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JSE REIIDA
INVS
REIIDA - Investec Bank Limited - Adjustment To The Terms And Conditions
INVESTEC BANK LIMITED
ADJUSTMENT TO THE TERMS AND CONDITIONS OF REIIDA- ZAE000128567
Investec Enhanced Dividend Securities (EDS)
As a result of Reinet Investments SCA corporate action, the REIIDA position 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 the REIIDA position following this corporate action; the
final figures will be released on close of business on Tuesday, 28 October 2008.
As per the stock, for every 100 REIIDA prior to the corporate action, holders
will retain 13 REIIDA post the corporate action plus any resulting profit or
loss from the sale of BTI at VWAP over fair close.
All prices are indicative.
Eg.
REI close Ldt (27 October 2008): 20.00
BTI Fair Open Ex (28 October 2008): 20.00/0.07083 = 282.37
Prior to REIIDA After the Adjustment REIIDA
Adjustment
Strike R10.45 Strike Price R10.45
Price
Barrier R14.25 Barrier Level R14.25
Level
Rebate R3.80 Rebate Payment R3.80
Payment (Barrier - Strike)
(Barrier -
Strike)
Price R10.84 Price R10.84
Spot R20.00 Spot R20.00
Position 100 New Position 13
(100*13.7%)
(Rounded down)
Value Value
R1084.00 R140.92 +
R943.08 =
R1084.00
Cash Payout on Option = R943.08
If BTI VWAP Ex (28 October 08): 350
BTI VWAP - BTI Fair Open = (350.00 - 282.37) = 67.63
No. of BTI = 100*86.3%*0.07083 = 6.112629
Cash Payout on BTI = 6.112629*67.63 = 413.42
Total Cash Payout = R413.42 + R943.08 = R1356.50
If BTI VWAP Ex (28 October 08): 250
BTI VWAP - BTI Fair Open = (250.00 - 282.37) = -32.37
No. of BTI = 100*86.3%*0.07083 = 6.112629
Cash Payout on BTI = 6.112629*-32.37 = -197.84
Total Cash Payout =-R197.84 + R943.08 = R745.24
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 14:44:13 Produced by the JSE SENS Department.
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