Publication of Prospectus

RNS Number : 3116M

Investec PLC

21 May 2010

 

Investec Limited Incorporated in the Republic of South Africa          Registration number 1925/002833/06       JSE share code: INL              ISIN: ZAE000081949

Investec plc  Incorporated in England and Wales Registration number 3633621 JSE share code: INP ISIN: GB00B17BBQ50

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

21 May 2010

ANNOUNCEMENT OF PUBLICATION OF PROSPECTUS

On 30 March 2010, the Independent Rensburg Sheppards Directors and the Board of Directors of Investec plc ("Investec") announced that they had reached agreement on the terms of a recommended share offer under which Investec will acquire the entire issued and to be issued ordinary share capital of Rensburg Sheppards plc ("Rensburg Sheppards") not already directly or indirectly owned by it (the "Offer"). The Offer is being implemented by way of a Court sanctioned Scheme of Arrangement under Part 26 of the Companies Act 2006.

Investec announces that, in connection with the Offer, it has published a prospectus (the "Prospectus") on 20 May 2010, in relation to the anticipated admission of up to 37,881,353 new Investec shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities.

In addition, Investec is pleased to announce that on 6 May 2010 the Financial Services Authority ("FSA") formally approved Investec and any relevant affiliate of Investec which would be deemed to be acquiring control (as such term is defined in FSMA) as a controller of all and any relevant entities within the Rensburg Sheppards Group which are authorised in the UK by the FSA under FSMA.

The Prospectus will be available to view on Investec's website at www.investec.com, subject to certain restrictions relating to persons resident in restricted jurisdictions.

Two copies of the Prospectus have been submitted to the Document Viewing Facility of the FSA, which is situated at 25 The North Colonnade, Canary Wharf, London E14 5HS. The Prospectus is also available for inspection at Investec's registered office at 2 Gresham Street, London, EC2V 7QP and at the offices of Linklaters LLP, One Silk Street, London, EC2Y 8HQ.

Completion of the Offer remains conditional upon, amongst other things, the approval of the Scheme by Rensburg Sheppards Shareholders and completion of the Court process as further set out in the Scheme Document.

Any capitalised term used but not defined in this announcement is as defined in the Prospectus.

Enquiries:

Investec                                                                                       

Ursula Nobrega                                                                               [phone]
Stephen Koseff
Bernard Kantor

Citigate (Public Relations Adviser to Investec)

Jonathan Clare                                                                                [phone]
Tom Baldock
Ged Brumby

This announcement is for informational purposes only and does not constitute an offer to sell or an invitation to purchase any securities or the solicitation of an offer to buy any securities, pursuant to the Offer or otherwise. The Offer will be made solely by means of the Scheme Document published by Rensburg Sheppards, which contains the full terms and conditions of the Offer, including details of how to vote in favour of the Scheme. Rensburg Sheppards Shareholders are urged to read the Scheme Document because it contains important information in relation to the Offer.

This announcement does not constitute a prospectus or prospectus equivalent document.

This announcement has been prepared for the purpose of complying with English law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom.

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law. Persons who are not resident in the United Kingdom or who are subject to other jurisdictions should inform themselves of, and observe, any applicable requirements. Unless otherwise determined by Investec or required by the City Code, and permitted by applicable law and regulation, the Offer will not be made, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and the Offer will not be capable of acceptance from or within a Restricted Jurisdiction. Accordingly, copies of this announcement and all documents relating to the Offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this announcement and all documents relating to the Offer (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions as doing so may invalidate any purported acceptance of the Offer.

The availability of the Offer to Rensburg Sheppards Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable requirements. Further details in relation to overseas shareholders are contained in the Scheme Document.

The Offer relates to the shares in an English company and is proposed to be made by means of a scheme of arrangement provided for under company law of the United Kingdom. The scheme of arrangement will relate to the shares of a UK company that is a 'foreign private issuer' as defined under Rule 3b-4 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). A transaction effected by means of a scheme of arrangement is not subject to the proxy and tender offer rules under the Exchange Act. Accordingly, the Offer is subject to the disclosure requirements and practices applicable in the UK to schemes of arrangement, which differ from the disclosure requirements of the US proxy and tender offer rules. Financial information included in the relevant documentation will have been prepared in accordance with accounting standards applicable in the UK that may not be comparable to the financial statements of US companies.

Any securities to be offered pursuant to the Offer as described in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state, district or other jurisdiction of the United States, or of Australia, Canada or Japan. Accordingly, such securities may not be offered, sold or delivered, directly or indirectly, in or into such jurisdictions except pursuant to exemptions from applicable requirements of such jurisdictions. It is expected that the Investec Shares to be issued in the Scheme will be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 3(a)(10) thereof. Under applicable US securities laws, persons (whether or not US persons) who are or will be "affiliates" (within the meaning of the Securities Act) of Rensburg Sheppards or Investec prior to, or of Investec after, the Effective Date will be subject to certain transfer restrictions relating to the Investec Shares received in connection with the Scheme.

If Investec exercises its right to implement the Offer by way of a Takeover Offer, the Offer will be made in compliance with applicable US laws and regulations, including applicable provisions of the tender offer rules under the Exchange Act.

Disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10^th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3. Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].

Publication on Website and availability of Hard Copies

A copy of this announcement will be made available, free of charge, at www.investec.com by no later than 12 noon (London time) on 21 May 2010. You may request a hard copy of this announcement, free of charge, by contacting Investec on [phone]. You may also request that all future documents, announcements and information to be sent to you in relation to the Offer should be in hard copy form.

 

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