Invest HOldCo (REM & REI): 22 September 2017 (REM FY'17 results, Unilever deal)
REM's FY '17 results contained few explicit developments or insights themselves (DFA is still doing very well, for example). However, REM's management have taken an increasingly active approach to managing the portfolio in recent years, as further evidenced by today's announcement of the Unilever sale (and retention of the Spreads portfolio and receipt of R4.9bn in cash) and the ongoing process to collapse the Distell-Capevin structure (both incrementally value accretive for REM's NAV). While the assorted Mediclinic transactions and Brexit have seen REM underperform the FINDI more recently, management are clearly looking to position the group for longer-term growth and value accretion.Meanwhile, Pension Insurance Corporation's H1 '17 results appeared generally supportive of the investment's valuation in the REI NAV.
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