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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
Investec Enhanced Dividend Securities (EDS)
As a result of Remgro Limited corporate action, REMIDE is adjusted accordingly
to leave warrant holders in an equivalent cash position as prior to the
corporate action.
REM close Ldt(27 October 2008): 185.50
REM close Ex (28 October 2008): 61.00
BTI close EX (28 October 2008): 274.25
REI close EX (28 October 2008): 12.60
REM Theoretical close Ex (28 October 08) = 61.00*100% + 274.25*40.6054% +
12.60*63.6977% = 180.39
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 = 0.338163
Prior to REMIDE After the Corporate REMIDE
Corporate action
Action
Strike R109.99 Adjusted Strike R61.00
Price Price (109.99 x
factor)
Barrier R149.99 Adjusted Barrier R50.72
Level Level (149.99 x
factor)
Rebate R40.00 Adjusted Rebate R13.53
Payment Payment
(Barrier - (Barrier - Strike)
Strike)
Price R80.04 New Price R26.99
Spot R180.39 Spot R61.00
Position 100 New Position 295
(100/factor)
Value Value
R8004.00 R7962.05 +
R41.95 = R
8004.00
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: 29/10/2008 08:34:01 Produced by the JSE SENS Department.
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