BAT dividend boosts Reinet net asset value a share
DURBAN – Reinet Investments reported a 14percent increase in its net asset value a share to 29.62 (R469.68) in the third quarter to end December, up from 25.44 compared with the second quarter, boosted by its investment in British American Tobacco (BAT).
Reinet received 74million as dividend income from BAT during the quarter.
However, the investment group also sold 2.6million BAT shares for total proceeds of 98m during the period.
Reinet said on Friday that BAT remained its single largest investment position and was kept under constant review, considering the company’s performance, the industry outlook, cash flows from dividends, stock market performance, volatility and liquidity.
As a result, Reinet holds 65.4million shares in BAT by the end of December, which represents 2.85percent of BAT’s issued share capital.
Source: iol.co.za