Reinet has spent R48.13m plus costs on repurchasing shares
DURBAN – JSE-listed investment group Reinet Investments is continuing with its share buyback programme and has spent R48.13 million plus transaction costs repurchasing 196 439 ordinary shares from March 25 to March 29.
The group said yesterday that the shares were repurchased on the JSE at an average price of R245.02 a share, with a highest price of R249.55 and a lowest price of R237.83.
“These repurchases were made as part of the share buyback programme announced on February 6. The total number of shares repurchased under this programme to date is 1.82 million ordinary shares for a total consideration of R419.43m, plus transaction costs,” the group said.
“The purpose of the programme is to return value to the shareholders of the company. Shares repurchased under the programme may be used for any legitimate purpose, such as consideration for acquisitions,” the group said. It also announced that the Rupert family had declared its intention not to sell any shares during the duration of this programme.
The latest share buyback programme comes a week after Reinet repurchased 205 980 ordinary shares for R50.74m in the period from March 18 to March 22, at an average price of R246.32 a share.
The group is now in the second phase of its share buyback programme – from February 11 to the end of May – after it completed the first buyback programme at the end of January, where it spent R667.22m for 3.2 million ordinary shares.