22nd Nov 2005 08:26
Investec PLC22 November 2005 Investec Limited Investec plc Incorporated in the Republic of South Africa Incorporated in England and WalesRegistration number 1925/002833/06 Registration number 3633621JSE share code: INL JSE share code: INPISIN: ZAE000040531 ISIN: GB0031773103 (jointly "Investec") CAUTIONARY ANNOUNCEMENT TO INVESTEC MEMBERS REGARDING THE ODD-LOT OFFER Investec Members are referred to the circular issued on 20 October 2005 (the"Circular") in which Investec Members were advised that the purpose of theOdd-lot Offer is to reduce, as far as possible, the number of Odd-lot Holdingsin Investec plc and Investec Limited thereby reducing the administrative costassociated with the large number of Odd-lot Holders. Investec Members were also advised that, based on the Odd-lot holdings as at 10October 2005, being the last practicable date prior to the issue of thecircular, the Odd-lot Offer and the potential buyback of shares by InvestecLimited and Investec plc would have no significant effect on the earnings andheadline earnings per ordinary share as well as the net asset value and nettangible asset value of Investec Limited and Investec plc. Based on this theBoard of Investec were unanimously of the opinion that implementing the Odd-lotOffer would be in the best interests of Investec Members as a whole andrecommended that Investec Members vote in favour of the resolutions necessary toimplement the Odd-lot Offer. At the General Meeting of Investec Limited and the Extraordinary General Meetingof Investec plc held on Monday, 14 November 2005, the special and ordinaryresolutions required to give effect to the Odd-lot Offer were duly passed by therequired majority of Investec Members. Following the release of the Odd-lot Offer Price announcement on SENS and RNS onFriday, 18 November 2005, Investec has become aware that due to recent tradingactivity the number of Odd-lot Holders in Investec Limited and Investec plc hasincreased significantly. Therefore the costs of implementing the Odd-lot Offerhave increased substantially and will continue to do so as long as this tradingactivity persists. In light of the substantial increase in the costs ofimplementing the Odd-lot Offer, it is appropriate that the Board of Investecreconsiders whether implementing the Odd-lot Offer remains in the best interestsof the Investec Members as a whole. Accordingly, Investec will continue to monitor the trading activity of InvestecLimited and Investec plc ordinary shares. Investec Members are advised thatInvestec reserves the right to withdraw the Odd-lot Offer to the Odd-lot Holdersof both Investec Limited and Investec plc as it is entitled to do in terms ofparagraphs 10.4 and 11.4 of the Circular in which Investec Members were advisedthat Investec Limited and Investec plc are entitled at their complete discretionby written notice to Odd-lot Holders to withdraw the Investec Limited or theInvestec plc portion of the Odd-lot Offer respectively. Therefore Investec Members are advised to exercise caution when dealing in theirInvestec ordinary shares until a further announcement has been released. Johannesburg / London22 November 2005 Financial adviser Lead sponsor in South AfricaMerrill Lynch International Merrill Lynch South Africa Legal adviser in the UK Legal adviser in South AfricaLinklaters Jowell Glyn & Marais Inc. Joint sponsorInvestec Bank Limited This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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