COMPANY COMMENT
Rupert’s Reinet buys more PensCorp shares
UK-based financial services business Pension Insurance Corporation now represents more than 30% of Reinet’s net asset value
Long-time Reinet observers will know, by now, that nothing happens too fast at this Rupert family-controlled investment company that is intensely focused on capital preservation. But perhaps one small development is worth noting in the just-released year to end-March financial statements; the acquisition of more shares in unlisted UK-based financial services business Pension Insurance Corporation (PensCorp). Reinet acquired additional shares from other Pension Corporation shareholders for £6.3m, pushing its stake in the specialist insurer of UK defined benefit pension funds to 43.72% (previously 43.45%). Admittedly, this is not the biggest deal. But Reinet’s investment in PensCorp is now carried at a not insubstantial €1.48bn — up €175m on 2018. PensCorp now represents more than 30% of Reinet’s net asset value (NAV), and is gradually filtering out the influence of British American Tobacco (BAT), which remains Reinet’s biggest investment. Reinet’s valuation of PensCorp may even be co...
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