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JSE REMIDE
INVS
REMIDE - Investec Bank - Adjustment to the terms and conditions of REMIDE
INVESTEC BANK LIMITED
ADJUSTMENT TO THE TERMS AND CONDITIONS OF REMIDE - ZAE000119111
Investec Enhanced Dividend Securities (EDS)
As a result of Remgro Limited corporate action, REMIDE will adjust accordingly
to leave warrant holders in an equivalent cash position as prior to the
corporate action.
The example below is theoretical to give warrant holders an indication of the
adjustments made to REMIDE following this corporate action; the final figures
will be released on close of business on Monday, 27 October 2008.
All prices are indicative.
For every 100 REM holders will receive 100 REM, 40.6054 BTI and 63.6977 REI
REM close EX (28 October 2008): 160.00
BTI close EX (28 October 2008): 5.00
REI close EX (28 October 2008): 15.00
REM Theoretical close EX (28 October 2008) = 160.00*100% + 5.00*40.6054% +
15.00*63.6977% = 171.58
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 REMIDE
with the same intrinsic as prior to the rights issue.
The following adjustments are made:
Factor: REM close EX / REM Theoretical close EX = 0.932483
Prior to REMIDE After the Corporate REMIDE
Corporate action
Action
Strike R109.99 Adjusted Strike R102.56
Price Price (109.99 x
factor)
Barrier R149.99 Adjusted Barrier R139.86
Level Level (149.99 x
factor)
Rebate R40.00 Adjusted Rebate R37.30
Payment Payment
(Barrier - (Barrier - Strike)
Strike)
Price R70.11 New Price R65.37
Spot R280.00 Spot R263.02
Position 100 New Position 107
(100/factor)
Value Value
R7011.00 R6994.59 +
Cash R16.41 =
R7011.00
Please be advised that should the Theoretical REM price trade below R149.99 on
Tuesday, 28 October 2008, Investec Bank Limited does not guarantee the warrant
as REMIDE 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: 27/10/2008 08:22:01 Produced by the JSE SENS Department.
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