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JSE REMIHC
INVS
REMIHC - Investec Bank - Adjustment to the terms and conditions of REMIHC
INVESTEC BANK LIMITED
ADJUSTMENT TO THE TERMS AND CONDITIONS OF REMIHC - ZAE000123741
Investec Enhanced Dividend Securities (EDS)
As a result of Remgro Limited corporate action, REMIHC 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 REMIHC 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 REMIHC
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 REMIHC After the Corporate action REMIHC
Corporate
Action
Strike R142.05 Adjusted Strike Price (142.05 x factor) R132.46
Price
Barrier R160.99 Adjusted Barrier Level (149.99 x R150.12
Level factor)
Rebate R18.94 Adjusted Rebate Payment (Barrier R17.66
Payment - Strike)
(Barrier -
Strike)
Price R41.74 New Price R38.91
Spot R171.58 Spot R160.00
Position 100 New Position (100/factor) 107
Value Value
R22293.78 R22234.38
Please be advised that should the Theoretical REM price trade below R160.99 on
Tuesday, 28 October 2008, Investec Bank Limited does not guarantee the warrant
as REMIHC 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 08:23:01 Produced by the JSE SENS Department.
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