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Investec Ltd. to issue new preference shares
Posted Fri, 30 Mar 2012

Shareholders were advised that Investec Ltd will, subject to obtaining the requisite SARB approval, proceed with the issue of a further tranche of the Investec Ltd. preference shares to investors for cash by way of a private placement. A further announcement will follow on receipt of the requisite SARB approval. These Investec Ltd. preference shares shall rank equally with the existing issued and listed Investec Ltd. non-redeemable, non-cumulative, non-participating preference shares of ZAR0.01 each in the capital of Investec Ltd. Investec wishes to raise permanent share capital as part of a general capital management programme allowing it to pursue growth opportunities as and when they may arise. Pricing and additional information The new tranche of Investec Ltd. preference shares will be offered at a clean price of ZAR83.33 per Investec Ltd. preference share, which results in an effective yield of 84% of prime. This price is calculated with reference to the clean 10 day volume weighted average trade price of the Investec Ltd. preference shares as at the close of business on 20 March 2012 and represents a 5% discount thereon. The offer period opens on Monday 16th April 2012 and closes Wednesday 18th April 2012 at 17h00 and settlement will take place on Wednesday 25th April 2012. After including accrued dividends, the issue price for settlement on Wednesday 25th April will be ZAR87.71. As announced on 15 March 2012, the board of directors of Investec has resolved to amend the rate used to calculate the dividend payable on the Investec Ltd. preference shares on or about 2 August 2012, being the date on which the AGM of Investec will take place from the current rate of 70% of the prime rate to 77.77% of the prime rate, to the extent that Investec does not have sufficient STC credits, and subject to the passing of the required resolutions by the holders of the Investec Ltd. preference shares and Investec Ltd. ordinary shareholders. Placing of the preference shares Placement of the Investec Ltd. preference shares will be made through a bookbuilding process, in terms of which investors will be invited to participate in the proposed issue. Interested investors are requested to contact their stockbrokers, or alternatively Investec Capital Markets regarding participation in this offer. The issue of preference shares will be subject to and conditional upon the final approval by Investec of the terms of any such issue and the approval of the listing of such preference shares by the JSE, and approval for such shares to count as regulatory capital, by the SARB . All applicants must obtain their own advice in connection with the taxation consequences relating to their investment in the perpetual shares.