Rupert ’s Reinet puzzle
Investment vehicle Reinet is still being spurned by the market, years after it listed. But there’s plenty on offer to (very) patient buyers
02 February 2023 - 05:00
The market is taking an intense dislike to Reinet’s investment strategy, with the Rupert family-controlled company now offering a discount of about 42% on its NAV.
The business’s market value on the JSE is R65bn, vs a supposed NAV of R113bn. The JSE price also offers a roughly 20% discount on Reinet’s two biggest investments, UK-based financial services specialist Pension Insurance Corporation (PensCorp) and British American Tobacco (BAT), which collectively account for more than three-quarters of the portfolio value. ..
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