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Informative Notice – 20200218 Investec Unbundling of Ninety One Informative Notice
Investec Plc (South Africa) and Investec Ltd (South Africa): Unbundling
of Ninety One Plc (South Africa) and Ninety One Ltd (South Africa) -
Informative Notice
18 February 2020
FTSE/JSE notes the announcement by Investec in regards to the Scheme of Arrangement relating to the
partial demergers of Ninety One. For every two shares held in Investec Plc (South Africa, INP,
GB00B17BBQ50), shareholders will receive one Ninety One Plc share, which will list on the Johannesburg
Stock Exchange as a secondary inward foreign listing. For every two shares held in Investec Ltd (South
Africa, INL, ZAE000081949), shareholders will receive one Ninety One Ltd share, which will list on the
Johannesburg Stock Exchange.
Subject to court sanctioning, and based on the current timetable, FTSE/JSE anticipates the following
treatment:
Monday 16 March 2020 (from market open):
Investec will trade ex-entitlement to the demergers.
Ninety One Plc will be added to the same index membership as Investec Plc using an estimated open
price. The shares in issue figure included in the index from the ex-date will reflect the total number of
shares listed on the exchange with the index shares reflecting the transaction terms*. A price adjustment
will be applied to Investec Plc (i.e. there will be no divisor changes as a result).
Ninety One Ltd will be added to the same index membership as Investec Ltd using an estimated open
price. The shares in issue figure included in the index from the ex-date will reflect the total number of
shares listed on the exchange with the index shares reflecting the transaction terms*. A price adjustment
will be applied to Investec Ltd (i.e. there will be no divisor changes as a result).
Monday 16 March 2020 (at market close):
For the indexes which have a fixed number of constituents (including the FTSE/JSE Top 40 Index), the
indexes will be ranked using the closing prices on Monday 16 March. Ninety One will be treated as a
single company, similar to Investec, and the aggregate of the multiple lines will be used for ranking by
company market cap. The investable market capitalisation for Ninety One Plc only will be determined on
a forward looking basis, incorporating its foreign company status. All changes will be implemented in
conjunction with the March review. The ranking may have an impact on the March quarterly review
changes of indices with a fixed number of constituents, as will be announced on 04 March. E.g. In the
event that the constituent which ranked lowest using the 16 March closing prices, was already scheduled
to be removed as part of the quarterly review, the next lowest ranking stock as at the review market
capitalisation cut date (i.e. 24 February) will be selected for removal as part of the quarterly review.
Please note: Investec have announced a secondary offering of Ninety One shares expected to occur on
admission. Intra-quarter application will be conditional on satisfaction of the secondary offering update
rules, and subject to the review period timing. Based on current valuation estimates the offerings are not
anticipated to qualify for an intra-quarter update, with the offered shares therefore expected to be
evaluated for inclusion at the June review.
Further notices will be published to confirm Index changes.
Monday 23 March 2020 (from market open):
Ninety One Plc will have its index shares updated to reflect its Inward Foreign Listing status. The index
changes as a result of the ranking process (as notified prior) will become effective in conjunction with the
March review changes.
FTSE/JSE will issue further notices in due course.
*FTSE Russell are currently reviewing the Corporate Actions and Events Guide with a view to clarifying
Shares in Issue and Free Float treatment for partial demergers.
For further information please contact FTSE Russell Client Services at info@ftserussell.com or call:
Australia +1800 653 680
Hong Kong +852 2164 3333
Japan +81 3 4563 6346
London +44 (0) 20 7866 1810
New York +1866 551 0617
JSE Limited +27 11 520 7000
Alternatively please visit our website at www.ftserussell.com
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Date: 18-02-2020 05:10:00
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