| Fri 13 Feb 2009, 13:10 | | SBR001 - The Standard Bank Of South Africa - Announcement in relation to the |
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JSE SBR001SBR003
SBR
SBR001 - The Standard Bank Of South Africa - Announcement in relation to the
Redemption of SBR001 Retail Deposit Notes listed on the JSE due 17 February 2009
and a Switch Offer to Noteholders of SBR001 Retail Deposit Notes of a specified
number of SBR003 Retail Deposit Notes (listed on the JSE and due
5 November 2013) in lieu of cash
THE STANDARD BANK OF SOUTH AFRICA LIMITED
Stock Code: SBR001
ISIN Code: ZAE000077780
With reference to the previous Switch Option Notice which was furnished to
Noteholders on 29 January 2009, Notice is hereby given to Noteholders as
follows:
1 The Standard Bank of South Africa Limited intends redeeming, in full, the
entire issuing of SBR001 Retail Deposit Notes due on 17 February 2009.
2 The Standard Bank of South Africa Limited has offered to Noteholders of
SBR001 Retail Deposit Notes a switch option in lieu of cash (the "Switch
Option") whereby Noteholders are entitled to exchange their holding of
SBR001 Retail Deposit Notes into a specified holding of SBR003 Retail
Deposit Notes (ISIN: ZAE000128195).
Details of the redemption of SBR001 Retail Deposit Notes are as follows:
* Total issue to be redeemed: ZAR 175,000,000
* Total notes in issue: 1,750,000
* SBR001 Maturity date: 17 February 2009
* SBR001 Coupon: 3-month JIBAR payable quarterly
* Status: Deposit (Senior unsecured)
* Last Date to Trade in respect of the redemption: 6 February 2009
* Suspension of listing: 9 February 2009
* SBR001 Record Date in respect of the redemption: 13 February 2009
* Payment date: 17 February 2009
* SBR001 Note expires at the close of trade on 17 February 2009
* Listing: JSE and BESA
* Trading: JSE
* ISIN: ZAE000077780
* Law: South African
* Denominations: R100
* Redemption cash amount: ZAR100 per note
* Sole lead manager: The Standard Bank of South Africa Limited, acting
through its corporate and investment banking division
Details of the Switch Option of SBR001 Retail Deposit Notes into SBR003 Retail
Deposit Notes are as follows:
* SBR001 Noteholders were advised that partial elections of cash redemption
and/or Switch Option were allowed
* Switch Option Ratio: 99.373944 SBR003 Notes per 100 SBR001 Notes(as per the
SBR003 closing price on 12 February 2009 of ZAR100.63)
* Switch Option Ratio Calculation Method: Nominal value of SBR001 Notes to be
switched divided by the closing price of the SBR003 Notes on the day
immediately preceding the SBR001 Record Date (being 12 February 2009)
* New SBR003 Unit Allocation: Rounding convention for the SBR003 Retail
Deposit Notes allocated will be rounded down to the nearest whole number
and cash in lieu of fractions will be paid to Noteholders
* Record Date in order to participate in the cash redemption and/or Switch
Option: 13 February 2009
* New SBR003 units issued and Central Securities Depository Participants
("CSDP") and/or broker accounts credited in respect of the exercise of the
election to receive the cash redemption and/or the Switch Option: 17
February 2009
* Results of elections to participate in the cash redemption and/or Switch
Option to be released on SENS: 17 February 2009
* Noteholders electing the Switch Option are advised that trading in the new
SBR003 units will be effective on 17 February 2009
* SBR001 Noteholders who fail to make any election will have their holding of
SBR001 Retail Deposit Notes redeemed in full
Details of the SBR003 Notes are as follows:
* Total issued to date: ZAR 320,000,000
* Total notes in issue: 3,200,000
* SBR003 Maturity date: 5 November 2013
* SBR003 Coupon: 3-month JIBAR + 30 basis points payable quarterly
* Status: Deposit (Senior unsecured)
* Last Date to Trade in respect of the 2nd Interest Period: 22 April 2009
* SBR003 Record Date in respect of the 2nd Interest Period: 30 April 2009
* 2nd Interest Payment Date: 05 May 2009
* Listing: JSE and BESA
* Trading: JSE
* ISIN: ZAE000128195
* Law: South African
* Denominations: R100
* Sole lead manager: The Standard Bank of South Africa Limited, acting
through its corporate and investment banking division
Dated 13 February 2009
For further information contact:
The Standard Bank of South Africa Limited
Alexi Contogiannis
Tel (011) 378 7003
Email:alexi.contogiannis@standardbank.co.za
Date: 13/02/2009 13:10:02 Produced by the JSE SENS Department.
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