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Reinet Investments, a R90 billion investment vehicle chaired by Johann Rupert, said yesterday that the net assets per share of its Reinet fund had fallen slightly to 30.11 euros as of June 30, 2021, from 31.44 euros. at the end of March 2021.
Reinet Investments holds the entire share capital of the Reinet Fund of 171.3 million shares. In addition, Reinet Fund Manager holds 1,000 Reinet Fund management shares.
The net asset value (NAV) of the Reinet Fund stood at 5.16 billion euros (approximately 89.1 billion rand) as of June 30, a decrease of 228 million euros compared to March 31, 2021.
Its net asset value per share was about a 45% discount to the Reinet Investments share price, which yesterday traded 0.6% at R283.64 on the JSE, although the double digits are not strictly comparable.
âThe net asset value reflects Reinet Fund’s interest in Pension Insurance Corporation Group (Penscorp), British American Tobacco (BAT), its other investments and cash resources, as well as other assets and liabilities. Assets and liabilities have been revalued at their estimated fair values ââas of June 30, 2021, âthe group said in a press release.
The consolidated balance sheet of Reinet Investments also reflects the other assets and liabilities of the parent company, including cash and amounts payable or receivable from Reinet Fund.
The NAV of Reinet Investments, which had to be published in due time, was therefore different from that of Reinet Fund.
Nevertheless, the NAV of the Reinet Fund represents a substantial element of the consolidated balance sheet of Reinet Investments as of June 30, 2021.
During the year up to the end of March 2021, the net asset value of Reinet Investment increased by 22.3% mainly due to the increase in the value of investments in Penscorp and BAT.
During this period, Reinet Investments had reduced its stake in BAT to around one-third of its portfolio by 40 percent while its investment in Penscorp amounted to 51.2 percent of its portfolio.
Reinet is the largest shareholder of Penscorp, with a 49.38% stake on June 16, 2021. Penscorp provides retirement income, and it had insured 273,500 pension plan members and held Â£ 49.6 billion in accumulated financial investments, as of December 31, 2020.
The BAT share price on the JSE barely rose from R549.84 on April 1 to R551.93 yesterday on the JSE.
Reinet Investments, based in Luxembourg, is listed on the Luxembourg Stock Exchange, Euronext Amsterdam and has a secondary listing on the JSE.