Reinet Investments’ Net Asset Value Declines, Proposes Higher Dividend for Shareholders

Reinet Investments Transaction Disclosure
  • Reinet Investments S.C.A. reports a decrease in net asset value for the year ended March 31, 2023.
  • The company proposes an increased dividend of €0.30 per share after the 2023 annual general meeting, representing a 7% increase from the previous year.
  • Reinet Investments completes its fifth share buyback program, repurchasing 2.5 million ordinary shares for €49 million.

Luxembourg-based investment firm Reinet Investments S.C.A. has announced its consolidated audited financial results for the fiscal year ending on March 31, 2023. Despite facing a decrease in net asset value, the company has proposed an increased dividend for the year, emphasizing its commitment to delivering value to shareholders. The financial figures provided in euros have been converted to South African Rand (ZAR) for the convenience of South African readers.

Reinet Investments, which operates as a partnership limited by shares and is governed by Luxembourg’s securitisation laws, enables its shareholders to indirectly participate in the asset portfolio of its wholly-owned subsidiary, Reinet Fund S.C.A., F.I.S.

The company’s net asset value currently stands at €5.7 billion, which, when converted to ZAR at an exchange rate of 1 Euro (€) to 20.76 South African Rand (ZAR), reflects approximately ZAR 118.33 billion. This value represents a compound growth rate of 8.8% per annum in euro terms since March 2009, including dividends paid.

However, the net asset value as of March 31, 2023, has experienced a decline of approximately €170 million or 2.9% from the previous year’s figure of €5,890 million. This decrease, when converted to ZAR, corresponds to approximately ZAR 3.53 billion.

On a per-share basis, the net asset value as of March 31, 2023, amounts to approximately €31.46 or ZAR 652.89 per share. This represents a decrease compared to the previous year’s net asset value per share, which was €31.99 or ZAR 664.57.

Throughout the year, Reinet Investments successfully completed its fifth share buyback program, repurchasing 2.5 million ordinary shares for a total consideration of approximately €49 million, excluding transaction costs. This initiative indicates the company’s confidence in its long-term prospects and signifies that the repurchased shares are viewed as an attractive investment opportunity.

Reinet Investments made commitments totaling approximately €332 million (ZAR 6.89 billion) for new and existing investments during the fiscal year. Notably, the commitments include a significant investment of approximately €278 million (ZAR 5.77 billion) in Coatue funds, among others. To fund these commitments, approximately €171 million (ZAR 3.55 billion) was utilized, with €63 million (ZAR 1.31 billion) allocated to TruArc Partners and €50 million (ZAR 1.04 billion) allocated to Coatue funds.

During the year, dividends from one of Reinet Investments’ holdings, British American Tobacco, amounted to approximately €122 million (ZAR 2.53 billion).

Moreover, Reinet Investments distributed a dividend of approximately €51 million (ZAR 1.06 billion), or €0.28 (ZAR 5.81) per share (excluding treasury shares), during the reporting period.

Looking ahead, Reinet Investments has proposed a dividend of approximately €0.30 (ZAR 6.22) per share, which will be payable after the 2023 annual general meeting. This proposed dividend represents a 7% increase compared to the prior year’s dividend of €0.28 (ZAR 5.81) per share. The company’s decision to raise the dividend underscores its commitment to delivering value and rewarding its shareholders.

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