DURBAN – JSE-listed Investment group Reinet Investments announced on Friday that it had completed its share buyback programme after it repurchased a total of 3.2 million shares for a total consideration of R667.22 million at an average of R208.51 a share, plus transaction costs.
The group said the shares repurchased would be held as treasury shares. Reinet announced the commencement of the programme in November last year after it was granted the authority during the company's annual general meeting on August 28.
The group said the buyback programme was completed on January 30.
The last of the 10 share buyback programmes was conducted between January 28 and January 30, where the group repurchased 17 1872 ordinary shares on the JSE at an average price of R199.57 and it paid R204.03 a share for the highest price and R193.19 for the lowest, for a total consideration of R34.30m.
The company said the purpose of the programme was to return value to the shareholders of the company.
Reinet has invested in both listed and unlisted companies and its investment in British American Tobacco (BAT) remains its single largest investment position.
It holds 68.1 million shares in BAT, representing 2.97 percent of BAT’s issued share capital.
The value of Reinet’s investment in BAT amounted to 2.74 billion (R41.73bn) at the end of September.
Last week, the group also reported 16.67 percent decline in its net asset value per share for the third quarter to end December to 20.10 a share, down from 24.71 compared with last year.