Reinet also disclosed that it had previously used 11.1 million BAT shares as collateral for loans, which have since been cleared. These shares were included in the recent placing.
Market Impact
Shares of British American Tobacco traded 1.57% lower following the announcement and are down nearly 3% year-to-date. BAT will not receive any proceeds from the sale.
Reinet has indicated that the funds raised will support its “ongoing investment activity,” but the company has not provided specific details about future plans or the motivation behind its full divestiture.
Longstanding Partnership Ends
Reinet’s 15-year involvement with BAT reflects a significant chapter in its investment history. The sale marks a strategic shift as the company reallocates resources to other ventures. Counsel information for the transaction was not immediately available, and Reinet has yet to comment further on the reasoning behind the sale.
