| Fri 30 Mar 2012, 17:00 | | INPR - Investec Limited - Non-redeemable non-cumulative non-participating |
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INL INPR
INL
INPR - Investec Limited - Non-redeemable non-cumulative non-participating
preference shares of ZAR0.01 each in the capital of Investec Limited
Investec Limited
Registration number: 1925/002833/06
Share code: INPR
ISIN: ZAE000063814
As part of the dual listed company structure, Investec plc and Investec Limited
notify both the London Stock Exchange and the JSE Limited of matters which are
required to be disclosed under the Disclosure, Transparency and Listing Rules of
the United Kingdom Listing Authority (the "UKLA") and/or the JSE Listing
Requirements.
Accordingly, we advise of the following:
Investec Limited: non-redeemable non-cumulative non-participating preference
shares of ZAR0.01 each in the capital of Investec Limited (the "Investec Limited
Preference Shares")
Proposed placing and issue of an additional tranche of the Investec Limited
Preference Shares
Introduction
Shareholders are advised that Investec Limited (`Investec`) will, subject to
obtaining the requisite SARB approval, proceed with the issue of a further
tranche of the Investec Limited Preference Shares to investors for cash by way
of a private placement. A further announcement will follow on receipt of the
requisite SARB approval. These Investec Limited Preference Shares shall rank
equally with the existing issued and listed Investec Limited non-redeemable,
non-
cumulative, non-participating preference shares of ZAR0.01 each in the capital
of Investec Limited. Investec wishes to raise permanent share capital as part of
a general capital management programme allowing it to pursue growth
opportunities as and when they may arise.
Pricing and additional information
The new tranche of Investec Limited Preference Shares will be offered at a clean
price of ZAR83.33 per Investec Limited Preference Share, which results in an
effective yield of 84% of prime. This price is calculated with reference to the
clean 10 day volume weighted average trade price of the Investec Limited
Preference Shares as at the close of business on 20 March 2012 and represents a
5% discount thereon.
The offer period opens on Monday 16th April 2012 and closes Wednesday 18th April
2012 at 17h00 and settlement will take place on Wednesday 25th April 2012. After
including accrued dividends, the issue price for settlement on Wednesday 25th
April will be ZAR87.71.
As announced on 15 March 2012, the board of directors of Investec has resolved
to amend the rate used to calculate the dividend payable on the Investec Limited
Preference Shares on or about 02 August 2012, being the date on which the Annual
General Meeting of Investec will take place from the current rate of 70% of the
prime rate to 77,77% of the prime rate, to the extent that Investec does not
have sufficient STC credits, and subject to the passing of the required
resolutions by the holders of the Investec Limited Preference Shares and
Investec Limited ordinary shareholders.
Placing of the preference shares
Placement of the Investec Limited Preference Shares will be made through a
bookbuilding process, in terms of which investors will be invited to participate
in the proposed issue. Interested investors are requested to contact their
stockbrokers, or alternatively Investec Capital Markets (contact details below)
regarding participation in this offer. The issue of preference shares will be
subject to and conditional upon the final approval by Investec of the terms of
any such issue and the approval of the listing of such preference shares by the
JSE, and approval for such shares to count as regulatory capital, by the SARB .
All applicants must obtain their own advice in connection with the taxation
consequences relating to their investment in the perpetual shares.
Arranger and Bookrunner
Investec Capital Markets
Ysanne Amos
+27 (0)11 286 9546
Mabule Setoaba
+27 (0)11 286 9901
Kenric Owen
+27 (0)11 286 9930
Investec Limited
Date: 30/03/2012 17:00:02 Produced by the JSE SENS Department.
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