Wrap Text
Management statement for the first quarter ended 30 June 2018
Reinet Investments S.C.A.
(Incorporated in Luxembourg)
ISIN: LU0383812293
Code: RNI
COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE
MANAGEMENT STATEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2018
The Board of Reinet Investments Manager S.A. announces the results of Reinet Investments S.C.A. for the quarter ended 30 June 2018.
Key financial data
• Net asset value at 30 June 2018: EUR 4 857 million, a decrease of EUR 270 million or 5.3 per cent from EUR 5 127 million at 31 March 2018
• Net asset value per share at 30 June 2018: EUR 24.79 (31 March 2018: EUR 26.17)
• Commitments totalling EUR 19 million in respect of new and existing investments made during the quarter, and a total of EUR 86 million funded during the quarter
• Dividends received from British American Tobacco during the period amounted to EUR 38 million
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'.
Cautionary statement regarding forward-looking statements
This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by Reinet and in oral statements made by our representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Words such as 'may', 'should', 'could', 'would', 'estimate', 'project', 'plan', 'believe', 'expect', 'anticipate', 'intend', 'potential', 'goal', 'strategy', 'future', 'likely', '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. Any forward-looking information provided in this document should be considered with these factors in mind. Reinet 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
Registered office: 35, boulevard Prince Henri, L-1724 Luxembourg, Tel. (+352) 22 42 10, Fax (+352) 22 72 53
Email: info@reinet.com, website: www.reinet.com
BUSINESS OVERVIEW
+----------------------------------------------------------------------+
| Net asset value |
| The net asset value ('NAV') at 30 June 2018 comprised: |
+------------------------+---------------------------------------------+
| | 30 June 2018 31 March 2018 |
|------------------------+---------------------------------------------+
| | EUR m % EUR m %|
+------------------------+-----------------+------+-------------+------+
|Listed investments | | | | |
+------------------------+-----------------+------+-------------+------+
|British American | 2 946| 60.7| 3 198| 62.4|
|Tobacco p.l.c. | | | | |
+------------------------+-----------------+------+-------------+------+
|SPDR Gold shares | 23| 0.4| 23| 0.4|
+------------------------+-----------------+------+-------------+------+
|Selecta Biosciences, | 4| 0.1| 3| -|
|Inc. | | | | |
+------------------------+-----------------+------+-------------+------+
|Unlisted investments | | | | |
+------------------------+-----------------+------+-------------+------+
|Pension Insurance | 1 237| 25.5| 1 305| 25.4|
|Corporation Group | | | | |
|Limited | | | | |
+------------------------+-----------------+------+-------------+------+
| | | | | |
+------------------------+-----------------+------+-------------+------+
|Private equity and | 795| 16.4| 736| 14.4|
|related partnerships | | | | |
+------------------------+-----------------+------+-------------+------+
|Trilantic Capital | 183| 3.8| 180| 3.5|
|Partners | | | | |
|Fund IV, Fund | | | | |
|V, TEP, TEP II, related | | | | |
|general partners and | | | | |
|management companies | | | | |
+------------------------+-----------------+------+-------------+------+
|36 South | 36| 0.7| 40| 0.8|
|macro/volatility funds | | | | |
+------------------------+-----------------+------+-------------+------+
|Asian private equity | 175| 3.6| 177| 3.5|
|and portfolio funds | | | | |
+------------------------+-----------------+------+-------------+------+
|Milestone China | 130| | 129| |
|Opportunities funds, | | | | |
|investment holdings and | | | | |
|management company | | | | |
|participation | | | | |
+------------------------+-----------------+------+-------------+------+
|Prescient China | 45| | 48| |
|Balanced Fund | | | | |
|and investment | | | | |
|management company | | | | |
+------------------------+-----------------+------+-------------+------+
|Specialised investment | 401| 8.3| 339| 6.6|
|funds | | | | |
+------------------------+-----------------+------+-------------+------+
|Vanterra C Change TEM | 24| | 24| |
|and holding companies | | | | |
+------------------------+-----------------+------+-------------+------+
|NanoDimension funds and | 42| | 54| |
|co-investment | | | | |
|opportunities | | | | |
+------------------------+-----------------+------+-------------+------+
|Fountainhead Expert | 19| | 17| |
|Fund | | | | |
+------------------------+-----------------+------+-------------+------+
|Snow Phipps funds | 101| | 90| |
|and co-investment | | | | |
|opportunities | | | | |
+------------------------+-----------------+------+-------------+------+
|Palm Lane Credit | 91| | 85| |
|Opportunities Fund | | | | |
+------------------------+-----------------+------+-------------+------+
|GAM Real Estate | 51| | 53| |
|Finance Fund | | | | |
+------------------------+-----------------+------+-------------+------+
|Other fund | 73| | 16| |
|investments | | | | |
+------------------------+-----------------+------+-------------+------+
|United States land | 88| 1.8| 83| 1.6|
|development and | | | | |
|mortgages | | | | |
+------------------------+-----------------+------+-------------+------+
|Diamond interests | 36| 0.7| 39| 0.8|
+------------------------+-----------------+------+-------------+------+
|Other investments | 59| 1.2| 59| 1.2|
+------------------------+-----------------+------+-------------+------+
|Total investments | 5 188| 106.8| 5 446| 106.2|
+------------------------+-----------------+------+-------------+------+
|Cash and liquid funds | 287| 5.9| 322| 6.3|
+------------------------+-----------------+------+-------------+------+
|Bank borrowings | | | | |
|and derivatives | | | | |
+------------------------+-----------------+------+-------------+------+
|Borrowings | (653)|(13.4)| (661)|(12.9)|
+------------------------+-----------------+------+-------------+------+
|Net derivative | 63| 1.3| 52| 1.0|
|assets | | | | |
+------------------------+-----------------+------+-------------+------+
|Other liabilities | | | | |
+------------------------+-----------------+------+-------------+------+
|Minority interest, fees | (28)| (0.6)| (32)| (0.6)|
|payable and | | | | |
|other liabilities, net | | | | |
|of other assets | | | | |
+------------------------+-----------------+------+-------------+------+
|Net asset value | 4 857| 100.0| 5 127| 100.0|
+------------------------+-----------------+------+-------------+------+
All investments are held, either directly or indirectly, by Reinet Fund S.C.A., F.I.S. ('Reinet Fund'). The Company and Reinet Fund together with Reinet Fund's subsidiaries are referred to as 'Reinet'.
INFORMATION RELATING TO CURRENT KEY INVESTMENTS
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
| | |Committed|Remaining |Invested |Realised |Current |Total |
| | |amount(1)|committed |amount(2)|proceeds(2) |fair |realised |
| | |in |amount(1) |in |in millions |value(1) in|and |
| | |millions |in millions |millions | |millions |unrealised |
| | | | | | | |value(3) in|
| | | | | | | |millions |
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Listed investments | | | | | | | |
|British American Tobacco |EUR| -| -| 1 739| 1 900| 2 946| 4 846|
|p.l.c. |GBP| -| -| 1 418| 1 563| 2 606| 4 169|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|SPDR Gold shares |EUR| 21| -| 22| -| 23| 23|
| |USD| 25| -| 25| -| 27| 27|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Selecta Biosciences, Inc. |EUR| 4| -| 4| -| 4| 4|
| |USD| 5| -| 5| -| 5| 5|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Unlisted investments | | | | | | | |
|Pension Insurance | | | | | | | |
|Corporation Group |EUR| 616| -| 663| -| 1 237| 1 237|
|Limited |GBP| 545| -| 545| -| 1 094| 1 094|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Trilantic Capital Partners |EUR| 499| 222| 290| 372| 183| 555|
|Euro investment |EUR| 87| 20| 67| 115| 51| 166|
|US dollar investment(4) |USD| 481| 236| 255| 315| 154| 469|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|36 South macro/volatility |EUR| 93| -| 93| 11| 36| 47|
|funds |EUR| 88| -| 88| 11| 32| 43|
| |USD| 6| -| 6| -| 5| 5|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Asian private equity | | | | | | | |
|and portfolio funds | | | | | | | |
|Milestone China | | | | | | | |
|Opportunities funds, investment| | | | | | | |
|holdings and | | | | | | | |
|management company |EUR| 146| 6| 124| 21| 130| 151|
|participation |USD| 169| 7| 162| 25| 152| 177|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Prescient China Balanced | | | | | | | |
|Fund and investment |EUR| 28| -| 25| -| 45| 45|
|management company |USD| 32| -| 32| -| 53| 53|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Specialised investment funds | | | | | | | |
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Vanterra C Change TEM |EUR| 61| 5| 52| 1| 24| 25|
|and holding companies |USD| 71| 6| 65| 1| 28| 29|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|NanoDimension funds | | | | | | | |
|and co-investment | | | | | | | |
|opportunities |EUR| 86| 31| 54| 1| 42| 43|
|Euro investment |EUR| 4| -| 4| 1| 3| 4|
|US dollar investment |USD| 96| 36| 60| -| 46| 46|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Fountainhead Expert |EUR| 34| 17| 15| -| 19| 19|
|Fund |USD| 40| 20| 20| -| 22| 22|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Snow Phipps funds | | | | | | | |
|and co-investment |EUR| 129| 43| 87| 4| 101| 105|
|opportunities |USD| 151| 51| 100| 5| 118| 123|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Palm Lane Credit |EUR| 60| -| 54| -| 91| 91|
|Opportunities Fund |USD| 70| -| 70| -| 106| 106|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|GAM Real Estate |EUR| 113| 34| 54| 39| 51| 90|
|Finance Fund |GBP| 100| 30| 70| 33| 45| 78|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|United States land | | | | | | | |
|development and |EUR| 184| 3| 160| -| 88| 88|
|mortgages |USD| 215| 4| 211| -| 103| 103|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
|Diamond interests(5) |EUR| 77| 2| 116| 78| 36| 114|
| |ZAR| 1 230| 40| 1 190| 1 131| 571| 1 702|
+-------------------------------+---+---------+------------+---------+------------+-----------+-----------+
(1) Calculated using 30 June 2018 foreign exchange rates.
(2) Calculated using actual foreign exchange rates at transaction date.
(3) Total of realised proceeds and current fair value.
(4) The invested amount for Trilantic Capital Partners includes an initial payment of USD 10 million.
(5) The exposure to the South African rand has been partially hedged by a forward exchange contract and borrowings in this currency.
PERFORMANCE
NET ASSET VALUE
The decrease in the net asset value ('NAV') of EUR 270 million during the quarter reflects the decrease in the fair value of certain investments, including British American Tobacco p.l.c. ('BAT') and Pension Insurance Corporation Group Limited. Partially offsetting these decreases is the dividend receivable from BAT, increases in the estimated fair value of certain investments and increases in the estimated fair value of derivative assets associated with put options related to borrowings where BAT shares are pledged as collateral.
The Company records its assets and liabilities in euro; the strengthening of the US dollar against the euro, offset by the depreciation of sterling and the South African rand against the euro has resulted in an overall increase in the value of certain assets and liabilities in euro terms. Applying the current period end exchange rates to the March 2018 assets and liabilities would have resulted in an increase in the March 2018 net asset value of some EUR 18 million.
Major items impacting the NAV and significant changes in carrying value during the quarter are described below.
BRITISH AMERICAN TOBACCO P.L.C.
The investment in BAT remains Reinet's single largest investment position and is kept under constant review, considering the company's performance, the industry outlook, cash flows from dividends, stock market performance, volatility and liquidity.
Reinet holds 68.1 million shares in BAT, representing some 2.97 per cent of BAT's issued share capital. The value of Reinet's investment in BAT amounted to EUR 2 946 million at 30 June 2018, being 60.7 per cent of Reinet's NAV (31 March 2018: EUR 3 198 million). The BAT share price on the London Stock Exchange decreased from GBP 41.31 at 31 March 2018 to GBP 38.30 at 30 June 2018, resulting in a decrease in value of EUR 232 million; the carrying value is also impacted by the weakening of sterling against the euro during the quarter, the effect of which amounts to some EUR 20 million.
BAT declared a dividend of 48.8 p per share for holders on record at 29 June 2018. The dividend of some EUR 38 million (GBP 33 million) will be paid on 8 August 2018 and has been included in the NAV as at 30 June 2018.
Further information on BAT is available at www.bat.com/annualreport.
UNLISTED INVESTMENTS
PENSION INSURANCE CORPORATION GROUP LIMITED
Pension Insurance Corporation Group Limited's ('Pension Corporation') wholly-owned subsidiary, Pension Insurance Corporation plc's ('Pension Insurance Corporation') new business pipeline in 2018 remains strong, with new business premiums of GBP 3.2 billion in the six months to 30 June 2018, the largest deals transacted being with the Siemens Benefits Scheme at GBP 1.3 billion and the PA Pension Scheme at GBP 850 million. Pension Insurance Corporation continues to source and invest in secure, long-term bilateral debt to support the payment of pensions over the life of its policyholders. Notable new investments announced during 2018 include Halton Housing, University Partnerships Programme, The Mercer's Company, Phoenix Community Housing and Accord Housing Association, totaling more than GBP 310 million.
During the second quarter of 2018, Pension Insurance Corporation entered into its sixth longevity reinsurance transaction since 2015 with Prudential Insurance Company of America who have reinsured an additional GBP 0.9 billion of longevity risk.
In the current quarter, Reinet acquired additional shares from other Pension Corporation shareholders for an amount of GBP 6.3 million. As a result, Reinet owns 43.72 per cent of Pension Corporation, up from 43.45 per cent at 31 March 2018.
Reinet's investment in Pension Corporation is carried at an estimated fair value of EUR 1 237 million at 30 June 2018 (31 March 2018: EUR 1 305 million). This value takes into account Reinet's estimate of Pension Corporation's embedded value at 31 March 2018 and valuation multiples drawn from industry data at 30 June 2018.
The decrease in estimated fair value at 30 June 2018 reflects a decrease in Pension Corporation's estimated embedded value, decreases in comparable valuation multiples being applied by the market in valuing listed companies in the UK insurance sector and the weakening of sterling against the euro in the quarter. Offsetting these decreases is a small increase in Reinet's ownership percentage as noted above. Reinet retained the 10 per cent additional valuation adjustment previously applied largely allowing for the lack of ready liquidity for this investment.
Further information on Pension Corporation is available at www.pensioncorporation.com.
PRIVATE EQUITY AND RELATED PARTNERSHIPS
TRILANTIC CAPITAL PARTNERS
Reinet's and its minority partner's investment in Trilantic Management and related funds is carried at the estimated fair value of EUR 183 million at 30 June 2018 (31 March 2018: EUR 180 million) of which EUR 4 million (31 March 2018: EUR 7 million) is attributable to the minority partner. The estimated fair value is based on unaudited valuation data provided by Trilantic Management at 31 March 2018 adjusted for changes in the value of listed investments included in the portfolios and cash movements in the quarter. The increase in the estimated fair value is due to capital contributions made in the quarter of EUR 17 million, increases in the fair values of underlying investments and the strengthening of the US dollar against the euro. This is offset by capital distributions received in the quarter of EUR 10 million and the realisation of certain underlying investments.
As at 30 June 2018, Reinet had committed a total of EUR 23 million (USD 27 million) to Trilantic Energy Partners II (North America) L.P. ('TEP II') and its general partner, and EUR 151 million (USD 176 million) to Trilantic Capital Partners VI (North America) L.P. ('Fund VI') and its general partner. TEP II had its first closing in August 2017 and Fund VI had its first closing in December 2017; each fund expects further closings in the coming months, at which time Reinet's commitment will increase in line with the overall fund size. As at 30 June 2018, TEP II and Fund VI had each made one investment.
During the period under review, gains of EUR 10 million were realised and carried interest of EUR 11 million received.
Further information on Trilantic is available at www.trilantic.com.
SPECIALISED PRIVATE EQUITY FUNDS
NANODIMENSION FUNDS AND CO-INVESTMENT OPPORTUNITIES
Reinet is a limited partner in NanoDimension I, II and III limited partnerships.
At 30 June 2018, the estimated fair value of Reinet's investment in the three funds and co-investments amounted to EUR 42 million (31 March 2018: EUR 54 million). The estimated fair value is based on unaudited valuation data received from the fund manager as at 31 March 2018 adjusted for cash invested in the current quarter. The decrease in the estimated fair value reflects decreases in the value of underlying investments offset by the strengthening of the US dollar against the euro in the quarter.
Further information on NanoDimension is available at www.nanodimension.com.
SNOW PHIPPS FUNDS AND CO-INVESTMENT OPPORTUNITIES
Reinet invests as a limited partner in Snow Phipps II, L.P., Snow Phipps III, L.P. and in four co-investment opportunities alongside Snow Phipps III, L.P.
Reinet's investment in the two funds and associated co-investments is carried at an estimated fair value of EUR 101 million at 30 June 2018 (31 March 2018: EUR 90 million), based on unaudited valuation data provided by Snow Phipps at 31 March 2018 adjusted for cash invested in the current quarter. The movement in value is due to an increase in the estimated fair value of underlying investments together with the strengthening of the US dollar against the euro in the quarter.
Further information on Snow Phipps is available at www.snowphipps.com.
OTHER FUND INVESTMENTS
Other fund investments include small, specialist funds investing in private equity businesses, property and start-up ventures.
Other fund investments are valued in total at their estimated fair value of EUR 73 million at 30 June 2018 based on valuation statements received from the fund managers (31 March 2018: EUR 16 million).
Included in this section is a limited partner investment in RLG Real Estate Partners L.P. ('RLG'), a property fund which is managed by a subsidiary of Compagnie Financière Richemont SA. RLG invests in and develops real estate properties, including luxury brand retail developments situated in prime locations throughout the world.
Reinet's investment in RLG is carried at an estimated fair value of EUR 63 million at 30 June 2018 (31 March 2018: EUR 6 million). The movement in value is due to additional capital invested in the quarter.
Further information on Reinet's investments may be found in the Reinet 2018 annual report which is available at www.reinet/investor-relations/reports.html
CASH AND LIQUID FUNDS
Reinet holds cash on deposit principally in European-based banks and in a liquidity fund holding highly rated short-term commercial paper.
Reinet's cash and liquid funds decreased from EUR 322 million at 31 March 2018 to EUR 287 million at 30 June 2018. During the quarter, the BAT dividend received amounted to EUR 38 million and Reinet invested some EUR 86 million in underlying investments, including EUR 57 million in RLG. Management fees of EUR 23 million, accrued as at 31 March 2018, were paid to Reinet Investment Advisors Limited (the 'Investment Advisor'). Payments of loans and interest amounted to EUR 7 million. Distributions from investments amounted to some EUR 39 million and other expenses amounted to EUR 2 million.
BANK BORROWINGS AND DERIVATIVES
Borrowings
In December 2016, Reinet entered into borrowing facilities with Bank of America, N.A. which permit it to drawdown the equivalent of up to GBP 250 million in a combination of currencies to fund further investment commitments. At 30 June 2018 and 31 March 2018, these facilities had not been drawn upon.
During early 2017, Reinet entered into a GBP 500 million, medium-term financing arrangement with Merrill Lynch International, which runs to 2022. At 30 June 2018, the estimated fair value of the borrowing was EUR 561 million (GBP 496 million) (31 March 2018: EUR 561 million (GBP 493 million)). The GBP 500 million financing transaction includes the purchase by Reinet of put options over approximately 15.5 million BAT shares for a premium of some EUR 92 million (GBP 79 million) payable over the life of the transaction (the 'Premium Loan'). At 30 June 2018, the Premium Loan is carried as a liability at an estimated fair value of EUR 65 million (GBP 58 million) (31 March 2018: EUR 70 million (GBP 61 million)). Some 4.6 million BAT shares have also been pledged to collateralise the premium loan and future interest payments. As part of the medium-term financing arrangement and Premium Loan a portion of BAT shares are on loan to Merrill Lynch International. The Company retains the economic benefit of all shares on loan.
Reinet has also borrowed ZAR 443 million to fund its investments in South African projects. At 30 June 2018, the estimated fair value of the borrowing was EUR 28 million (31 March 2018: EUR 30 million); the decrease in the estimated fair value is due to the weakening of the South African rand against the euro during the quarter. This loan matures in March 2020.
Derivative assets/(liabilities) – options and forward exchange contracts
As part of the aforementioned GBP 500 million medium-term financing arrangement, Reinet purchased put options which provide protection should the value of the BAT shares used to secure the borrowings fall below a certain amount. Proceeds received as a result of the put options being exercised could be used to repay the amounts borrowed in full. The put options are carried at their estimated fair value of EUR 64 million at 30 June 2018 (31 March 2018: EUR 54 million). The increase in the carrying value of the put options reflects the decrease in value of the underlying BAT shares, offset by the decrease in the time to maturity and the weakening of sterling against the euro during the period.
In September 2017, Reinet entered into a forward exchange contract to sell ZAR 230 million (31 March 2018: ZAR 230 million), which is carried at its estimated fair value of EUR 1 million (liability) at 30 June 2018 (31 March 2018: EUR 2 million (liability)). The change in value reflects the weakening of the South African rand against the euro in the quarter.
OTHER LIABILITIES
Minority interest, fees payable and other liabilities, net of other assets
The minority interest liability amounts to EUR 6 million (31 March 2018: EUR 7 million) and is in respect of a minority partner's share in the gains and losses not yet distributed to them arising from the estimated fair value movement of investments in which they have interests.
Fees payable and other liabilities comprise principally an accrual of EUR 10 million in respect of the management fee payable as at 30 June 2018 (31 March 2018: EUR 23 million), a provision for deferred taxes of EUR 15 million (31 March 2018: EUR 11 million) relating to realised and unrealised gains arising from the investments in Trilantic and Snow Phipps, and withholding and corporate taxes of EUR 31 million (31 March 2018: EUR 28 million) relating to the investment in United States land development and mortgages. Accruals and other payables amount to some EUR 4 million (31 March 2018: EUR 1 million).
No provision has been made in respect of a performance fee as at 30 June 2018 (31 March 2018: EUR nil) as the conditions required to pay a fee had not been met at that date.
The performance fee (if applicable) and management fee are payable to the Investment Advisor.
Amounts payable are offset by other assets which comprise the BAT dividend receivable of EUR 38 million; the dividend has a record date of 29 June 2018.
SHARES IN ISSUE
The number of shares in issue remained unchanged during the period at 195 942 286. This figure includes 1 000 management shares held by the General Partner.
SHARE INFORMATION
The Company's ordinary shares are listed and traded on the Luxembourg Stock Exchange (symbol 'REINI', Thomson Reuters code REIT.LU), on Euronext Amsterdam (symbol 'REINA', Thomson Reuters code REINA:AS) and on the Johannesburg Stock Exchange (symbol 'RNI', Thomson Reuters code RNIJ.J) with the ISIN number LU0383812293. 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 Manager S.A.
General Partner
For and on behalf of Reinet Investments S.C.A.
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
24 July 2018
Website: www.reinet/investor-relations/company-announcements.html
Notes for South African editors
Acknowledging the interest in Reinet's results on the part of South African investors, set out below are key figures from the results expressed in rand.
Net asset value
Using the closing euro/rand exchange rate prevailing as at 30 June 2018 of 16.0378 and a rate of 14.5837 as at 31 March 2018.
30 June 2018 31 March 2018
Net asset value ZAR 77 896 m ZAR 74 771 m
Net asset value per ordinary share ZAR 397.58 ZAR 381.66
The increase in the net asset value reflects the decrease in the net asset value in euro terms offset by the weakening of the rand during the quarter.
Date: 24/07/2018 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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