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JSE REMIDE
INVS
REMIDE - Investec Bank Limited - Adjustment To The Terms And Conditions
INVESTEC BANK LIMITED
ADJUSTMENT TO THE TERMS AND CONDITIONS OF REMIDE- ZAE000119111
This SENS announcement reflects the same methodology as previous but with more
relevant prices of the underlying.
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 Tuesday, 28 October 2008.
All prices are indicative; assuming no market movement.
REM close Ldt (27 October 2008): 180.00
REM close Ex (28 October 2008): 52.60
BTI close EX (28 October 2008): 282.37
REI close EX (28 October 2008): 20.00
REM Theoretical close Ex (28 October 08) = 52.60*100% + 282.37*40.6054% +
20*63.6977% = 180
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 = 0.292239
Prior to REMIDE After the Corporate REMIDE
Corporate action
Action
Strike R109.99 Adjusted Strike R32.14
Price Price (109.99 x
factor)
Barrier R149.99 Adjusted Barrier R43.83
Level Level (149.99 x
factor)
Rebate R40.00 Adjusted Rebate R11.69
Payment Payment
(Barrier - (Barrier - Strike)
Strike)
Price R79.50 New Price R23.15
Spot R180 Spot R52.60
Position 100 New Position 342
(100/factor)
Value Value
R7950.00 R7917.30 +
R32.70 = R7950
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 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 12:38:01 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.
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