REINET INVESTMENTS S.C.A. COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE
13 FEBRUARY 2020
REINET FUND S.C.A., F.I.S. ("REINET FUND") - INVESTMENT IN PENSION INSURANCE CORPORATION
On 28 January 2020, Reinet Investments S.C.A. ("Reinet") announced that its wholly-owned subsidiary, Reinet Fund, would consider the proposed issuance of up to £ 750 million of new equity (the "Capital Raise") by Pension Insurance Corporation Group Limited ("PICG").
Following PICG's confirmation today that the Capital Raise has been subscribed in full, Reinet is pleased to announce that Reinet Fund has subscribed for an aggregate amount of £ 437.8 million (the "Subscription Price"), representing 58.4% of the total capital raised.
The shares issued by PICG in the context of the Capital Raise are to be partly paid up on issue as to 60% of the total Subscription Price, with the remaining 40% callable upon request from PICG on or prior to 26 January 2021.
Once the new ordinary shares are issued Reinet Fund's shareholding in PICG will increase from 43.7% to 46.4% and upon payment of the full Subscription Price its total investment in PICG since 2012 will amount to £ 982.7 million.
Reinet Fund will use available cash resources to fund the payment of the Subscription Price, which includes proceeds of £ 250 million from 7.3 million British American Tobacco p.l.c. shares sold in the open market since 1 January 2020.
A public announcement from PICG following the completion of the Capital Raise can be found at https://www.pensioncorporation.com/media/press-releases/.
Reinet Investments Manager S.A.
for and on behalf of Reinet Investments S.C.A.
Website: www.reinet/investor-relations/company-announcements.html
| Provider | Channel | Contact | ||
|---|---|---|---|---|
|
EQS Group Ltd., Switzerland switzerland.eqs.com |
newsbox.ch www.newsbox.ch |
Provider/Channel related enquiries cs.switzerland@eqs.com +41 41 763 00 50 |
