|
JSE TBSIDD
INVS
TBSIDD - Investec Bank - Adjustment To The Terms And Conditions Of TBSIDD
INVESTEC BANK LIMITED
ADJUSTMENT TO THE TERMS AND CONDITIONS OF TBSIDD- ZAE000115499
Investec Enhanced Dividend Securities (EDS)
As a result of Tiger Brands Limited unbundling, TBSIDD 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 the
adjustments made to TBSIDD following this unbundling; the final figures will be
released on close of business on Monday, 25 August 2008.
For every 100 TBS the holder will receive 100 API.
All prices are indicative.
Assuming no market movement:
TBS close LDT (22 August 2008): 160.00
TBS close EX (25 August 2008): 130.00
API close EX (25 August 2008): 25.00
TBS Theoretical close EX (25 August 2008) = (130.00+25.00) = 155.00
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 TBSIDD
with the same intrinsic as prior to the unbundling.
The following adjustments are made:
Factor: TBS close EX / TBS Theoretical close EX = 0.838709677419355
Prior to TBSIDD After the Corporate TBSIDD
Corporate action
Action
Strike R71.78 Adjusted Strike R60.20
Price Price (71.78x
factor)
Barrier R97.88 Adjusted Barrier R82.09
Level Level (97.88 x
factor)
Rebate R26.10 Adjusted Rebate R21.89
Payment Payment
(Barrier - (Barrier - Strike)
Strike)
Price R86.42 New Price R72.52
Spot R155 Spot R130
Position 100 New Position 119
(100/factor)
Value Value
R8643.00 R 8629.88 +
Cash R13.12=
R8643.00
Please be advised that should TBS trade below R58.00 on Monday, 25 August 2008,
Investec Bank Limited does not guarantee the warrant as TBSIDD 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: 21/08/2008 17:52:40 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
