Weak pound clobbers Rupert family’s jewels
Investment company Reinet increases its interim dividend by 12% even as the value of its two biggest investments fell by more than R10bn over the period
16 November 2022 - 16:29
Reinet, the international investment company controlled by the Rupert family, on Wednesday said a weaker pound destroyed more than €600m (R10bn) of value in some of its biggest investments, including British American Tobacco (BAT).
The decline of the pound against the euro was the main factor behind declines of €551m (R9.9bn) and €56m, respectively, in the net asset value (NAV) of its investments in UK-based financial services group Pension Insurance Corporation (PensCorp) — its biggest asset — and BAT for the six months to end-September, the group said...
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