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JSE REMIHC
INVS
REMIHC - Investec Bank Limited - Adjustment To The Terms And Conditions
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 Tuesday, 28 October 2008.
All prices are indicative; assuming no market movement.
For every 100 REM holders will receive 100 REM, 40.6054 BTI and 63.6977 REI
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 REMIHC
with the same intrinsic as prior to the rights issue.
The following adjustments are made:
Factor: REM close EX / REM Theoretical close EX = 0.292239
Prior to REMIHC After the Corporate REMIHC
Corporate action
Action
Strike R142.05 Adjusted Strike R41.51
Price Price (142.05 x
factor)
Barrier R160.99 Adjusted Barrier R47.05
Level Level (160.99 x
factor)
Rebate R18.94 Adjusted Rebate R5.54
Payment Payment
(Barrier - (Barrier - Strike)
Strike)
Price R52.03 New Price R14.99
Spot R180 Spot R52.60
Position 100 New Position 342
(100/factor)
Value Value
R5203.00 R5126.58 +
R76.42 = R5203
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 12:39:01 Produced by the JSE SENS Department.
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