COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE
29 APRIL 2020
NET ASSET VALUE OF REINET FUND S.C.A., F.I.S. AS AT 31 MARCH 2020
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 March 2020 as follows:
Reinet Fund S.C.A., F.I.S. (‘the Fund’)
Net asset value of the Fund as at 31 March 2020
As at 31 March 2020, the net asset value (‘NAV’) of the Fund amounted to € 4.4 billion, a decrease of € 1.1 billion from 31 December 2019.
This valuation reflects the Fund’s shareholding in British American Tobacco p.l.c., Pension Insurance Corporation Group Limited, its other investments and cash resources, together with other assets and liabilities. Assets and liabilities have been revalued to their estimated fair values as at 31 March 2020. The NAV calculation is subject to completion of the year-end audit.
The entire ordinary share capital of the Fund of 171.3 million shares 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 March 2020. However, the consolidated balance sheet of Reinet Investments S.C.A. will reflect other parent company assets and liabilities, including cash and amounts payable to or receivable from the Fund. As such, the NAV of Reinet Investments S.C.A. differs from that of the Fund.
In January 2020, the World Health Organisation (“WHO”) announced a global health emergency because of a new strain of coronavirus known as COVID-19. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic. The wide variability in expected financial, social and epidemiological outcomes regarding the outbreak has led to significant levels of market uncertainty mostly reflected in increased market, currency and commodity volatility. At the time of this announcement the impact of the COVID-19 outbreak remains highly uncertain and is continuously changing.
Net asset value per share of the Fund as at 31 March 2020
The NAV per share of the Fund amounted to € 25.71 (31 December 2019: € 31.87) based on 171.3 million shares in issue.
The NAV of Reinet Investments S.C.A. will be published in May 2020 and dividing that value by the total number of shares outstanding (excluding treasury shares) of 184.3 million will result in a NAV per share for Reinet Investments S.C.A. which will differ from that of the Fund.
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.
Reinet Investments S.C.A.
R.C.S. Luxembourg B 16 576
Legal Entity Identifier : 222100830RQRFVV22S80
Registered office: 35, boulevard Prince Henri, L-1724 Luxembourg, Tel. (+352) 22 42 10, Fax (+352) 22 72 53