Reinet Fund S.C.A. F.I.S. (“REINET FUND”) – Investment in Pension Insurance Corporation

COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE

13 FEBRUARY 2020

REINET FUND S.C.A., F.I.S. (“REINET FUND”) - INVESTMENT IN PENSION INSURANCE CORPORATION

On 28 January 2020, Reinet Investments S.C.A. (“Reinet”) announced that its wholly-owned subsidiary, Reinet Fund, would consider the proposed issuance of up to £ 750 million of new equity (the “Capital Raise”) by Pension Insurance Corporation Group Limited (“PICG”).

Following PICG’s confirmation today that the Capital Raise has been subscribed in full, Reinet is pleased to announce that Reinet Fund has subscribed for an aggregate amount of £ 437.8 million (the “Subscription Price”), representing 58.4% of the total capital raised.

The shares issued by PICG in the context of the Capital Raise are to be partly paid up on issue as to 60% of the total Subscription Price, with the remaining 40% callable upon request from PICG on or prior to 26 January 2021.

Once the new ordinary shares are issued Reinet Fund’s shareholding in PICG will increase from 43.7% to 46.4% and upon payment of the full Subscription Price its total investment in PICG since 2012 will amount to £ 982.7 million.

Reinet Fund will use available cash resources to fund the payment of the Subscription Price, which includes proceeds of £ 250 million from 7.3 million British American Tobacco p.l.c. shares sold in the open market since 1 January 2020.

A public announcement from PICG following the completion of the Capital Raise can be found at https://www.pensioncorporation.com/media/press-releases/.

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

Website: www.reinet.com/investor-relations/company-announcements.html

 

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.

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

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