Reinet -- distribution of BAT shareholding

Mon, 03 Nov 2008

Further to the restructuring of Richemont as set out in the Information Memorandum dated 15 August 2008 and the Reinet prospectus dated 10 October 2008, Reinet Investments SCA will, as previously announced, distribute 90 per cent of its interest in British American Tobacco plc ("BAT") to its shareholders and holders of Reinet Investments depositary receipts ('DRs'). The distribution is against the cancellation of 86.3 per cent of shareholders' and DR holders' interests in Reinet. Reinet shares and DRs have traded 'ex' the entitlement to the BAT distribution since Tuesday, 28 November 2008. South African Depositary Receipts trade in the ratio of 10 Reinet DRs for each Reinet share. 

During the course of Monday, 3 November 2008, Reinet will cancel 495 599 271 shares, being 86.3% of the ordinary shares in issue, and deliver 351 032 964 shares in BAT to shareholders. It is expected that the BAT shares will be credited to holders' accounts by Tuesday, 4 November 2008. Richemont 
Securities AG ('Richemont Securities') will consequently also cancel 86.3% of the DRs currently in issue and deliver BAT shares to DR holders. Subject to Remgro Ltd ("Remgro") exercising a put option granted by Reinet, Reinet will today also issue a further 30 255 541 new shares in exchange for a contribution by Remgro of 21 430 000 BAT shares. Upon receipt of such BAT shares from Remgro, Reinet shall issue these new shares in the form of 302 555 410 DRs directly to Remgro shareholders. Following the Reinet reduction of capital and the capital increase as a consequence of the Remgro contribution, Reinet will have 108 856 270 ordinary shares outstanding (in addition to the 1 000 management shares in issue) and will hold 60 433 663 BAT shares.