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Reinet Investments S.C.A. Depositary Receipts issued by Reinet Securities SA (Incorporated in Switzerland) ISIN: CH0045793657 Depositary Receipt Code: REI REINET INVESTMENT IN PENSION CORPORATION
On 27 May 2011, Reinet Investments S.C.A. announced that its wholly-owned subsidiary, Reinet Fund S.C.A., F.I.S. (Reinet), was in exclusive negotiations with Pension Corporation and its key stakeholders for a transaction involving an investment by Reinet of approximately Pound 400 million through which it would become a principal shareholder in the pension insurance business of Pension Corporation. Pension Corporation is one of the UKs leading providers of risk management solutions to defined benefit pension funds.
Reinet is pleased to announce that it has agreed to enter into definitive agreements to invest in the pension insurance business of Pension Corporation, subject to the fulfilment of certain conditions precedent, including regulatory and other approvals.
Under the terms of the agreement, Reinet has committed to invest up to Pound 400 million on the basis of a valuation of Pension Corporations insurance business of Pound 525 million before the capital increase but after closing adjustments. Of the Pound 400 million investment, Pound 100 million will be contributed at closing; the remainder is expected to be drawn down as required over a maximum period of five years. Reinet will have voting and governance rights from closing commensurate with its proposed investment.
Pension Corporations UK insurance subsidiary, Pension Insurance Corporation, is authorised and regulated as an insurance company by the Financial Services Authority in the United Kingdom. It has c. Pound 5.5 billion in assets and has insured almost 60 000 pension fund members. Clients include FTSE 100 companies, multinationals and the public sector. Pension Corporation concluded the first UK public sector backed pension insurance buyout and the first buyout over Pound 1 billion.
A further announcement will be made upon fulfilment of all conditions precedent and completion of the transaction. About Reinet
At 31 March 2012, the net asset value of Reinet Investments S.C.A. was Euro 3A 649 million. Reinet Investments S.C.A. is structured as a securitization vehicle through which its shareholders 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 incorporated in Luxembourg. Reinet Investments S.C.A. shares are listed on the Luxembourg Stock Exchange, its primary listing, and Reinet Investments South African Depository Receipts are listed in Johannesburg, its secondary listing. 04 July 2012 Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
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