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JSE REMIHC
INVS
REMIHC - Investec Bank - Amendment To The Adjustment To The Terms And Conditions
Of REMIHC
Investec Bank Limited
AMENDMENT TO THE ADJUSTMENT TO THE TERMS AND CONDITIONS OF REMIHC- ZAE000123741
RELEASED ON THE 28 OCTOBER 2008
PLESE NOTE THAT THIS ANNOUNCEMENT SHOULD REFLECT THE DETAILS OF REMIHC AS
AMENDED BELOW.
WE APOLOGISE FOR ANY INCONVENIENCE CAUSED BY THE ERROR.
Investec Hot Enhanced Dividend Securities (HOT EDS)
As a result of Remgro Limited corporate action, REMIHC 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 REMIHC
with the same intrinsic as prior to the rights issue.
The following adjustments are made:
Factor: REM close EX / REM Theoretical close EX = 0.338163
Prior to REMIHC After the Corporate REMIHC
Corporate action
Action
Strike R142.05 Adjusted Strike R48.04
Price Price (142.05 x
factor)
Barrier R160.99 Adjusted Barrier R54.44
Level Level (160.99 x
factor)
Rebate R18.94 Adjusted Rebate R6.40
Payment Payment
(Barrier - (Barrier - Strike)
Strike)
Price R52.70 New Price R17.63
Spot R180.39 Spot R61.00
Position 100 New Position 295
(100/factor)
Value Value
R5,270 R5200.85. +
R69.15 = R 5,270
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: 31/10/2008 16:05:01 Produced by the JSE SENS Department.
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