ALG Newsletter - Reinet becoming PICG plus? REINET LIMITED's disposal of its entire BAT stake is set to transform the holding company and meaningfully elevate its net exposure to Pension Insurance Corporation plc (PICG). If it utilises the BAT proceeds to take out PICG minorities, it would become a UK pension dominated holding company, benefiting from the meaningful upside the UK pension risk transfer market presents. A narrowing of the current c.37% NAV discount is probable, and highly likely if proceeds are instead distributed (increasing pro-forma NAV discount to more than 53%). Reach out if you are interested in supporting and participating in Austin Lawrence Gidon research on #Reinet and #PICG. Andrew M. #UKPensions #PensionRiskTransfer #PRT #BAT
15 January 2025
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