COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE
28 JANUARY 2020
REINET FUND S.C.A. F.I.S. (“REINET FUND”) - INVESTMENT IN PENSION INSURANCE CORPORATION
Reinet Fund’s investee company Pension Insurance Corporation Group Limited (“PICG”), ultimate parent company of Pension Insurance Corporation plc (“PIC”), the specialist insurer of defined benefit pension schemes, has provided a preliminary update on its financial performance for 2019. PICG also announced that it is planning to issue up to £ 750 million of new equity to support the continued growth of PIC in the pension risk transfer market (the “Capital Raise”).
The full PICG announcement can be found at https://www.pensioncorporation.com/media/163186/picg-2019-trading-statement-and-proposed-750-million-equity-raise.pdf.
Reinet Investments S.C.A. (the “Company”) will make a further public announcement once the board of Reinet Fund Manager S.A. has considered the Capital Raise and, if thought fit, approved the extent of its participation in the Capital Raise. The announcement will be made following confirmation from PICG regarding the allocation of new capital to subscribing shareholders and is expected to be released on or about 17 February 2020.
Notes for Editors
The investment objective of Reinet Fund is to achieve long-term capital growth. Reinet Fund’s strategy is to work with experienced partners to invest in unique opportunities focusing on value creation for investors. The Company is a securitisation vehicle through which its shareholders participate indirectly in the portfolio of assets held by its wholly-owned subsidiary, Reinet Fund, a specialised investment fund 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.
As at 31 December 2019, the net asset value of Reinet Fund was € 5.5 billion. For further information please visit www.reinet.com.
About Pension Insurance Corporation
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure and stable retirement incomes through leading customer service, comprehensive risk management and excellence in asset and liability management. At 31 December 2019, PIC had insured 225,000 pension scheme members and had £40.9 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of U.K. defined benefit pension schemes. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com.
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 the Fund’s subsidiaries are referred to as ‘Reinet’.
Cautionary statement regarding forward-looking statements
This document contains forward-looking statements which reflect the current views and beliefs of the Board, as well as assumptions made by them and information currently available to them. Words such as ‘may’, ‘should’, ‘estimate’, ‘project’, ‘plan’, ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘potential’, ‘goal’, ‘strategy’, ‘target’, ‘will’, ‘seek’ and similar expressions may identify forward-looking statements. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside Reinet’s control. The Company does not undertake to update, nor does it have any obligation to provide updates or to revise, any forward-looking statements.
Reinet Investments S.C.A.
R.C.S. Luxembourg B 16.576
Legal Entity Identifier : 222100830RQTFVV22S80
Registered office: 35, boulevard Prince Henri, L-1724 Luxembourg, Tel. (+352) 22 42 10, Fax (+352) 22 72 53