COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE
5 MARCH 2012
REINET EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
APPROVES NEW INVESTMENT GUIDELINES
An Extraordinary General Meeting (the “EGM”) of Reinet Investments S.C.A. (the “Company”) was held in Luxembourg today to seek shareholder approval for an amendment to the investment guidelines of the Company and of its wholly-owned subsidiary Reinet Fund S.C.A., F.I.S. (“Reinet Fund”), as set out in the prospectus issued in 2008.
The amendment would vary the risk diversification policy of the Company and Reinet Fund, to permit equity participations in any one investment to exceed the 30 per cent guideline until such time Reinet Fund may gradually diversify its portfolio, taking into account prevailing market conditions.
At the EGM, a total of 139 543 824 ordinary shares (or 71.22%) and all the 1 000 management shares were represented by proxy out of a total of 195 941 286 ordinary shares and 1 000 management shares in issue.
The shareholders approved the amendment of the investment guidelines of the Company and of its wholly-owned subsidiary, Reinet Fund.
Commenting on the positive outcome of the meeting, Mr Josua Malherbe, who acted as the Chairman of the EGM, said:
Quote
The decision not to reduce our shareholding in British American Tobacco p.l.c. (“BAT shares”) over the last three years has been a conscious one. As managers we have over the period evaluated the various options available to us and we believe our decision added substantial value for the Company’s shareholders. We further believe that in these difficult times it would be wrong to dispose of such an excellent investment purely because of an arbitrary time constraint.
We are pleased that the shareholders support our decision. We have also in the last two weeks used Reinet’s substantial holding of BAT shares as security for a prudent level of borrowing to finance other investment opportunities. We will continue to evaluate the various options available to us and will choose the ones we believe will add most value to shareholders.
Unquote
Reinet Investments Manager S.A.
for and on behalf of
Reinet Investments S.C.A.
Reinet Investments S.C.A. 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., a specialised investment fund also incorporated in Luxembourg. Reinet Investments shares are listed on the Luxembourg Stock Exchange, Reinet Investments’ primary listing, and Reinet Investments South African Depository Receipts issued by Reinet Securities S.A., are listed in Johannesburg, Reinet Investments’ secondary listing. Reinet Investments shares are included in the ‘LuxX’ index of the principal shares traded on the Luxembourg exchange and the Reinet Investments South African Depositary Receipts issued by Reinet Securities S.A., are included in the JSE ‘Top 40’ Share Index.
Registered office: 35, Boulevard Prince Henri, L-1724 Luxembourg, Tel. (+352) 22 42 10, Fax (+352) 22 72 53, email: info@reinet.com , www.reinet.com