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BILB-Buy-Back Offer Invitation: Increase in Offer and Purchase Price
The Land and Agricultural Development Bank of South Africa
(JSE Code: BILB)
(“Land Bank” or the “Issuer”)
15 January 2021
Land Bank Buy-Back Offer Invitation: Increase in Offer and Purchase Price
In a SENS announcement dated 11 January 2021, Land Bank announced an offer to repurchase certain
Buy-Back Offer Notes for the Purchase Price on the terms set out in the 11 January SENS (the “Original
Offer”).
Defined terms used in this SENS announcement shall bear the meaning as defined in the SENS of 11 January
2021.
Increase in Offer and Purchase Price
Land Bank is pleased to announce that it is hereby offering to buy back, directly from each holder of the Buy-
Back Offer Notes 12% (as opposed to the 10% proposed in the Original Offer), of the Nominal Amount of all
Buy-Back Offer Notes, held by each Noteholder.
The Purchase Price for the Buy-Back Offer Notes is hereby increased to 12% (from 10% in the Original Offer)
of the aggregate Nominal Amount, of the relevant Buy-Back Offer Notes held by each Noteholder on the
Participation Date, plus any Accrued, but Unpaid Interest on such 12% of the total Nominal Amount of the
relevant Buy-Back Offer Notes held by each Noteholder on the Participation Date. To be noted that the
Purchase Price will be rounded off to the nearest Rand (the Purchase Price will not include cents).
References to the following terms in the Original Offer or Buy-Back Instruction Form are hereby amended as
follows:
a. “10% of the Aggregate Nominal Amount” to “12% of the Aggregate Nominal Amount”.
b. “10% of the total Nominal Amount” to “12% of the total Nominal Amount”.
c. “10% Nominal tendered” to “12% Nominal tendered”.
d. “10% of the Nominal Amount” to “12% of the Nominal Amount”.
The Participation Date remains 15 January 2021. All relevant dates per the Original Offer remain unchanged.
Acceptance of Offers
Land Bank wishes to clarify that where a duly completed Buy-Back Instruction form is received by email by
Land Bank by 12h00 on the relevant Buy-Back Offer Closing Date in accordance with the terms set out in the
SENS of 11 January 2021, then Land Bank will accept such offer and there is no requirement for Land Bank
to send an acknowledgement return email to the seller.
Land Bank shall have no liability to any person for any refusal to accept an offer of Buy-Back Offer Notes for
purchase pursuant to the Buy-Back Offer. In particular, offers of Buy-Back Offer Notes for purchase may be
rejected if, the Buy-Back Offer does not comply with the relevant laws or requirements of a particular
jurisdiction, or any Buy-Back Instruction Form is incomplete or inaccurate.
All other terms and conditions of the Original Offer continue to apply.
Important Information
1. Land Bank is making this Buy-Back Offer Invitation for Buy-Back Offers at the Purchase Price.
2. Land Bank undertakes to have sufficient funds available to carry out the Buy-Back Offer and settlement
of Buy-Back Offer Notes tendered to and accepted for repurchase by Land Bank on the Settlement
Date.
3. Any decision to sell notes in the context of this Buy-Back Offer Invitation, should be made solely on the
basis of information contained within this SENS announcement and the Buy-Back Instruction Form. For
the avoidance of doubt, where any Buy-Back Offer Notes are traded after the Participation Date, the
purchaser of such traded Buy-Back Offer Notes will not be eligible to participate in this Buy-Back Offer.
4. Land Bank (and its directors, employees, affiliates and its advisers) does not make any
recommendations whatsoever regarding this Buy-Back Offer Invitation or the Buy-Back Offer.
The required information necessary to execute an offer in terms of the Buy-Back Offer Invitation are set out in
the Buy-Back Instruction Form, sent to the CSD via the Strate messaging system. The Buy-Back Instruction
Form is also available by emailing TenderOffer@landbank.co.za at Land Bank or by contacting the relevant
CSDP.
Noteholders who are interested in tendering an offer to sell will need to fully complete the Buy-Back Instruction
Form and send via email to Land Bank, with a copy being sent to the relevant CSDP, before 12h00 on the
Buy-Back Offer Closing Date:
To:
The Land and Agricultural Bank of South Africa
Attention: GM: Treasury
Re: Land Bank Buy-Back Offer
E-mail address: TenderOffer@landbank.co.za
CC: Relevant CSDP
Re: Land Bank Buy-Back Offer
No other form of communicating an offer will be accepted.
Noteholders and potential investors are advised to exercise caution when dealing in the Land Bank’s
notes and securities.
Enquiries
Land and Agricultural Development Bank of South Africa
Attention: GM: Treasury
Re: Land Bank Buy-Back Offer
E-mail address: TenderOffer@landbank.co.za
Debt Sponsor
The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division
(registration number: 1962/000738/06)
Contacts: Ms Natalie Di-Sante
Email: Natalie.di-sante@standardbank.co.za
Tel: +27 (0) 11 721 6125
End
Date: 15-01-2021 12:31:00
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