Reinet has been a slow burn since it listed in 2008. Returns have been steady rather than spectacular (fitting the group’s "capital preservation" strategy) and the Rupert family investment company now has a net asset value of about £5.5bn.

Everybody knows Reinet holds a significant stake in British American Tobacco (BAT), which has prompted some investors to refer dismissively to the group as a proxy for BAT (even though shareholders were disconnected from the cash spinning tobacco company’s generous dividends). That is no longer the case...

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