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JSE TKGIDF
INVS
TKGIDF - Investec Bank - Indicative adjustment to the terms and conditions
INVESTEC BANK LIMITED
INDICATIVE ADJUSTMENT TO THE TERMS AND CONDITIONS OF TKGIDF - ZAE000130282
Investec Enhanced Dividend Securities (EDS)
As a result of the Telkom SA Limited special dividend, warrant holders are
entitled to receive R2.60 for every warrant held. On "Ex" date the special
dividend will result in a reduction of the share price, which may result in a
breach of the stop loss level of R27.58.
Investec will determine the effect of the special dividend on the stop loss
level on close LDT 10 July 2009.
In the event that the stop loss is not compromised, as aforementioned warrant
holders will receive the special dividend of R2.60.
However, prior to the LDT of the special dividend, should Investec believe that
the drop in share price associated with the corporate action result in the share
trading below or close to the stop loss level; warrant holders will not be
entitled to the special dividend of R2.60. Investec will adjust the terms and
conditions of TKGIDF in accordance with the indicative adjustments. This will
leave warrant holders in the same economic position as prior to the special
dividend.
E.g.
TKG close LDT (10 July 2009): 36.79
TKG special dividend (Ex 13 July 2009): 2.60
TKG Theoretical close EX (13 July 2009) = 36.79-2.60 = 34.19 (Assuming no market
movement.)
The following adjustments will be made:
Factor: TKG Theoretical close EX (13 July 2009) / TKG close LDT (10 July 2009) =
0.929329
Prior to TKGIDF After the Corporate TKGIDF
Corporate action
Action
Strike R20.22 Adjusted Strike R18.79
Price Price (R20.22x
factor)
Barrier R27.58 Adjusted Barrier R25.63
Level Level (R27.58.00 x
factor)
Rebate R7.36 Adjusted Rebate R6.84
Payment Payment
(Barrier - (Barrier - Strike)
Strike)
Price R17.16 New Price R15.95
Spot R36.79 Spot R34.19
Position 100 New Position 107
(100/factor)
Value Value
R1716.00 R1706.65 +
Cash R9.35 =
R1716.00
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: 29/06/2009 14:24:02 Produced by the JSE SENS Department.
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