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Investec Limited/ Investec PLC - CGT Base Cost Announcement
INVESTEC LIMITED INVESTEC plc
(Formerly Investec Group Limited) (Incorporated under the United
(Incorporated in the Republic of South Kingdom Companies Act 1985 and
Africa) registered in England and Wales
(Registration number 1925/002833/06) with registration number 3633621
Share code on the JSE: INL Share code on the JSE: INP
ISIN code: ZAE000040531 ISIN code: GB0031773103
Share code on the NSX: IVD ("Investec plc")
Share code on the BSE: INV.BT
("Investec Limited")
BASE COST FOR INVESTEC LIMITED ORDINARY SHARES AND INVESTEC PLC ORDINARY SHARES
FOR THE PURPOSE OF SOUTH AFRICAN TAX CALCULATIONS
Investec Limited members and Investec PLC members are referred to the circular
to Investec Limited members and Investec Holdings Limited ("Inhold") members
dated 20 June 2002 regarding the unbundling by Inhold and Investec Limited of
Investec Limited ordinary shares and Investec PLC ordinary shares, respectively,
pursuant to board of directors resolutions taken on 19 February 2002, and
implemented on 18 July 2002 and 19 July 2002 respectively.
The South African taxation considerations of the unbundling of Investec Limited
and Investec PLC ordinary shares by Inhold and Investec Limited, respectively,
were set out in paragraph 7 of the said circular. The portion of the
distribution which constitutes a dividend and the portion that constitutes a
capital distribution as well as the base cost for Capital Gains Tax purposes of
the Investec Limited ordinary shares and/or the Investec PLC ordinary shares
received by Investec Limited members and Inhold members who hold/held their
Investec Limited and/or Inhold ordinary shares as capital assets and who elect
to use the valuation date and weighted average methods of determining the base
cost of their Investec Limited and Inhold ordinary shares, has now been
finalised as set out below. Members who elect any of the alternative methods for
determining such base costs should seek professional advice in this regard.
The methodology followed in the calculations set out below has been approved by
the South African Revenue Service, although specific approval has not been given
in respect of the amounts and valuations.
Inhold members
The following transactions took place in July 2002 under the unbundling
provisions of section 60 of the Income Tax Act No 113 of 1993, as amended:
Investec Holdings Ltd unbundled its shareholding of 31 847 972 shares in
Investec Group Ltd to its shareholders on 18 July 2002; and
Investec Group Ltd unbundled its shareholding of 65 382 057 shares in Investec
Plc to its shareholders (including the Investec Holdings Ltd shareholders who
received Investec Group Ltd shares in the first unbundling) on 19 July 2002.
In each case, a portion of the shares received constitutes a dividend in the
recipient"s hands and a portion constitutes a capital distribution.
Immediately prior to the above unbundling transactions, as part of the
restructuring transactions to facilitate the implementation of the Dual Listed
Companies structure, the share capital of Investec Group Ltd was restructured by
way of a share split followed by a capital reduction and consolidation of
shares. The net effect of this was that for each 100 Investec Holdings Ltd
shares previously held by a shareholder he now holds 31.8 shares in Investec
Group Ltd and 57.6 shares in Investec plc (rounded to the nearest share as
appropriate). (See paragraph 4.6 on page 22 of the circular to shareholders.)
Investec Limited members
The following transactions took place in July 2002 under the unbundling
provisions of section 60 of the Income Tax Act No 113 of 1993, as amended:
Investec Group Ltd unbundled its shareholding of 65 382 057 shares in Investec
Plc to its shareholders on 19 July 2002.
A portion of the shares received constitutes a dividend in the recipient"s hands
and a portion constitutes a capital distribution.
Immediately prior to the above unbundling transactions, as part of the
restructuring transactions to facilitate the implementation of the Dual Listed
Companies structure, the share capital of Investec Group Ltd was restructured by
way of a share split followed by a capital reduction and consolidation of
shares. The net effect of this was that for each 100 shares previously held by
a shareholder he now holds 37 shares in Investec Group Ltd. (See paragraph 4.6
on page 22 of the circular to shareholders.)
Investec Limited members and Inhold members are advised to seek appropriate
professional advice in applying the above information to their particular
circumstances.
Sandton
16 April 2003
Merchant Bank Lead sponsor in South Joint sponsor in South
Africa Africa
Investec Corporate Ernst & Young Sponsors Investec Securities
Finance (Pty) Limited Limited
Investec Bank Limited (Registration number (Registration number
(Registration number 2000/031843/07) 1972/008905/06)
1969/004763/06) in association with
Jowell Glyn & Marais
Inc.
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