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JSE ANGIDD
INVS
ANGIDD - Investec Bank - adjustment to the terms and conditions of ANGIDD
INVESTEC BANK LIMITED
ADJUSTMENT TO THE TERMS AND CONDITIONS OF ANGIDD- ZAE000108627
Investec Enhanced Dividend Securities (EDS)
As a result of Anglo Gold Ashanti Limited rights issue, ANGIDD will adjust
accordingly to leave warrant holders in an equivalent cash position as prior to
the rights issue.
The example below is theoretical to give warrant holders an indication of the
adjustments made to ANGIDD following this rights issue; the final figures will
be released on close of business on Monday, 2 June 2008.
All prices are indicative.
Assuming no market movement:
For every 100 ANG holders will receive 24.60403 ANGN
ANG close EX (2 June 2008): 263.02
ANGN close EX (2 June 2008): 69.02
ANG Theoretical close EX (2 June 2008) = (263.02*100 + 69.02*24.60403)/100
= 280.00
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 ANGIDD
with the same intrinsic as prior to the rights issue.
The following adjustments are made:
Factor: ANG close EX / ANG Theoretical close EX = 0.9321
Prior to ANGIDD After the Corporate action ANGIDD
Corporate Action
Strike Price R165.00 Adjusted Strike Price R154.99
(165.00x factor)
Barrier Level R225.00 Adjusted Barrier Level R211.35
(225.00 x factor)
Rebate Payment R60.00 Adjusted Rebate Payment R56.36
(Barrier - (Barrier - Strike)
Strike)
Price R126.17 New Price R118.55
Spot R280.00 Spot R263.02
Position 100 New Position (100/factor) 106
Value R12617.00 Value R12566.30 +
Cash R50.70 =
R12617.00
Please be advised that should ANG trade below R219.00 on Monday, 2 June 2008,
Investec Bank Limited does not guarantee the warrant as ANGIDD 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: 30/05/2008 09:18:01 Produced by the JSE SENS Department.
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