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FRK01 - Market Update Announcement in respect of the Election required by FRK01 Noteholders
FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
JSE company code: FRD
Alpha code: FRK01
ISIN: ZAE000193959
(FRB or the Issuer)
MARKET UPDATE ANNOUNCEMENT IN RESPECT OF THE ELECTION REQUIRED BY FRK01 NOTEHOLDERS
INTRODUCTION
Further to the announcement released on 13 May 2019 (“the Previous Announcement”) by the Issuer,
in respect of the election required by the holders (“FRK01 Noteholders”) of the 139,620 One Ounce
KrugerRand Notes due 12 August 2019 (“FRK01 Notes”), FRB would like to update the market with
additional information in this regard.
AMENDMENT TO THE SALIENT DATES IN RESPECT OF THE CAPITAL AND INTEREST PAYMENT AS FULL AND FINAL
REDEMPTION OF THE FRK01 NOTES
The physical settlement process has resulted in an amendment to the salient dates pertaining to the
capital and interest payment events. The Issuer therefore retracts the previous salient dates issued in
the Previous Announcement with regard to the capital and interest payment events and refers FRK01
Noteholders to the salient dates in respect of the capital and interest payment events contained herein.
AMENDMENT TO THE INTEREST PAYMENT ON THE FRK01 NOTES
FRK01 Noteholders are advised that the interest payment per FRK01 Note included in the Previous
Announcement was incorrect. The interest payment will be 0.025 oz Krugerrand coin per FRK01 Note
(“interest amount”).
To the extent that, per individual FRK01 Noteholder, the interest amount for all Notes held by that
FRK01 Noteholder equates to at least one 1 oz Krugerrand coin, the Noteholder will be entitled to elect
physical delivery of Krugerrands in settlement of the interest amount. Interest amounts that equate to a
fraction of a 1 oz Krugerrand coin will be settled in cash to all relevant FRK01 Noteholders, in
accordance with the terms and conditions of the FRK01 Notes, on Monday, 12 August 2019.
The cash value of the interest amount will be determined on Tuesday, 6 August 2019, as per the terms
and conditions of the FRK01 Notes, and an announcement will be released on that day confirming such
amount.
UPDATED ELECTION NOTICE
The election notice (“Notice”) that was distributed by Strate Proprietary Limited (“Strate”) on 13 May
2019, to the relevant Central Securities Depositary Participants (“CSDPs”) has been updated for the
amendment to the salient dates and interest payment, as described above. The updated Notice will be
disseminated by Strate to the relevant CSDPs today, 31 May 2019. If FRK01 Noteholders have not
received the updated Notice from their CSDP, such FRK01 Noteholders are requested to contact their
CSDP in this regard.
FRK01 Noteholders are reminded to provide their election (together with any confirmations or other
documentation required pursuant to the terms and conditions of the FRK01 Notes and by their CSDP)
to such FRK01 Noteholder’s CSDP during the period Monday, 10 June 2019 to Wednesday, 12 June
2019 (“Election Period”).
Any election received outside of the Election Period will not be considered. In addition, failure to provide
an election will be deemed an election for the option of physical settlement in respect of the interest
and capital payment due to such FRK01 Noteholder, subject to the above-mentioned conditions
regarding physical settlement of the interest amount.
PHYSICAL SETTLEMENT COLLECTION PROCESS
FRK01 Noteholders that will be electing physical settlement in respect of the capital and interest
payment due on the FRK01 Notes are hereby advised to follow the process outlined below:
1. Elect physical settlement and provide notification of their election to their relevant CSDP as
outlined above.
2. Elect a courier company to act on the behalf of the FRK01 Noteholder to collect the Krugerrand
coins due to such FRK01 Noteholder. Only one courier company from this list can be elected
by the FRK01 Noteholder for the collection of their Krugerrand coins:
• RAM Transport (South Africa) Proprietary Limited trading as RAM Hand-to-Hand
Couriers;
• G4S International Logistics (SA) (Pty) Ltd; or
• Brink’s (Southern Africa) Proprietary Limited.
3. Notify the chosen courier company that the Krugerrand coins are to be collected at the premises
of Rand Refinery Limited (“Rand Refinery”) at Rand Refinery Road, Industries West, Germiston,
Gauteng, South Africa. The Krugerrand coins can only be collected on Monday, 12 August
2019 between 08h00 and 15h00. The FRK01 Noteholder must make their own collection
arrangements with the chosen courier company.
4. Notify the Issuer (by email to Ettienne.vanWyk@rmb.co.za) of the following details:
• FRK01 Noteholder full name;
• the number of FRK01 Notes held;
• the FRK01 Noteholder’s CSDP;
• the chosen courier company; and
• provide a confirmation from the courier company (acting on behalf of the FRK01
Noteholder) that the Krugerrand coins will be collected on the collection day.
This notification must be provided to the Issuer by no later than 17h00 on 5 August 2019, being
at least one week before the maturity date of the FRK01 Notes.
FRK01 Noteholders are advised that the Issuer will not be liable for non-delivery of the KrugerRand
coins from the point at which these are collected by the chosen courier company at Rand Refinery’s
premises.
Failure to strictly comply with the collection process outlined above, or to collect the Krugerrand coins
as per point 3 above, will result in the Krugerrand coins in respect of the capital and interest payment
due on the FRK01 Notes being sold. The cash value realised from the sale, less any costs incurred by
the Issuer in the sale process, will be paid to the relevant FRK01 Noteholders by no later than 10h00
on Monday, 19 August 2019, in accordance with the terms and conditions of the FRK01 Notes.
AMENDED SALIENT DATES
The amended salient dates surrounding the election and settlement of the interest and capital payment
due on the FRK01 Notes are as follows:
Interest Payment Event Date
Declaration announcement released and Notice sent by Strate to
CSDPs: Monday, 13 May 2019
Record Date (see note 1): Friday, 24 May 2019
Updated market announcement released: Friday, 31 May 2019
Updated Notice sent by Strate to CSDPs: Friday, 31 May 2019
No trade announcement released (see note 2): Wednesday, 5 June 2019
Last Day to Trade by 17h00 on (see note 3): Friday, 7 June 2019
Ex-date (see note 3): Monday, 10 June 2019
Election period in respect of the interest payment begins by 08h00 on: Monday, 10 June 2019
Suspension of trade in the FRK01 Notes until the maturity date: Monday, 10 June 2019
Election period in respect of the interest payment ends by 17h00 on: Wednesday, 12 June 2019
Record Date (see note 3): Wednesday, 12 June 2019
Calculation of interest amount (for those FRK01 Noteholders that
elected physical settlement, the number of Krugerrand coins and the
cash value in respect of the balance of the interest amount and for
those FRK01 Noteholders that elected cash settlement, the cash value
of the interest amount) on: Tuesday, 6 August 2019
Finalisation announcement released: Tuesday, 6 August 2019
Physical settlement reminder announcement (see note 4): Thursday, 8 August 2019
Interest payment date of the FRK01 Notes: Monday, 12 August 2019
Cash value of the interest amount paid to FRK01 Noteholders who
elected cash settlement: Monday, 12 August 2019
Cash value of the remaining balance of the interest amount paid to
FRK01 Noteholders who elected physical settlement or did not provide
an election: Monday, 12 August 2019
Collection date in respect of those FRK01 Noteholders that elected
physical settlement or did not make an election between 08h00 and
15h00 on: Monday, 12 August 2019
All Krugerrand coins in respect of the interest payment not collected to
be sold by the Issuer with effect from 09h00 on: Tuesday, 13 August 2019
Cash value of Krugerrand coins in respect of the interest payment, less
costs incurred by the Issuer in the sale process, to be debited to the
relevant FRK01 Noteholder’s account by no later than 10h00 on: Monday, 19 August 2019
Termination date of the FRK01 Notes: Tuesday, 20 August 2019
Capital Payment Event Date
Declaration announcement released and Notice sent by Strate to
CSDPs: Monday, 13 May 2019
Record Date (see note 1): Friday, 24 May 2019
Updated market announcement released: Friday, 31 May 2019
Updated Notice sent by Strate to CSDPs: Friday, 31 May 2019
No trade announcement released (see note 2): Wednesday, 5 June 2019
Last Day to Trade by 17h00 on (see note 3): Friday, 7 June 2019
Ex-date (see note 3): Monday, 10 June 2019
Election period in respect of the capital payment begins by 08h00 on: Monday, 10 June 2019
Suspension of trade in the FRK01 Notes until the maturity date: Monday, 10 June 2019
Election period in respect of the capital payment ends by 17h00 on: Wednesday, 12 June 2019
Record Date (see note 3): Wednesday, 12 June 2019
Calculation of the cash value of the capital payment on: Tuesday, 6 August 2019
Finalisation announcement released: Tuesday, 6 August 2019
Physical settlement reminder announcement (see note 4): Thursday, 8 August 2019
Maturity date of the FRK01 Notes: Monday, 12 August 2019
Cash value of the capital payment made to FRK01 Noteholders who
elected cash settlement: Monday, 12 August 2019
Collection date in respect of those FRK01 Noteholders that elected
physical settlement or did not make an election between 08h00 and
15h00 on: Monday, 12 August 2019
All Krugerrand coins in respect of the capital payment not collected to
be sold by the Issuer with effect from 09h00 on: Tuesday, 13 August 2019
Cash value of Krugerrand coins in respect of the capital payment, less
costs incurred by the Issuer in the sale process, to be debited to the
relevant FRK01 Noteholder’s account by no later than 10h00 on: Monday, 19 August 2019
Termination date of the FRK01 Notes: Tuesday, 20 August 2019
Notes:
1. Record date for receipt of the updated Notice.
2. An announcement reminding FRK01 Noteholders of the close of trade in the FRK01 Notes.
3. These dates pertain to the FRK01 Noteholders that will be eligible to submit their election notice and receive the interest
and capital payment due on the FRK01 Notes.
4. An announcement reminding FRK01 Noteholders that non-collection of their Krugerrand coins on the collection date will
result in the Krugerrand coins due to such FRK01 Noteholder being sold and the cash value less costs being paid to the
FRK01 Noteholder.
This notice constitutes the relevant notice required in terms of paragraph 97(d) of the Applicable Pricing
Supplement (“the Pricing Supplement”) as read with Condition 22 (Notices) of the terms and conditions
of the Programme dated 30 November 2011, as amended from time to time (“the Programme”).
This notice is being delivered to the JSE Limited in accordance with of paragraph 97(d) of the Pricing
Supplement as read with Condition 22 (Notices) of the terms and conditions of the Programme.
31 May 2019
Debt Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 31/05/2019 01:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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