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INVESTEC LIMITED - Results Announcement

Release Date: 29/02/2024 12:30
Wrap Text
Results Announcement

Investec Limited                                                     Investec plc
Incorporated in the Republic of South Africa                         Incorporated in England and Wales
Registration number 1925/002833/06                                   Registration number 3633621
JSE share code: INL                                                  LSE share code: INVP
JSE hybrid code: INPR                                                JSE share code: INP
JSE debt code: INLV                                                  ISIN: GB00B17BBQ50
NSX share code: IVD                                                  LEI: 2138007Z3U5GWDN3MY22
BSE share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70

RESULTS ANNOUNCEMENT

Investec plc announces results of its Tender Offer for its £250,000,000 Fixed Rate Reset
Perpetual Additional Tier 1 Write Down Capital Securities

29 February 2024

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE
UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES
OR THE DISTRICT OF COLUMBIA (INCLUDING PUERTO RICO, THE US VIRGIN ISLANDS, GUAM,
AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS) OR IN OR INTO
OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT (SEE "OFFER AND DISTRIBUTION
RESTRICTIONS" IN THE TENDER OFFER MEMORANDUM (AS DEFINED BELOW))

As part of the dual listed company structure, Investec plc and Investec Limited notify both the London
Stock Exchange and the JSE Limited of matters which are required to be disclosed under the Listing
Rules of the United Kingdom Financial Conduct Authority and/or the JSE Listing Requirements.
                                             
Investec plc (the "Company") announces herein the results of its invitation to holders of its
£250,000,000 Fixed Rate Reset Perpetual Additional Tier 1 Write Down Capital Securities (ISIN:
XS1692045864) (the "Securities") to tender such Securities for purchase by the Company for cash
(the "Offer").

The Offer was made on the terms and subject to the conditions contained in a tender offer memorandum
dated 21 February 2024 (the "Tender Offer Memorandum") prepared by the Company, and was
subject to the offer restrictions set out in the Tender Offer Memorandum. Capitalised terms used in this
announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

New Financing Condition

The Company confirms that the New Financing Condition was satisfied on 28 February 2024.

Results of the Offer

The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 28 February 2024. As at the
Expiration Deadline, £141,892,000 in aggregate principal amount of the Securities had been validly
tendered for purchase pursuant to the Offer.

The Company announces that it has decided to accept all valid tenders of Securities for purchase
pursuant to the Offer, with a Final Acceptance Amount equal to £141,892,000.

A summary of the results of the Offer appears below:


Description of the Securities                        ISIN         Purchase Price    Final Acceptance Amount

Fixed Rate Reset Perpetual Additional Tier   XS1692045864        99.00 per cent.               £141,892,000
1 Write Down Capital Securities

Settlement of the purchase of the relevant Securities pursuant to the Offer is expected to take place
on 1 March 2024, after which £108,108,000 in aggregate principal amount of the Securities will
remain outstanding.

                                                     Dealer Managers


       Citigroup Global Markets Limited
                                                                                         J.P. Morgan Securities plc
                Citigroup Centre
               33 Canada Square                                                                 25 Bank Street
                 Canary Wharf                                                                   Canary Wharf
                London E14 5LB                                                                 London E14 5JP

          Telephone: +44 20 7986 8969
   Email: liabilitymanagement.europe@citi.com                                            Telephone: +44 20 7134 2468
     Attention: Liability Management Group                                                          Email:
                                                                                  liability_management_EMEA@jpmorgan.com
                                                                                  Attention: EMEA Liability Management Group


                                            Lloyds Bank Corporate Markets plc
                                                      10 Gresham Street
                                                      London EC2V 7AE


                                            Telephone: +44 207 158 1726 / 3939
                                    Email: lbcmliabilitymanagement@lloydsbanking.com
                                                Attention: Liability Management

                                                      The Tender Agent
                                                Kroll Issuer Services Limited
                                                          The Shard
                                                   32 London Bridge Street
                                                       London SE1 9SG

                                                    Attention: Owen Morris
                                                Telephone: +44 20 7704 0880
                                                 Email: investec@is.kroll.com
                                          Website: https://deals.is.kroll.com/investec


This announcement is released by Investec plc and contains information that qualified or may have
qualified as inside information for the purposes of Article 7 of Regulation (EU) 596/2014 ("MAR"), as it
forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act
2018, as amended ("UK MAR"), encompassing information relating to the Offer described above. For
the purposes of UK MAR and Article 2 of the binding technical standards published by the FCA in
relation to MAR as regards Commission Implementing Regulation (EU) 2016/1055, this announcement
is made by David Miller, Company Secretary at Investec plc.

DISCLAIMER: This announcement must be read in conjunction with the Tender Offer Memorandum.
No offer or invitation to acquire any securities is being made pursuant to this announcement. The
distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be
restricted by law. Persons into whose possession this announcement and/or the Tender Offer
Memorandum come(s) are required by each of the Company, the Dealer Managers and the Tender
Agent to inform themselves about, and to observe, any such restrictions.

Date: 29 February 2024
Sponsor: Investec Bank Limited

Date: 29-02-2024 12:30:00
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