19/04/2010 A generic pic of the JSE board at Sandton JHB.
Photo: Leon Nicholas
19/04/2010 A generic pic of the JSE board at Sandton JHB. Photo: Leon Nicholas

Reinet in major share buy-back

By Sandile Mchunu Time of article published Jan 9, 2019

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JOHANNESBURG – Investment group Reinet Investments announced that it has splashed R26.62million yesterday in a share buy-back programme by repurchasing 124437 ordinary shares on the JSE at an average price of R213 a share plus transaction costs.

The share buy-back was conducted between December 31 and January 4.

The group said it paid R218.02 a share for the highest price and R210.75 for the lowest price.

“These repurchases were made as part of the share buyback programme announced on November 19, 2018,” Reinet said in a statement.

The company added that a total number of shares repurchased under this programme to date is 2.20 million ordinary shares for a total consideration of some R462.34m plus transaction costs.

Reinet share price was up by 1.29 percent to R206.59 yesterday afternoon and closed 1.73percent higher at R207.68 on the JSE yesterday.

Reinet announced in November that it would commence a share buy-back programme at market price for an aggregate maximum amount of 55m (R875m), subject to a maximum of 3.2 million shares over a period ending March 15 at the latest.

The group said the purpose of the programme was 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.

The group announced in November that the programme would be executed within the limits of the existing authority granted by the company's shareholders at the annual general meeting held on August 28 last year.

The group also announced that the Rupert family had declared its intention not to sell any shares during the duration of this programme.

Reinet's investment in British American Tobacco (BAT) remains its single largest investment position. It holds 68.1million shares in BAT, representing 2.97percent of BAT’s issued share capital.

The value of Reinet’s investment in BAT amounted to 2.74billion at the end of September.

In the six months to end September, Reinet reported a loss of 251m, improving on a loss of 572m reported in 2017 and a loss per share of 1.28 euro cents, down from a year ago of 2.92 euro cents.


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