To view the PDF file, sign up for a MySharenet subscription.

INVESTEC BANK LIMITED - Adjustment to ESPIBH

Release Date: 10/03/2017 10:05
Code(s): ESPIBH     PDF:  
Wrap Text
Adjustment to ESPIBH

INVESTEC BANK LIMITED

ADJUSTMENT TO ESPIBH - EQUITY STRUCTURED PRODUCT

 Reference Index                      JSETOP40



 Strike Price                         45,137.00

 Expiry Date                          08 December 2017

 Cover Ratio                          01:01

 Call/Put                             Put

 Style                                European

 Issue Size                           6,360

 JSE Code                             ESPIBH ZAE000192167


Holders of ESPIBH (the “ESP”) are advised that a merger event between SAB Miller Limited and AB InBev took place
on 29 September 2016 (the “Merger Effective Date”) in terms of which SAB Miller ordinary shares were delisted at a
delisting price of R794.8368 per share. The merger event constituted an extraordinary event in respect of the put option
confirmation relating to the ESP for which modified calculation agent adjustment applies. The put confirmation for the
ESP also provided for the automatic adjustment of the holder underlying share basket to remove the SAB Miller shares
from the share basket with effect from the Merger Effective Date. The ESP remains unchanged in all other respects and
will only terminate on the scheduled Expiry Date.

As a consequence of the removal of the SAB Miller shares Investec Bank Limited as borrower of the holder underlying
share basket under a Global Master Securities Lending Agreement confirmation will not be obliged to return the SAB
Miller shares to the ESP Trust on behalf of the holders.

A further consequence of this adjustment is that the delisting of the SAB Miller shares constitutes a disposal of those
shares by each of the ESP holders on the Merger Effective Date and depending on the individual circumstances of the
ESP holders, SARS may assess individual holders for tax in the current tax year on the difference between the base
cost of the SAB Miller shares at the initial ESP trade date and the delisting price of R794.8368 per share on the Merger
Effective Date, notwithstanding that the ESP holders will not have received any payment in terms of the ESP.

Any capitalized terms referred to herein, and not defined, shall bear the meanings ascribed thereto in the Warrant issue
documentation.


Date: 10 March 2017


Copies of the offering circular may be obtained from:
        Investec Bank Limited
        100 Grayston Drive
        Sandown
        Sandton
        2196

Copies of Warrant issue documentation can be located on:
        Internet: www.investecwarrants.com

Place and Date of Incorporation of the Issuer:
        Incorporated in the Republic of South Africa
        Registration Number: 1969/004763/06
        Date of Incorporation: 31 March 1969


For further information kindly contact:
         Investec Warrants
       Tel.: 0860 103 343
       E-mail: warrants@investec.co.za

Sponsor:
           Investec Securities (Pty) Limited
           Member of the JSE
           Registration Number: 1972/008905/07

Date: 10/03/2017 10:05:00 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.

Share This Story