amount equal to 110% of the reference price of the ordinary shares on the relevant exchange; the reference price being the weighted average price of such ordinary shares during the five days of trading immediately prior to the acquisition of such shares. In addition, buybacks will not be at a price higher than the higher of the price of the last independent trade and the highest current independent bid on the Johannesburg Stock Exchange.

Purchases under the programme shall not on any trading day on the Johannesburg Stock Exchange (“trading days”) exceed 25% of the average daily volume of the shares traded during the 20 trading days preceding the date of purchase.

Concurrently, the Rupert family has declared its intention not to sell any shares during the duration of this programme.

The Company will publish regular updates relating to the programme and a further announcement on completion or expiration of the programme, all of which will also be available at

Reinet Investments Manager S.A.
for and on behalf of Reinet Investments S.C.A.


Reinet Investments S.C.A. (the ‘Company’) 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. (‘Reinet Fund’), a specialised investment fund also incorporated in Luxembourg. The Company’s ordinary shares are listed on the Luxembourg Stock Exchange, Euronext Amsterdam and the Johannesburg Stock Exchange; the listing on the Johannesburg Stock Exchange is a secondary listing. The Company’s ordinary shares are included in the ‘LuxX’ index of the principal shares traded on the Luxembourg Stock Exchange. The Company and Reinet Fund together with Reinet Fund’s subsidiaries are referred to as ‘Reinet’.


Reinet Investments S.C.A.

R.C.S. Luxembourg B 16.576

Registered office: 35, boulevard Prince Henri, L-1724 Luxembourg, Tel. (+352) 22 42 10, Fax (+352) 22 72 53

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.