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JSE IPLIHC
INVS
IPLIHC - Investec Bank Limited - Adjustment To The Terms And Conditions Of
IPLIHC
INVESTEC BANK LIMITED
ADJUSTMENT TO THE TERMS AND CONDITIONS OF IPLIHC- ZAE000115465
Investec Hot Enhanced Dividend Securities (HOT EDS)
As a result of Imperial Holdings Limited unbundling, IPLIHC will adjust
accordingly to leave warrant holders in an equivalent cash position as prior to
the unbundling.
The example below is theoretical to give warrant holders an indication of IPLIHC
following this unbundling, the final figures will be released on close of
business on Monday, 12 May 2008.
Assuming no market changes:
IPL close LDT (9 May 2008): R80.00
IPL adjusted open EX (12 May 2008): R65.00
EQS close EX (12 May 2008): R15.00
IPL theoretical close EX (12 May 2008): R65.00 + R15.00 = R80.00
IPLIHC close LDT (Spot ref: R80.00): R29.0544
IPLIHC adjusted on LDT (Spot ref: R65.00): R23.6061
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 IPLIHC
with the same intrinsic as prior to the unbundling.
The following adjustments are made:
Factor: IPL close EX/IPL Theoretical close EX = 0.8125
Prior to After the Corporate
Corporate action
Action
Strike R56.33 Adjusted Strike R45.77
Price Price (56.330 x
factor)
Barrier R63.84 Adjusted Barrier R51.87
Level Level (63.84 x
factor)
Rebate R7.51 Adjusted Rebate R6.10
Payment Payment (Barrier -
Strike)
Price R29.0544 New Price R23.6061
Spot R80.00 Spot R65.00
Position 100 New Position 123.08
(100/factor)
Value Value
2905.44 2905.44
Please be advised that should IPL trade below R47.50 on Monday, 12 May 2008,
Investec Bank Limited does not guarantee the warrant as IPLIHC will barrier and
this is as a result of market movement.
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: 09/05/2008 12:18:01 Produced by the JSE SENS Department.
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