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JSE SBKIHC
INVS
SBKIHC - Investec Bank - Adjustment To The Terms And Conditions Of SBKIHC
INVESTEC BANK LIMITED
ADJUSTMENT TO THE TERMS AND CONDITIONS OF SBKIHC - ZAE000113510
Investec Hot Enhanced Dividend Securities (HOT EDS)
As a result of the Standard Bank Group Limited corporate action, all Standard
Bank holdings will be decreased by 11.11% at a price of R136. SBKIHC will adjust
accordingly to leave holders in an equivalent cash position as prior to the
corporate action.
To illustrate the effect of the corporate action, we will use the following
example parameters:
SBK close LDT: R93.00
SBK adjusted open EX: R87.63
SBKIHC close LDT (Spot ref: R93): R26.09
SBKIHC adjusted on LDT (Spot ref: R87.63): R19.80
Due to the adjusted spot being relatively close to the barrier, a fair
adjustment would be to adjust the strike price and barrier level to leave SBKIHC
with the same intrinsic as before the corporate action.
The following adjustments are made:
Factor: SBK LDT/SBK EX = 93/87.63
= 1.0613
Prior to Standard After the Corporate Standard Bank
Corporate Bank Group action Group Limited
Action Limited
Strike R73.50 Adjusted Strike R69.25
Price Price (73.50/factor)
Barrier R83.30 Adjusted Barrier R78.49
Level Level (83.30/factor)
Rebate R9.80 Adjusted Rebate R9.23
Payment Payment
(9.80/factor)
Price 26.0851 New Price 24.565479
Spot R93.00 Spot R87.63
Position 100 New Position 106
Value Value 2603.9408 + Cash
2608.5063 (4.565495) =
2608.5063
Accordingly, we will adjust the SBKIHC parameters and pay a cash amount for any
difference. Final levels will be announced after COB Friday.
Copies of the offering circular may be obtained from:
Investec Bank Limited
100 Grayston Drive
Sandown
Sandton
2196
For further information contact:
Investec Warrants
Tel.: 0860 103 343
E-mail: warrants@investec.co.za
Internet: www.investecwarrants.com
Sponsor
Investec Securities Limited
Member of the JSE
Registration number. 1972/008905/06)
Date: 21/02/2008 15:52:01 Produced by the JSE SENS Department.
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