Reinet bolstered by BAT

Johannesburg - Specialised investment fund out of Luxembourg, Reinet Investments [JSE:REI] with depository receipts listed in Johannesburg, grew its net asset value by €201m over the six-month period ended 30 September 2010.

This largely reflects the increase in value of its principal investment, British American Tobacco (BAT).

Reinet remains one of the largest shareholders in BAT, holding about 84 million shares representing 4.2% of BAT's capital.

Reinet received dividends from BAT during the period amounting to €103m which was BAT's final 2009 dividend and its 2010 interim dividend.

Cash and liquid funds increased by €28m, as investment income was utilised to fund new investments and meet commitments in respect of existing investments.
 
Since its creation in October 2008, Reinet has entered into funding commitments of 403m and has remaining commitments of €335m million in entities held in its portfolio.