| Wed 11 Apr 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 - Update
Introduction
Shareholders are advised that, further to the SENS announcement released on 30
March 2012, Investec Limited has obtained the requisite SARB approval and will
accordingly proceed with the issue of a further tranche of the Investec Limited
Preference Shares to investors for cash by way of a private placement. 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.
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 ZAR86.90, and not ZAR87.71 as previously
announced.
As announced on 15 March 2012, the board of directors of Investec Limited 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 Limited 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 Limited 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 book
building 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 the Investec Limited
Preference Shares will be subject to and conditional upon the final approval by
Investec Limited of the terms of any such issue and the approval of the listing
of such preference shares by the JSE
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
11 April 2012
Sponsor
Investec Limited
Date: 11/04/2012 17:00:04 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
