Reinet’s UK pension bet partially offsets tobacco woes

Johann Rupert’s Reinet Investments, which owns about 3% of British American Tobacco , says an increase in the value of its stake in UK insurer Pension Corporation has partially made up for BAT’s share decline.

This mainly reflected the decrease in the share price of BAT to £31.94 from £41.31 over the period, said Rupert, the chairman of Reinet.“Offsetting these decreases is an increase in the value of Pension Corporation of €175m, dividends received and receivable of €148m from BAT, together with the positive impact of the strengthening of the US dollar and sterling against the euro during the year,” Rupert said.The investment in BAT represented about 52.

“We are confident that BAT remains an attractive long-term investment and that the current industry challenges will be appropriately managed,” he said."The outlook remains positive for Pension Corporation as it is very well placed to compete for the ever-increasing pipeline of business coming to market in the UK,” Rupert said.

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