proposed preference share offer and notices of general meeting · on 6 june 2016, in accordance...
TRANSCRIPT
This document is important and requires your immediate attention
If you are in any doubt as to the action you should take, you are recommended to obtain your own personal financial advice immediately from your stockbroker, bank manager, accountant or other independent professional adviser authorised under Part VI of the Financial Services and Markets Act, 2000 if you are in the UK or who is otherwise appropriately qualified or authorised if you are in South Africa or elsewhere.
If you have sold or otherwise transferred all your shares in Investec plc and/or Investec Limited, as the case may be, please send this document together with all the other documents enclosed at once to the purchaser or transferee or to the stockbroker, bank or other person through whom the sale or transfer was effected for transmission to the relevant transferee.
Proposed Preference Share Offer and Notices of General Meeting
Investec Limited Investec plcInvestec Limited is incorporated in the Republic of South Africa under the SA Companies Act, 2008 with registered number 1925/002833/06
JSE share code: INL
Investec plc is incorporated in England and Wales under the UK Companies Act, 2006 with registered
number 3633621NSX share code: IVD LSE share code: INVP
BSE share code: INVESTEC JSE share code: INPISIN: ZAE000081949 ISIN: GB00B17BBQ50
(“Investec Limited”) (“Investec plc” and, together with Investec Limited, “Investec”)
COrPOraTe INfOrMaTION
Investec plc and Investec Limited
Secretary and registered office
Investec plc
Registration number 3633621
David Miller2 Gresham StreetLondon EC2V 7QPUnited KingdomTelephone (44) 20 7597 4000Facsimile (44) 20 7597 4491
Investec Limited
Registration number 1925/002833/06
Niki van Wyk100 Grayston DriveSandown Sandton 2196PO Box 785700 Sandton 2196Republic of South AfricaTelephone (27) 11 286 7000Facsimile (27) 11 286 7966
auditors
Ernst & Young LLPErnst & Young Inc.KPMG Inc.
registrars in the UK
Computershare Investor Services plcThe PavilionsBridgwater RoadBristol BS99 6ZZUnited KingdomTelephone (44) 370 707 1077
Transfer secretaries in South africa
Computershare Investor Services (Pty) Limited70 Marshall StreetJohannesburg 2001PO Box 61051Marshalltown 2107Telephone (27) 11 370 5000
Directorate
Executive directors
Stephen Koseff (Chief Executive Officer)Bernard Kantor (Managing Director)Glynn R Burger (Group Risk and Finance Director)Hendrik J du Toit (Chief Executive Officer, Investec Asset Management)
Non-executive directors
Fani Titi (Chairman)Zarina BM BassaLaurel C BowdenCheryl A CarolusPerry KO Crosthwaite (Senior Independent Director)David FriedlandCharles R JacobsIan R KantorLord Malloch-Brown KCMGKhumo L ShuenyanePeter RS Thomas
South african Sponsors
Investec Bank Limited
Independent Sponsors in South africa
JP Morgan
1
CONTENTS
Page
Corporate Information Insidefrontcover
Part I: Expected timetable of principal events 2
Part II: Letter from the Chairman of Investec 3
Part III: Further details of the Resolution and Preference Share Offer 7
Part IV: Definitions 12
Notice of General Meeting of Investec plc 16
Notice of General Meeting of Investec Limited 19
Form of Proxy for Investec Limited (Blue) 23
2
PART I
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Events Dates and times
Commencement of the Preference Share Offer
CommencementofthePreferenceShareOfferPeriod 20June2016
Recorddateforposting 10June2016
CircularandNoticeofGeneralMeetingspublishedandavailableontheInvestecwebsite 20June2016
RNSandSENSannouncementgivingnoticetoshareholdersthattheCircularhasbeenpostedandisavailableontheInvestecwebsite 20June2016
ConditionalPurchaseAgreementsondisplayattheregisteredofficesofInvestecplcandInvestecLimitedandattheofficesofLinklatersLLPinLondonfornotlessthan15daysbeforetheGeneralMeetings
RecorddateforparticipationandvotingattheGeneralMeetings 18July2016
LatesttimeanddateforreceiptofFormsofProxy 18July2016at11:00(Londontime)18July2016at12:00(Johannesburgtime)
General Meetings
InvestecLimitedGeneralMeeting 20July2016at12:00(Johannesburgtime)
InvestecplcGeneralMeeting 20July2016at11:00(Londontime)
Announcement of Results of General Meetings
AnnouncementofresultsoftheGeneralMeetingsofInvestecLimitedandInvestecplconRNSandSENSandavailableontheInvestecwebsite
AssoonaspracticableaftertheconclusionoftheGeneralMeetings
Expiration Deadline
DeadlineforthereceiptofvalidtenderinstructionsinrespectofthePreferenceShareOffer
26July2016at11:00(Londontime)26July2016at12:00(Johannesburgtime)
Results of the Preference Share Offer
ResultsofthePreferenceShareOfferonRNS,SENSandthewebsiteoftheCISX 27July2016
Settlement Date
ExpectedsettlementofthePreferenceShareOffer 3August2016
Announcement of the purchase of the Preference Shares of either issue and updated share capital
AnnouncementofthepurchaseofthePreferenceSharesandupdatedsharecapitalonRNS,SENSandthewebsiteoftheCISX
AssoonaspossiblefollowingtheexpectedSettlementDateandnolaterthan07:30
(Londontime)ontheBusinessDayfollowingsettlement
3
PART II
LETTER FROM THE CHAIRMAN OF INVESTEC
DearShareholder,
1. INTRODUCTION
Theboardofdirectorsof Investecplcproposes to inviteholdersof thePreferenceShares toOffer tosell theirPreferenceSharesbacktotheCompany,subjecttocertainofferrestrictionsandtermsandconditionssetoutintheTenderOfferMemorandum.DuetotherequirementsoftheUKCompaniesAct,2006andthearrangementsgoverning the dual listed companies status of Investec (the “DLC Arrangements”), Shareholder approvalis required to undertake anoff-market sharebuyback.Therefore, I amwriting to you toprovidedetails of thePreferenceShareOfferandtheShareholderapprovalrequired.
2. THE PREFERENCE SHARE OFFER
ThepurposeofthePreferenceShareOfferistoprovideanopportunityforPreferenceShareholderstoselltheirPreferenceSharesbacktotheCompanyinreturnforcash,andindoingso,exittheirinvestmentatapremiumtothesecondarymarkettradingpriceasat1June2016.Excludinganyaccruedbutundeclaredandunpaiddividends,thisequatestoapremiumof16percenttotheGBP-quotedclosingpriceofGBP4.93perSterlingPreferenceShare,apremiumof31percenttotheZAR-quotedclosingpriceofZAR98.00perSterlingPreferenceShare(assumingexchangeattheclosingGBP/ZARratequotedbyBloombergon1June2016),andapremiumof13percenttotheclosingpriceofZAR88.85perRandPreferenceShare,eachasat1June2016,beingthebusinessdaypriortotheannouncementofthePlacing(asdefinedbelow).
FollowingtheimplementationoftheEUCapitalRequirementsRegulationandtheEUCapitalRequirementsDirective,thePreferenceShareswillnotqualifyascompliantadditionaltier1capital.AssuchthePreferenceShareOffer,whentakentogetherwiththePlacing(asdefinedbelow),isintendedtooptimisethecapitalbaseoftheCompanyandtheInvestecGroupbyincreasingthecapitalratiosoftheCompanyandtheInvestecGroup.
On6June2016,inaccordancewiththetermsofArticle12oftheCompany’sArticlesofAssociationandsection551oftheUKCompaniesAct2006,theCompanyissuedandallotted30,870,000newOrdinarySharestoanumberofplacees,raisingproceedsofapproximatelyGBP138.3million(the“Placing”).TheproceedsofthePlacingwillbeusedtopurchasePreferenceSharespursuanttothePreferenceShareOfferandanyproceedsnotrequiredtofundthePreferenceShareOfferwillbeusedforgeneralcorporatepurposes.
ThePreferenceShareOfferwillopenon20June2016andwillexpireat11:00(Londontime)and12:00(Johannesburgtime)on26July2016(the“Expiration Deadline”,suchperiodoftimebeingthe“Offer Period”),unlesstheOfferPeriodforthePreferenceShareOfferisextended,re-opened,amendedand/orterminatedbyInvestecplc,ineachcase,asprovidedintheTenderOfferMemorandum.
AnyPreferenceShareholderwhodoesnotorisnotabletotakepartinthePreferenceShareOffershallcontinuetoholdtheirPreferenceSharesinaccordancewiththeirterms.TotheextentthatPreferenceSharesaretenderedintothePreferenceShareOffer,followingcompletion,thetotalnumberofPreferenceSharesinissuewillbereduced.Accordingly,thetradingmarketsforthePreferenceShareswhichremainoutstandingmaybeilliquidwhichmay,inturn,negativelyimpactthemarketpriceofthePreferenceShares.
3. SUMMARY OF THE TERMS OF THE PREFERENCE SHARE OFFER
EachPreferenceShareholderwhohasvalidlyofferedtoselltheirPreferenceSharesbytheExpirationDeadline,iftheirOfferisacceptedpursuanttothePreferenceShareOffer,isan“Accepted Preference Shareholder”.TheaggregateamountpayabletoeachAcceptedPreferenceShareholder(the“Aggregate Purchase Price”)shallbeequaltotheproductoftherelevantPurchasePriceandthenumberoftherelevantissueofPreferenceSharesvalidlyofferedbythePreferenceShareholderandacceptedforpurchasebyInvestecplc.
UnderthePreferenceShareOffer,SterlingPreferenceShareswhichareacceptedforpurchasewillbepurchasedbyInvestecplcatGBP5.7509589perSterlingPreferenceShare(the“Sterling Purchase Price”).TheSterlingPurchasePricecomprisesaprincipalamountofGBP5.70perSterlingPreferenceShareplusanamountof5.09589penceper
4
SterlingPreferenceSharewhichisequaltotheaccruedbutundeclaredandunpaiddividendsfrom1April2016uptotheexpectedSettlementDateforthePreferenceShareOffer.
RandPreferenceShareswhichareacceptedforpurchasewillbepurchasedbyInvestecplcatZAR103.3887671perRandPreferenceShare(the“Rand Purchase Price”).TheRandPurchasePricecomprisesaprincipalamountofZAR100plusanamountof338.87671centsperRandPreferenceSharewhichisequaltotheaccruedbutundeclaredandunpaiddividendsfrom1April2016uptotheexpectedSettlementDateforthePreferenceShareOffer.
SterlingPreferenceShareholderswhoholdtheirSterlingPreferenceSharesviaSTRATEorwhohavearegisteredaddressontheregisterofSterlingPreferenceShareholdersinSouthAfricawillreceivetheSterlingPurchasePriceinZAR.TheprevailingexchangeratefortheconversionofGBPintoZARwillbethemidratequotedbyBloombergon itsGBPZARCURNCYPageat17:00(London time)and18:00(Johannesburg time) following theExpirationDeadline(the“ZAR FX Rate”).
The relevant Purchase Price includes an amount equal to accrued but undeclared and unpaid dividends from1April2016uptotheexpectedSettlementDateforthePreferenceShareOffer.NofurtheramountwillbepaidinrelationtoaccrueddividendsonthePreferenceSharesiftheSettlementDateischanged.PreferenceShareholdersacceptingthePreferenceShareOfferwillnotreceiveanyadditionalamount(incashorotherwise) inrelationtoaccrueddividendsontheirPreferenceSharesaftertheexpectedSettlementDate.
4. CONDITIONS TO THE PREFERENCE SHARE OFFER
ThePreferenceShareOfferremainsconditionalupon:
(i) Shareholders’approvalbeingobtainedtotheresolutionproposedinthiscircular(the“Resolution”)atthegeneralmeetingsofInvestecplcandInvestecLimited,votingtogetherasasingledecision-makingbody;
(ii) thetermsoftheConditionalPurchaseAgreementsandShareSettlementDeeds;
(iii) PreferenceShares,inrespectofwhichanOfferisacceptedbyInvestecplc,beingtransferredintrusttotheUKShareSettlementNomineeand/ortheSAShareSettlementNominee,asthecasemaybe;
(iv) thePreferenceShareOffernothavingbeenterminatedbyInvestecplcinaccordancewiththeTenderOfferMemorandum;and
(v) theacceptanceofOffersbyInvestecplc.
5. THE GENERAL MEETINGS
Assetoutabove,thePreferenceShareOfferisconditionalupon,amongstotherthings,Shareholders’approvalbeingobtainedatthegeneralmeetingsofInvestecplcandInvestecLimited,votingtogetherasasingledecision-makingbody.TheResolutiontoapprovethePreferenceShareOfferisbeingputtoShareholdersundertheJointElectorateActionsproceduredescribedinparagraph6.2below.
TheapprovaloftheShareholderswillbesoughtattheInvestecplcGeneralMeetingtobeheldat2GreshamStreet,London,EC2V7QPat11:00(Londontime)on20July2016andtheInvestecLimitedGeneralMeetingtobeheldat100GraystonDrive,Sandown,Sandton2196,RepublicofSouthAfricaat12:00(Johannesburgtime)on20July2016(the“General Meetings”).
Youwillfindsetoutonpages16to21ofthiscirculartheNoticesconveningtheGeneralMeetings.
6. ACTION TO BE TAKEN
6.1 Resolution to be passed:
A Special Resolution toapprovethetermsoftheoff-marketpurchaseofPreferenceSharesfromtheShareSettlementNomineesasintermediariesbetweentheCompanyandPreferenceShareholdersinrelationtothePreferenceShareOfferassetoutintheNoticesofGeneralMeetingsonpages16to21ofthiscircular,willbeputtoShareholdersundertheJointElectorateActionsproceduredescribedbelow.
InaccordancewiththeInvestmentAssociationCapitalManagementGuidelines,theresolutionisproposedasaSpecialResolution.The passing of the Resolution requires a 75 per cent majority of votes in favour.
5
6.2 Joint Electorate Actions
Investechasaduallistedcompaniesstructure,withsharesofInvestecplclistedontheLondonStockExchange(withasecondary listingonthe JohannesburgStockExchangeLimited(the“JSE”))andsharesof InvestecLimitedlistedontheJSE.UnderthetermsoftheDLCArrangements,theInvestecLimitedMemorandumofIncorporationandtheInvestecplcArticlesofAssociation,specialvotingarrangementsareinplacesothattheshareholdersofbothcompanieseffectivelyvotetogetherasasingledecision-makingbodyonmattersaffectingtheshareholdersofeachcompanyinsimilarways(“Joint Electorate Actions”).Currently,eachInvestecLimitedordinarysharewilleffectivelyhavethesamevotingrightsaseachInvestecplcordinaryshareonJointElectorateActionsandviceversa.
6.3 Investec Limited
Certificated and own name dematerialised Investec Limited Shareholders
TheInvestecLimitedFormofProxy(Blue)forusebyInvestecLimitedShareholderswhoholdtheirInvestecLimitedordinarysharesincertificatedformorindematerialisedformwithownnameregistrationisattachedtothisdocument.
Whetherornotyou intendtobepresentat the InvestecLimitedGeneralMeeting,youarerequestedtocompletetheInvestecLimitedFormofProxy(Blue)inaccordancewiththeinstructionsprintedthereonandreturnitassoonaspossibleand,inanyevent,soastobereceivedbyComputershareInvestorServices(Pty)Limitednolaterthan12:00on18July2016(Johannesburgtime).Completedformsshouldbesent:
By post to:
ComputershareInvestorServices(Pty)LimitedPOBox61051Marshalltown,2107RepublicofSouthAfrica
By hand to:
ComputershareInvestorServices(Pty)LimitedGroundFloor70MarshallStreetJohannesburg,2001RepublicofSouthAfrica
IfyoudonotdelivertheInvestecLimitedFormofProxy(Blue)toComputersharebytherelevanttime,youwillneverthelessbeentitledtolodgeitinrespectoftheInvestecLimitedGeneralMeetingimmediatelypriortotheexercisingofshareholders’rightsthereat,inaccordancewiththeinstructionstherein,withthechairmanoftheInvestecLimitedGeneralMeeting.
ThecompletionandreturnoftheInvestecLimitedFormofProxy(Blue)willnotprecludeShareholdersofInvestecLimitedfromattendingtheInvestecLimitedGeneralMeetingandvotinginpersonshouldtheywishtodoso.
Dematerialised Shareholders of Investec Limited
InvestecLimitedShareholderswhohavedematerialised their InvestecLimitedordinary sharesanddonothaveownnameregistrationmustNOTcompleteanInvestecLimitedFormofProxy(Blue)butinsteadmustinformtheirCSDPorbrokeroftheirintentiontoattendtheInvestecLimitedGeneralMeetingandrequesttheirCSDPorbrokertoissuethemwiththenecessaryauthorisationtoattendtheInvestecLimitedGeneralMeeting inpersonorprovidetheirCSDPorbrokerwiththeirvoting instructionsshouldtheynotwishtoattendtheInvestecLimitedGeneralMeetinginperson.TheseinstructionsmustbeprovidedtotheCSDPorbrokerbythecut-offtimeanddateadvisedbytheCSDPorbrokerforinstructionsofthisnature.IfyourCSDPorbrokerdoesnotobtaininstructionsfromyoutheywillbeobligedtoactintermsofthemandatefurnishedtothembyyou.
6.4 Investec plc
Certificated and CREST Investec plc Shareholders
TheInvestecplcFormofProxy(White)forusebyInvestecplcShareholdersisenclosedwiththisdocument.
TheInvestecplcShareholderswhoareCRESTmembersmayusetheCRESTelectronicproxyappointmentserviceinaccordancewiththeproceduressetoutinthenoticefortheInvestecplcGeneralMeeting.
WhetherornotyouintendtobepresentattheInvestecplcGeneralMeeting,youarerequestedtocompleteandreturntheInvestecplcFormofProxy(White)inaccordancewiththeinstructionsprintedthereonandreturnitassoonaspossibleand,inanyevent,soastobereceivedbyComputersharebynolaterthan11:00on18July2016(Londontime).Completedformsshouldbesentto:
6
In the case of Investec plc Shareholders on the South African branch register
By post to:
ComputershareInvestorServices(Pty)LimitedPOBox61051,Marshalltown,2107RepublicofSouthAfrica
In the case of Investec plc Shareholders on the UK share register.
By post:
ComputershareInvestorServicesPLCCorporateActionsProjectsThePavilionsBridgwaterRoadBristol,BS996AHUnitedKingdom
By hand to:
ComputershareInvestorServices(Pty)LimitedGroundFloor70MarshallStreetJohannesburg,2001RepublicofSouthAfrica
By hand to:
ComputershareInvestorServicesPLCThePavilionsBridgwaterRoadBristol,BS138AEUnitedKingdom
ThecompletionandreturnoftheInvestecplcFormofProxy(White)willnotprecludeInvestecplcShareholdersfromattendingtheInvestecplcGeneralMeetingandvotinginpersonshouldtheywishtodoso.
Investec plc Shareholders holding Investec plc Ordinary Shares through a CSDP
InvestecplcShareholdersontheSouthAfricanbranchregisterwhohavedematerialisedtheir InvestecplcOrdinarySharesmustNOTcompleteanInvestecplcFormofProxy(White)butinsteadmustinformtheirCSDPorbrokeroftheir intentiontoattendthe InvestecplcGeneralMeetingandrequesttheirCSDPorbrokertoissuethemwiththenecessaryauthorisationtoattendtheInvestecplcGeneralMeetinginpersonorprovidetheirCSDPorbrokerwiththeirvotinginstructionsshouldtheynotwishtoattendtheInvestecplcGeneralMeetinginperson.TheseinstructionsmustbeprovidedtotheCSDPorbrokerbythecut-offtimeanddateadvisedbytheCSDPorbrokerforinstructionsofthisnature.IfyourCSDPorbrokerdoesnotobtaininstructionsfromyoutheywillbeobligedtoactintermsofthemandatefurnishedtothembyyou.
7. RECOMMENDATION
TheDirectorsareunanimousintheirviewthatthePreferenceShareOfferisinthebestinterestsofInvestecandtheShareholders.Accordingly,theDirectorsrecommendthatShareholdersvoteinfavouroftheResolutionastheDirectorsintendtodoinrespectoftheirownbeneficialholdings.
CopiesoftheConditionalPurchaseAgreementsmaybeinspectedduringnormalbusinesshoursonanyweekday(Saturdays,Sundaysandpublicholidaysexcepted)attheregisteredofficeofInvestecLimitedat100GraystonDrive,Sandown,Sandton2196,RepublicofSouthAfricaandattheregisteredofficeofInvestecplcat2GreshamStreet,London,EC2V7QPandattheofficesofLinklatersLLP,OneSilkStreet,LondonEC2Y8HQuptoandincludingthedateoftheGeneralMeetings,andalsoattheGeneralMeetingsforatleast15minutespriorto,andduring,themeetings.
IlookforwardtowelcomingyoutotheGeneralMeetings.
Yoursfaithfully
FaniTitiChairman
7
PART III
FURTHER DETAILS OF THE RESOLUTION AND PREFERENCE SHARE OFFER
1. RESOLUTION: OFF-MARKET PURCHASE OF PREFERENCE SHARES FROM THE SHARE SETTLEMENT NOMINEES IN RELATION TO THE PREFERENCE SHARE OFFER
InordertoallowtheCompanytoeffectoff-marketpurchasesofPreferenceSharesinrelationtothePreferenceShareOffer,theboardofdirectorsofInvestecplcisseekingapproval,asrequiredbysection694oftheUKCompaniesAct,2006,ofthetermsoftheConditionalPurchaseAgreements(assetoutbelow)relatingtosuchoff-marketpurchases.
TheResolutionproposesthatthetermsoftheConditionalPurchaseAgreements(whichhavebeenenteredintoconditionaluponShareholderapprovalbeingobtainedpursuanttothisResolution)beapprovedinaccordancewithsection694of theUKCompaniesAct.TheConditionalPurchaseAgreementsarenecessary for theoff-marketpurchaseofthePreferenceShareswhichwillbeputintrustwiththerelevantShareSettlementNomineepursuanttothetermsoftherelevantShareSettlementDeed(the“Settlement Nominee Preference Shares”),andwillbeproducedattheGeneralMeetingsandmadeavailableforinspectionattheregisteredofficesofInvestecandtheofficeofLinklatersLLPOneSilkStreet,LondonEC2Y8HQfornotlessthan15daysbeforetheGeneralMeetings.
Thisauthoritywillexpireon31May2021.ThePreferenceShareOfferisconditionalonthepassingofthisResolutionbyShareholdersattheGeneralMeetings.
2. SHARE SETTLEMENT NOMINEE
DuetotherequirementsoftheUKCompaniesAct,theShareSettlementNomineeswill,ineffect,actasintermediariesbetweentheCompanyandPreferenceShareholders.
PursuanttothetermsoftheproposedConditionalPurchaseAgreements, theShareSettlementNomineesshallrequiretheCompanytopurchase,bywayofanoff-marketpurchase,anySettlementNomineePreferenceSharesheldbytherelevantShareSettlementNomineeintrustforbeneficialholdersoftheSettlementNomineePreferenceSharesatacashpriceequaltotheAggregatePurchasePrice.
3. FURTHER DETAILS OF THE PREFERENCE SHARE OFFER
3.1 Structure of the Preference Share Offer
Offerswillbemadeto,and(ifapplicable)acceptedby,Investecplc.InvestecplcisnotunderanyobligationtoPreferenceShareholderstoacceptanyorallOffersanditmaydecidenottoacceptOffersforanyreason.
3.2 Cancellation of Preference Shares purchased under the Preference Share Offer
InvestecplcwillpurchaseandcancelthePreferenceSharesitacceptsforpurchasepursuanttothePreferenceShareOffer.
4. RESULTS ANNOUNCEMENT
4.1 Investec plc will announce the following in the results announcement on the Business Day following theExpirationDeadline:(i)whethervalidOfferspursuanttothePreferenceShareOfferareaccepted;(ii)theaggregatenumberofSterlingPreferenceSharesandRandPreferenceSharesrespectivelythatitwillbeacceptingforpurchase;(iii)theZARFXRate;and(iv)theSettlementDate(the“Results Announcement”).
4.2 Unless statedotherwise, announcements in connectionwith thePreferenceShareOfferwill bemadebyRNSandSENSaswellasdisplayedontheCISXwebsitebyInvestecplc.Suchannouncementsmayalsobemadeby(i)theissueofapressreleasetoaNotifyingNewsService;(ii)thedeliveryofnoticestoCRESTand/ortheCSDforcommunicationtoDirectParticipants;or(iii)displayonInvestec’swebsite.Copiesofallsuchannouncements,pressreleasesandnoticescanalsobeobtainedfromtheRegistrar.
8
5. MAJOR BENEFICIAL SHAREHOLDERS
TothebestoftheCompany’sknowledgeandbelief,thefollowingmajorbeneficialshareholderswere,asat29April2016,directlyorindirectly,thebeneficialownersof5%ormoreoftheissuedsharecapitalofInvestecplc:
Holding as at 29 April
2016
% of total share capital in issue as at
29 April 2016
% of total share capital in issue as at
29 April 2015
PublicInvestmentCorporation 48,848,579 7.98 7.27BlackRockInc 31,406,802 5.09 4.99AllanGray 31,150,251 5.05 6.65
Cumulative total 111,405,632 18.12 18.91
The aforementioned shareholders account for 18.12% of the total share capital in issue of Investec plc as at29April2016.
6. MATERIAL CHANGES
TherewerenomaterialchangesinthefinancialortradingpositionoftheCompanysincetheendofthelastfinancialperiod,being31March2016,uptoandincludingtheLastPracticableDate.
7. DIRECTORS’ INTERESTS
Thedirectors’interestinthesharesoftheCompany(andtheinterestsoftheirassociates),includingdirectorswhohaveresignedduringthelast18months,asattheLastPracticableDate,areasfollows:
Directors’interestsinOrdinaryShares
Directors
Direct and indirect
beneficial interest in
Investec plc
Percentage of total
share capital in issue
Executive directorsSKoseff 5,274,035 0.8BKantor 832,657 0.1GRBurger 3,316,390 0.5HJduToit – –
Total 9,423,082 1.4
Non-executive directorsFTiti(Chairman) – –ZBMBassa – –LCBowden – –CACarolus – –PKOCrosthwaite 115,738 –BFried* – –DFriedland – –HFukudaOBE** 5,000 –CRJacobs – –IRKantor 3,409,545 0.5LordMalloch-BrownKCMG – –KLShuenyane 19,900 –PRSThomas – –
Total 3,550,183 0.5
Total number 12,973,265 1.98
9
Directors’interestsinPreferenceShares
Directors
Direct and Indirect beneficial interest
in Sterling Preference Shares
Direct and Indirect beneficial interest
in Rand Preference Shares
ExecutivedirectorSKoseff 80,000 21,198
Total*** 80,000 21,198
*BFriedsteppeddownfromtheboardwitheffectfrom31March2016anddoesnotholdanyPreferenceShares.
**HFukudasteppeddownfromtheboardwitheffectfrom6August2015anddoesnotholdanyPreferenceShares.
***Intotal101,198representing0.58%ofthetotalnumberofPreferenceSharesinissue
As set out above, Mr Koseff holds 101,198 Preference Shares. As a director and shareholder of the Company,MrKoseffhasundertakentotheCompanythathewillnotvoteontheResolutiontobeproposedattheGeneralMeetings.MrKoseffdoesintendtotenderhisPreferenceSharespursuanttothePreferenceShareOffer.MrKoseffwillparticipateinthePreferenceShareOfferonthesametermsasallotherholdersofPreferenceShares.
8. SHARE CAPITAL
ThetablebelowsetsouttheauthorisedandissuesharecapitaloftheCompany.TheCompanyhas,inaccordancewiththeUKCompaniesAct,2006,abolishedtheconceptofauthorisedsharecapitalforOrdinaryShareswitheffectfromAugust2010.
Investec plc Authorised Share Capital as at the Last Practicable Date
AuthorisedOrdinarySharesUnlimitedOrdinaryShareswithaparvalueofGBP0.0002each Unlimited
AuthorisedZARpreferenceshares100,000,000ZARPreferenceshareswithaparvalueofZAR0.001each ZAR100,000
Authorisedspecialconvertingshares450,000,000specialconvertingshareswithaparvalueofGBP0.0002each GBP90,000
Authorisednon-redeemable,non-cumulativenon-participatingpreferenceshares100,000,000non-redeemable,non-cumulativenon-participatingpreferenceshareswithaparvalueofEuros0.01each €10,000
Authorisednon-redeemable,non-cumulativenon-participatingpreferenceshares1,000,000non-redeemable,non-cumulativenon-participatingpreferenceshareswithaparvalueofGBP0.01 GBP1,000,000
Authorisedspecialvotingshare1SpecialVotingsharewithaparvalueofGBP0.001 GBP0.001
AuthorisedUKDANshare1UKDANsharewithaparvalueofGBP0.001 GBP0.001
AuthorisedUKDASshares1UKDASshareswithaparvalueofGBP0.001 GBP0.001
10
Investec plc Issued Share Capital as at the Last Practicable Date
IssuedOrdinaryShares656,424,689OrdinaryShareswithaparvalueofGBP0.0002each GBP131,285
IssuedZARpreferenceshares2,275,940ZARpreferenceshareswithaparvalueofZAR0.001each(i.e.theRandPreferenceShares) ZAR2,276
Issuedspecialconvertingshares298,173,370specialconvertingshareswithaparvalueofGBP0.0002each GBP58,273
Issuednon-redeemable,non-cumulativenon-participatingpreferencesharesZeronon-redeemable,non-cumulativenon-participatingpreferenceshareswithaparvalueofEuros0.01each 0
Issuednon-redeemable,non-cumulativenon-participatingpreferenceshares15,081,149non-redeemable,non-cumulativenon-participatingpreferenceshareswithaparvalueofGBP0.01(i.e.theSterlingPreferenceShares) GBP150,811
Issuedspecialvotingshare1SpecialVotingsharewithaparvalueofGBP0.001 GBP0.001
IssuedUKDANshare1UKDANsharewithaparvalueofGBP0.001 GBP0.001
IssuedUKDASshares1UKDASshareswithaparvalueofGBP0.001 GBP0.001
Sharepremium GBP1,194,257
TheCompanydoesnotholdanysharesintreasury –
9. DIRECTORS’ RESPONSIBILITY STATEMENT
TheDirectors,whosenamesaresetoutontheinsidefrontcoverofthiscircular,collectivelyandindividuallyacceptfullresponsibilityfortheaccuracyoftheinformationgiveninthiscircularinrelationtoInvestecandcertifythat,tothebestoftheirknowledgeandbelief,nofactshavebeenomittedwhichwouldmakeanystatementinthiscircularfalseormisleading,thatallreasonableenquiriestoascertainsuchfactshavebeenmadeandthatthecircularcontainsallinformationrequiredbylawandthelistingrequirementsoftheJSE.
10. COSTS
Thecosts(exclusiveofValue-AddedTax)ofthePreferenceShareOffer.
Description
Estimated amount
(ZAR)
JSEdocumentationfees 21,000Printingandrelatedcosts 29,000J.P.Morgan(IndependentSponsor)fees 50,000
Total 100,000
11. LITIGATION STATEMENT
Therearenolegalorarbitrationproceedingswhichmayhave,orhavehadinthepast12months,amaterialeffectonthefinancialpositionoftheCompany.TheCompanyisnotawareofanyothersuchproceedingsthatarependingorthreatened.
11
12. IMPACT OF THE FINANCIAL INFORMATION OF INVESTEC
ThePreferenceShareOfferwillbefundedfromcashreservesfollowingthesuccessfulcompletionofthePlacingannouncedon2June2016.
FollowingtheimplementationoftheEUCapitalRequirementsRegulationandtheEUCapitalRequirementsDirective,thePreferenceShareswillnotqualifyascompliantadditionaltier1capital.AssuchthePreferenceShareOffer,whentakentogetherwiththePlacing,isintendedtooptimisethecapitalbaseoftheCompanyandtheInvestecGroupbyincreasingthecapitalratiosoftheCompanyandtheInvestecGroup.
12
Part IV
DEFINITIONS
“ Accepted Preference Shareholders”
hasthemeaninggiventoitintheparagraph3ofPartII;
“Aggregate Purchase Price” hasthemeaninggiventoitinparagraph3ofPartII;
“Bloomberg” BloombergL.P.;
“Business Day” aday(excludingSaturdaysandSundaysorpublicholidaysinEnglandandWalesandSouthAfrica)onwhichbanksgenerallyareopeninLondonandJohannesburgforthetransactionofnormalbusiness;
“ certificated” or “in certificated form”
ashareorothersecuritywhichisnotdematerialisedorinuncertificatedform;
“CISX” TheChannelIslandsStockExchangeLimited;
“Company” Investecplc;
“ Conditional Purchase Agreements”
eachoftheconditionalpurchaseagreementsenteredintobetween(i)InvestecplcandComputershareCompanyNomineesLimited(initscapacityastheUKShareSettlementNominee)andComputershareInvestorServicesPLC(asagentfor the UK Share Settlement Nominee) dated on or around the date of theTenderOfferMemorandum,and(ii)InvestecplcandComputershareNominees(Pty)Limited(initscapacityastheSAShareSettlementNominee)datedonoraroundthedateoftheTenderOfferMemorandum;
“CREST” therelevantsystem,asdefinedintheCRESTRegulations(inrespectofwhichEuroclearUKistheoperator,asdefinedintheCRESTRegulations);
“CREST member” a person who has been admitted to Euroclear UK as a system member(asdefinedintheCRESTRegulations);
“CREST participant” apersonwho is, inrelationtoCREST,asystemparticipant(asdefined in theCRESTRegulations);
“CREST Regulations” theUncertificatedSecuritiesRegulations2001(SI2001No.01/378),asamended;
“CSD” TheSouthAfricanshareandbondsettlementsystemcomprisingthedepositoryserviceandtheelectronicsettlementserviceoperatedbySTRATE;
“CSDP” CentralSecuritiesDepositoryParticipant;
“dematerialise” the incorporation of a share into the STRATE system, title to which is notrepresentedbyadocumentoftitleandwhichisrecordedinasub-registeroftheissuermaintainedbyaCSDPortheTransferSecretaryoftheissuer;
“Direct participant” eachpersonshownintherecordsofCRESTortheCSDastheregisteredholderofaPreferenceShare;
“Directors” the Executive and the Non-executive Directors of Investec plc and InvestecLimited;
“DLC Arrangements” hasthemeaninggiventoitinparagraph1ofPartIl;
“ EU Capital Requirements Directive”
Directive2013/36/EU.
“ EU Capital Requirements Regulation”
Regulation(EU)No575/2013oftheEuropeanParliamentandoftheCouncilof26June2013onprudentialrequirementsforcreditinstitutionsandinvestmentfirmsandamendingRegulation(EU)No648/2012;
“Euroclear” or “Euroclear UK” EuroclearUK&IrelandLimited,theoperatorofCREST;
13
“Executive Directors” theexecutivedirectorsofInvestecplcandInvestecLimited;
“Expiration Deadline” 11:00 (London time) and 12:00 (Johannesburg) time on 26 July 2016 unlessotherwiseamended;
“GBP” or “Sterling”or“pence” thelawfulcurrencyoftheUK;
“General Meetings” hasthemeaninggiventoitinparagraph5ofPartII;
“Investec Group” theInvestecgroup,i.e.InvestecplcandInvestecLimitedtakentogether,andtheirsubsidiariesandsubsidiaryundertakings,fromtimetotime;
“Investec Limited” InvestecLimited,acompanyincorporatedunderthelawsofSouthAfricawithregistrationnumber1925/002833/06;
“ Investec Limited General Meeting”
thegeneralmeetingof InvestecLimited,tobeheldpursuanttotheNoticeofGeneralMeetingattachedtothiscircular;
“ Investec Limited Shareholders”
holdersofordinarysharesinInvestecLimited;
“Investec plc” Investecplc,acompanyincorporatedunderthelawsofEnglandandWaleswithregisteredundernumber3633621,withitsregisteredofficeat2GreshamStreet,LondonEC2V7QP;
“Investec plc General Meeting” thegeneralmeetingofInvestecplc,tobeheldpursuanttotheNoticeofGeneralMeetingattachedtothiscircular;
“Investec plc Shareholders” holdersofordinarysharesinInvestecplc;
“Joint Electorate Actions” actions in relation to matters affecting the shareholders of Investec plc andInvestecLimited insimilarwaysonwhichtheshareholdersofbothcompanieseffectivelyvotetogetherasasingledecision-makingbodyintermsoftheDLCArrangements;
“JSE” JSELimited,registrationnumber2005/022939/06,apubliccompanyincorporatedinSouthAfrica,licensedasasecuritiesexchangeintermsoftheSouthAfricanFinancialMarketsAct,19of2012;
“Last Practicable Date” Thelastpracticabledatepriortothepublicationofthiscircular,being14June2016;
“Non-executive Directors” thenon-executivedirectorsofInvestecplcandInvestecLimited;
“Notifying News Service” A recognised financial news service or services (e.g. Reuters/Bloomberg) asselectedbyInvestec;
“Offer” anoffervalidlymadetoInvestecplcbyaPreferenceShareholdertosellPreferenceShares forpurchase for cash (in an amount equal to theAggregatePurchasePrice)ontheSettlementDateinaccordancewithandpursuanttothetermsofthePreferenceShareOffer;
“Offer Period” hasthemeaninggiventoitintheparagraph2ofPartII;
“Ordinary Shares” or “Shares” theordinarysharesofGBP0.0002eachinthesharecapitalofInvestecplc;
“Placing” hasthemeaninggiventoitintheparagraph2ofPartII;
“Preference Share Offer” theinvitationbyInvestecplctoeachPreferenceShareholdertomakeanOffer;
“Preference Shareholders” theholdersofanyPreferenceShares;
“Preference Shares” theRandPreferenceSharesandtheSterlingPreferenceShares;
“Purchase Price” theSterlingPurchasePriceortheRandPurchasePrice,asapplicable;
“Rand Preference Shares” the non-redeemable, non-cumulative, non-participating preference shares ofZAR0.001eachinthecapitalofInvestecplc(ISIN:GB00B4B0Q974);
“Rand Preference Shareholder” aholderofanyRandPreferenceShares;
14
“Rand Purchase Price” ZAR103.3887671perRandPreferenceShare;
TheRandPurchasePriceincludesanamountequaltoaccruedbutundeclaredandunpaiddividendsfrom1April2016uptotheexpectedSettlementDateforthePreferenceShareOffer;
“Registrar” ComputershareInvestorServicesPLC,acompanyincorporatedunderthelawsofEnglandandWaleswithregisterednumber3498808,withitsregisteredofficeat The Pavilions, Bridgwater Road, Bristol, BS13 8AE, United Kingdom theregistrarofInvestecplc;
“Resolution” The special resolution to be considered and, if thought fit, passed by theShareholdersattheGeneralMeetings;
“Results Announcement” hasthemeaninggiventoininparagraph4.1ofPartIII;
“RNS” theLondonStockExchange’sRegulatoryNewsService;
“SA Act” hasthemeaninggiventoitintheNoticeofGeneralMeetingofInvestecLimited;
“ SA Share Settlement Nominee”
ComputershareNominees(Pty)Limited,beingthesharesettlementnomineeinrelationonlytothe(i)RandPreferenceShares;and(ii)SterlingPreferenceSharesheldbySterlingPreferenceShareholderswho(x)holdtheirSterlingPreferenceSharesincertificatedformandareregisteredonthebranchregisterofSterlingPreferenceShareholdersinSouthAfricaand/or(y)holdtheirSterlingPreferenceSharesinSTRATE;
“SENS” TheStockExchangeNewsServiceoftheJSE;
“Settlement Date” the date on which Investec plc will pay, or procure the payment of, to eachrelevantPreferenceShareholdertherelevantAggregatePurchasePrice,whichdateisexpectedtobeonoraround3August2016;
“Share Settlement Deeds” eachof the Share SettlementDeeds entered into between (i) theUK ShareSettlement Nominee and the Company and (ii) the SA Share SettlementNomineeandtheCompany,pursuanttowhich,ineachcase,therelevantShareSettlementNomineewillholdthePreferenceSharesintrustforthePreferenceShareholders;
“Share Settlement Nominees” each of the UK Share Settlement Nominee and the SA Share SettlementNomineeactingpursuanttotherelevantShareSettlementDeedinrelationtothesettlementofthePreferenceShareOffer;
“ Settlement Nominee Preference Shares”
hasthemeaninggiventoitinparagraph1ofPartIII;
“Shareholder” aholderofordinarysharesinInvestecplcand/orInvestecLimited,asthecasemaybe;
“South Africa” or “SA” theRepublicofSouthAfrica;
“Sterling Purchase Price” GBP5.7509589perSterlingPreferenceShare;
TheSterlingPurchasePriceincludesanamountequaltoaccruedbutunpaiddividendsfrom1April2016uptotheexpectedSettlementDatefortheTenderOffer;
“Sterling Preference Shares” the non-redeemable, non-cumulative, non-participating preference shares ofGBP0.01eachinthecapitalofInvestecplc(ISIN:GB00B19RX541);
“ Sterling Preference Shareholder”
AholderofanySterlingPreferenceShares;
15
“STRATE” Strate Proprietary Limited (registration number 1998/022242/07), a privatecompany incorporated in accordance with the laws of South Africa, and aregistered central securities depository responsible for the electronic custodyandsettlementsystemfortransactionsthattakeplaceontheJSEandoff-markettrades;
“Transfer Secretary” Computershare Investor Services (Pty) Limited (registration number2004/003647/07), a private company incorporated and registered in SouthAfrica,inaccordancewiththecompanylawsofSouthAfrica;
“Tender Offer Memorandum” theofferdocumentmadeavailabletoallPreferenceShareholders,subjecttothedistributionrestrictionsoutlined in it,onoraroundthedateofthiscircular inrespectofthePreferenceShareOffer;
“UK Companies Act” theUKCompaniesAct2006,asamended;
“ uncertificated” or“in uncertificated form”
recordedontherelevantregisteroftheshareorsecurityconcernedasbeingheldinuncertificatedforminCRESTandtitletowhich,byvirtueoftheCRESTRegulations,maybetransferredbymeansofCREST;
“United Kingdom” or “UK” theUnitedKingdomofGreatBritainandNorthernIreland;
“UK Share Settlement Nominee” Computershare Company Nominees Limited, being the share settlementnominee in relationonly to the Sterling Preference Shareswhich are held bySterlingPreferenceShareholderswho(i)holdtheirSterlingPreferenceSharesincertificated form and are registered on the register of Sterling PreferenceShareholdersintheUKand/or(ii)holdtheirSterlingPreferenceSharesinCREST;
“UK DAN Share” Dividendaccess(non-SouthAfricanresident)redeemableshare;
“UK DAS Share” Dividendaccess(SouthAfricanresident)redeemableshare;
“ZAR”or“Rand”or“cents” SouthAfricanRand,thelawfulcurrencyofSouthAfrica;and
“ZAR FX Rate” hasthemeaninggiventoitinparagraph3ofPartII.
.
16
NOTICE OF GENERAL MEETING OF INVESTEC PLC
(Registrationnumber3633621)Sharecode:INVP|JSEsharecode:INP|ISIN:GB00B17BBQ5
This document is important and requires your immediate attention. If you are in any doubt as to the action you should take, you are recommended to obtain your own personal financial advice immediately from your stockbroker, bank manager, accountant or other independent professional adviser authorised under Part VI of the Financial Services and Markets Act, 2000.
If you have sold or otherwise transferred all your ordinary shares in Investec plc, please send this document together with the accompanying Form of Proxy at once to the relevant transferee or to the stockbroker, bank or other person through whom the sale or transfer was effected, for transmission to the relevant transferee.
NoticeisherebygiventhataGeneralMeetingofInvestecplcwillbeheldat11:00(Londontime)on20July2016,attheregisteredofficeofInvestecplcat2GreshamStreet,London,EC2V7QP,totransactthefollowingbusinessinrespectofInvestecplc.
INVESTEC PLC
To consider and, if deemed fit, to pass, with or without modification, the following special resolution of Investec plc(the “Resolution”):
Special Resolution: Off-market purchase of preference shares from Computershare Company Nominees Limited and Computershare Nominees (Pty) Limited
Resolved that,thetermsoftwoproposedagreementsbetween(1)InvestecplcandComputershareCompanyNomineesLimited and Computershare Investor Services PLC and (2) Investec plc and Computershare Nominees (Pty) Limited,providingforthepurchasebyInvestecplcoftheexisting:
• non-redeemable,non-cumulative,non-participatingpreferencesharesofGBP0.01eachinthecapitalofInvestecplc(ISIN:GB00B19RX541)atapriceofGBP5.7509589perpreferenceshare;and
• non-redeemable,non-cumulative,non-participatingpreferencesharesofZAR0.001eachinthecapitalofInvestecplc(ISIN:GB00B4B0Q974)atapriceofZAR103.3887671perpreferenceshare,
heldbyComputershareCompanyNomineesLimitedorComputershareNominees(Pty)Limited,asthecasemaybe,astrusteeonbehalfofholdersofsuchsecuritiesbeandareherebyapprovedandauthorisedforthepurposesofsection694oftheUKCompaniesAct,2006andotherwisebutsothatsuchapprovalandauthorityshallexpireon31May2021.
ThereasonforandeffectoftheResolutionistoapprovethePreferenceShareOfferasdescribedinthecirculartowhichthisNoticeofGeneralMeetingisattached.
InorderforthisResolutiontobegiveneffect,amajorityofatleast75%oftheaggregatevotesofallshareholders,actingasasingledecisionmakingbody,presentorrepresentedbyproxyattheGeneralMeetingsofInvestecplcandInvestecLimitedmustbecastinfavouroftheResolution.
ThedirectorsofInvestecplcconsidertheproposedResolutioncontainedinthisNoticeofGeneralMeetingtobeinthebestinterestsofInvestecplcanditsshareholdersandrecommendthatyouvoteinfavouroftheResolution,asthedirectorsofInvestecplcintendtodoinrespectoftheirownbeneficialholdings.
17
Byorderoftheboard
Company SecretaryD Miller
London20June2016
Registered officeInvestecplc2GreshamStreetLondonEC2V7QP
Notes
1. TheaboveResolutionisajointelectorateactionundertheArticlesofAssociationofInvestecplcand,accordingly,boththeholdersofordinarysharesinInvestecplcandtheholderofthespecialvotingshareinInvestecplcareentitledtovote.VotingwillbeonapollwhichwillremainopenforsufficienttimetoallowtheInvestecLimitedgeneralmeetingtobeheldandforthevotesoftheholderoftheInvestecplcspecialvotingsharetobeascertainedandcastonapoll.
2. Onthepoll:
(a) eachfullypaidordinaryshareinInvestecplc(otherthanthosesubjecttovotingrestrictions)willhave1(one)vote;
(b) theholderoftheInvestecplcspecialvotingsharewillcastthesamenumberofvotesaswerevalidlycastforandagainsttheequivalentresolutionsbyInvestecLimitedshareholdersonthepollattheInvestecLimitedgeneralmeeting;
(c) theholderoftheInvestecplcspecialvotingsharewillbeobligedtocastthesevotesforandagainsttherelevantresolutionsinaccordancewiththevotescastforandagainsttheequivalentresolutionsbyInvestecLimitedshareholdersonthepollattheInvestecLimitedgeneralmeeting;
(d) throughthismechanism,thevotesoftheInvestecLimitedordinaryshareholdersattheInvestecLimitedgeneralmeetingwillbereflectedatInvestecplc’sgeneralmeetinginrespectofthejointelectorateaction;and
(e) theresultsofthejointelectorateactionwillbeannouncedafterbothpollshaveclosed.
3. Subject to the provisions under section 319Aof theUKCompaniesAct 2006, any shareholder attending themeeting has the right to askquestions.Ashareholderwhoisentitledtoattendandvoteatthegeneralmeetingisentitledtoappointoneormorepersonsashisorherproxytoexercisealloranyofhisorherrightstoattendandtospeakandvoteatthemeeting,providedthat,ifmorethanoneproxyisappointedbyashareholder,eachproxyisappointedtoexercisetherightsattachedtodifferentsharesheldbythatshareholder.AproxyneednotbeashareholderofInvestecplcorInvestecLimited.
4. Aformofproxyisenclosed.Theappointmentofaproxywillnotpreventashareholderfromsubsequentlyattendingandvotingatthemeetinginperson.TherighttoappointaproxydoesnotapplytopersonswhosesharesareheldontheirbehalfbyanotherpersonandwhohavebeennominatedtoreceivecommunicationsfromInvestecplcinaccordancewithsection146oftheUKCompaniesAct,2006(nominatedpersons).Nominatedpersonsmayhavearightunderanagreementwiththeregisteredshareholderwhoholdsthesharesontheirbehalftobeappointed(ortohavesomeoneelseappointed)asaproxy.Alternatively,ifnominatedpersonsdonothavesucharight,ordonotwishtoexerciseit,theymayhavearightundersuchanagreementtogiveinstructionstothepersonholdingthesharesastotheexerciseofvotingrights.
5. Tobeeffective,theinstrumentappointingaproxyandanypowerofattorneyorotherauthorityunderwhichitwasexecuted(oradulycertifiedcopyofany suchpowerorauthority)mustbe returnedsoas to reach Investecplc’s registrars,Computershare InvestorServicesPLC,ThePavilions,BridgwaterRoad,BristolBS996ZY,nolessthan48(forty-eight)hoursbeforethetimeforholdingthemeetingoradjournedmeeting.
6. Anycorporationwhichisashareholdercanappointoneormorerepresentativeswhoexerciseonitsbehalfallofitspowersasashareholderprovidedthattheydonotdosoinrelationtothesameshares.
7. Pursuanttoregulation41oftheUncertificatedSecuritiesRegulations2001,entitlementtoattendandvoteatthemeetingandthenumberofvoteswhichmaybecastthereatwillbedeterminedbyreferencetotheregisterofshareholdersofInvestecplcatcloseofbusinessonthedaywhichistwodaysbeforethedayofthemeetingorifthemeetingisadjourned,twodaysbeforethedatefixedfortheadjournedmeeting,asthecasemaybe.Changestoentriesontheregisterofshareholdersafterthattimeshallbedisregardedindeterminingtherightsofanypersontoattendandvoteatthemeeting.
8. Asof14June2016(thelatestpracticabledatepriortopublicationofthisnotice),Investecplc’sissuedordinarysharecapitalconsistsof656,424,689ordinarysharesofGBP0.0002each. Investecplcholds0(zero)ordinaryshares intreasury forvotingrightpurposesandthereforethetotalnumberofvotingrightsinInvestecplcare656,424,689.
9. Asof14 June2016(the latestpracticabledateprior topublicationof thisnotice) InvestecLimited’s issuedordinarysharecapitalconsistsof298,173,370ordinarysharesofR0.0002each.InvestecLimitedholds24,406,900ordinarysharesintreasuryandthereforethetotalnumberofvotingrightsinInvestecLimitedis273,766,470.
10. Investecplchasissued1(one)specialvotingshareandInvestecLimitedhasissuedspecialconvertibleredeemablepreferencesharestofacilitatejointvotingbyshareholdersofInvestecplcandInvestecLimitedonJointElectorateActions.Asof14June2016(thelatestpracticabledatepriortopublicationofthisnotice),thecombinedtotalnumberofvotingrightsofInvestecplcandInvestecLimitedis930,191,159.
11. CREST members who wish to appoint a proxy or proxies to attend and vote at the Investec plc meeting through the CREST electronicproxyappointmentservicemaydosobyusingtheproceduresdescribed intheCRESTmanual.CRESTpersonalmembersorotherCRESTsponsoredmembers,and thoseCRESTmemberswhohaveappointeda serviceprovider(s), should refer to theirCRESTsponsororvotingserviceprovider(s),whowillbeabletotaketheappropriateactionontheirbehalf.
18
12. InorderforaproxyappointmentorinstructionmadeusingtheCRESTservicetobevalid,theappropriateCRESTmessage(aCRESTproxyinstruction)mustbeproperlyauthenticatedinaccordancewithEuroclearUK&IrelandLimited’sspecifications,andmustcontaintheinformationrequiredforsuchinstruction,asdescribedintheCRESTmanual(availableviawww.euroclear.com/CREST).Themessage,regardlessofwhetheritconstitutestheappointmentofaproxyorisanamendmenttotheinstructiongiventoapreviouslyappointedproxymust,inordertobevalid,betransmittedsoastobereceivedbyComputershareInvestorServicesPLC(ID3RA50)by11:00(Londontime)on18July2016.Forthispurpose,thetimeofreceiptwillbetakentobethetime(asdeterminedbythetimestampappliedtothemessagebytheCRESTApplicationHost)fromwhichComputershareInvestorServicesPLCisabletoretrievethemessagebyenquirytoCRESTinthemannerprescribedbyCREST.AfterthistimeanychangeofinstructionstoproxiesappointedthroughCRESTshouldbecommunicatedtotheappointeethroughothermeans.
13. CRESTmembersand,whereapplicable, theirCRESTsponsors,orvotingserviceprovidersshouldnotethatEuroclearUK&IrelandLimiteddoesnotmakeavailablespecialproceduresinCRESTforanyparticularmessage.Normalsystemtimingsandlimitationswill,therefore,applyinrelationtotheinputofCRESTProxyInstructions.ItistheresponsibilityoftheCRESTmemberconcernedtotake(or,iftheCRESTmemberisaCRESTpersonalmember,orsponsoredmember,orhasappointedavotingserviceprovider,toprocurethathisCRESTsponsororvotingserviceprovider(s)take(s))suchactionasshallbenecessarytoensurethatamessageistransmittedbymeansoftheCRESTsystembyanyparticulartime.Inthisrespect,CRESTmembersand,whereapplicable,theirCRESTsponsorsorvotingsystemprovidersarereferred,inparticular,tothosesectionsoftheCRESTmanualconcerningpracticallimitationsoftheCRESTsystemandtimings.
14. InvestecplcmaytreatasinvalidaCRESTproxyinstructioninthecircumstancessetoutinregulation35(5)(a)oftheUncertificatedSecuritiesRegulations2001.
15. Acopyofthisnotice,andotherinformationrequiredbysection311AoftheUKCompaniesAct2006,canbefoundatwww.investec.
19
NOTICE OF GENERAL MEETING OF INVESTEC LIMITED
(Registrationnumber1925/002833/06)Sharecode:INL|ISIN:ZAE000081949
NoticeisherebygiventhataGeneralMeetingofInvestecLimitedwillbeheldat12:00(Johannesburgtime)on20July2016,attheregisteredofficeofInvestecLimitedat100GraystonDrive,Sandown,Sandton2196,RepublicofSouthAfricato:
• dealwithsuchbusinessasmaylawfullybedealtwithatthemeeting;and
• consider,and,ifdeemedfit,pass,withorwithoutmodification,thespecialresolutionsetouthereunder.
Kindlynotethatintermsofsection63(1)oftheSouthAfricanCompaniesAct,No71of2008,asamended(the“SA Act”),meetingparticipants(includingproxies)willberequiredtoprovidereasonablesatisfactoryidentificationbeforebeingentitledtoparticipateinorvoteatthegeneralmeeting.Formsofidentificationthatwillbeacceptedincludeoriginalandvalididentitydocuments,driver’slicencesandpassports.
Record dates and proxies
• Intermsofsection59(1)(a)and(b)oftheSAAct,theboardofthecompanyhassettherecorddateforthepurposeofdeterminingwhichshareholdersareentitledto:
– receivenoticeof the generalmeeting (being thedateonwhich a shareholdermustbe registered in thecompany’ssecuritiesregister inordertoreceivenoticeofthegeneralmeeting)asatcloseofbusinesson10June2016;and
– participateinandvoteatthegeneralmeeting(beingthedateonwhichtheshareholdermustberegisteredinthecompany’ssecuritiesregister inordertoparticipate inandvoteatthegeneralmeeting)ascloseofbusinesson18July2016.
INVESTEC PLC
Toconsiderand, ifdeemedfit,topass,withorwithoutmodification,thefollowingspecialresolutionof Investecplc(the“Resolution”):
Special resolution: Off-market purchase of preference shares from Computershare Company Nominees Limited and Computershare Nominees (Pty) Limited
Resolved that,thetermsoftwoproposedagreementsbetween(1)InvestecplcandComputershareCompanyNomineesLimited and Computershare Investor Services PLC and (2) Investec plc and Computershare Nominees (Pty) Limited,providingforthepurchasebyInvestecplcoftheexisting:
• non-redeemable,non-cumulative,non-participatingpreferencesharesofGBP0.01eachinthecapitalofInvestecplc(ISIN:GB00B19RX541)atapriceofGBP5.7509589perpreferenceshare;and
• non-redeemable,non-cumulative,non-participatingpreferencesharesofZAR0.001eachinthecapitalofInvestecplc(ISIN:GB00B4B0Q974)atapriceofZAR103.3887671perpreferenceshare,
heldbyComputershareCompanyNomineesLimitedorComputershareNominees(Pty)Limited,asthecasemaybe,astrusteeonbehalfofholdersofsuchsecuritiesbeandareherebyapprovedandauthorisedforthepurposesofsection694oftheUKCompaniesAct,2006andotherwisebutsothatsuchapprovalandauthorityshallexpireon31 May 2021.
ThereasonforandeffectoftheResolutionistoapprovethePreferenceShareOfferasdescribedinthecirculartowhichthisNoticeofGeneralMeetingisattached.
InorderforthisResolutiontobegiveneffect,amajorityofatleast75%oftheaggregatevotesofallshareholders,actingasasingledecisionmakingbody,presentorrepresentedbyproxyattheGeneralMeetingsofInvestecplcandInvestecLimitedmustbecastinfavouroftheResolution.
20
ThedirectorsofInvestecLimitedconsidertheproposedResolutioncontainedinthisNoticeofGeneralMeetingtobeinthebestinterestsofInvestecLimitedanditsshareholdersandrecommendthatyouvoteinfavouroftheResolution,asthedirectorsofInvestecLimitedintendtodoinrespectoftheirownbeneficialholdings.
Byorderoftheboard
Company SecretaryN Van Wyk
Sandton20June2016
Registered office
c/oCompanySecretarialInvestecLimited100GraystonDriveSandown2196POBox785700Sandton2146RepublicofSouthAfrica
Notes
1. Electronicparticipation
Shareholdersentitledtoattend,participateinandvoteatthegeneralmeetingorproxiesofsuchshareholdersshallbeentitledtoparticipateinthegeneralmeeting(butnotvote)byelectronicparticipation.Shouldashareholderwishtoparticipateinthemeetingbyelectronicparticipation,theshareholderconcernedshouldadvise thecompany thereofbysubmittingvia registeredmail addressed to thecompany (for theattentionof thecompanysecretary,InvestecLimited,POBox785700,Sandton2146SouthAfrica)relevantcontactdetails,aswellasfulldetailsoftheshareholder’stitletothesharesissuedbythecompanyaccompaniedbyproofofidentity,intheformofcertifiedcopiesofidentitydocumentsandsharecertificates(in the caseof certificated shares) and (in the caseofdematerialised shares)written confirmation from the shareholder’sCSDPconfirming theshareholder’stitletothedematerialisedshares)toreachthecompanybynolaterthan12:00on18July2016.Uponreceiptoftherequiredinformationbythecompany,theshareholderconcernedwillbeprovidedwithasecurecodeandinstructionstoaccesstheelectronicparticipationduringthegeneralmeeting.Shareholdersmustnotethataccesstotheelectronicparticipationwillbeattheexpenseoftheshareholderswhowishtoutilisethefacility.Asvotingwillnotbeenabledthroughelectronicparticipation,shareholdersarerequestedtosubmittheirproxies(or,inthecaseofholdersofdematerialisedshares,theirvotinginstructions)asdirectedinthisnotice.
2. Proxies
• Shareholderswhohavenotdematerialisedtheirsharesorwhohavedematerialisedtheirshareswith‘own-name’registration,andwhoareentitledtoattend,participateinandvoteatthegeneralmeeting,areentitledtoappointoneormorepersonsastheirproxytoexercisealloranyoftheirrightstoattend,speakandvoteintheirstead,providedthat,ifmorethanoneproxyisappointedbyashareholder,eachproxyisappointedtoexercisetherightsattachedtodifferentsharesheldbythatshareholder.
• Aproxyneednotbeashareholderandshallbeentitledtovoteonashowofhandsorpoll.Thepersonwhosenamestandsfirstontheformofproxyandwhoispresentatthegeneralmeeting,willbeentitledtoactasproxytotheexclusionofwhosenamesfollow.Shouldaproxynotbespecified,thiswillbeexercisedbythechairmanofthemeeting.
• Itisrequestedthatformsofproxyandanypowerofattorneyorotherauthorityunderwhichitisexecuted(oradulycertifiedcopyofanysuchpowerorauthority)beforwardedsoastoreachthetransfersecretariesinSouthAfricabynolaterthan48(forty-eight)hoursbeforethecommencementofthegeneralmeetingoradjournedmeeting.
• Shareholderswhohavenotdematerialisedtheirsharesorwhohavedematerialisedtheirshareswith‘own-name’registration,andwhoareentitledtoattend,participateinandvoteatthegeneralmeeting,andwhodonotdeliverformsofproxytothetransfersecretariesinSouthAfricabytherelevanttime,willneverthelessbeentitledtolodgetheformofproxyinrespectofthegeneralmeetingimmediatelypriortotheexercisingoftheshareholders’rightsatthegeneralmeeting,inaccordancewiththeinstructionstherein,withthechairmanofthegeneralmeeting.
• Shareholderswhohavedematerialisedtheirshares,otherthanthoseshareholderswhohavedematerialisedtheirshareswith‘own-name’registration,shouldcontacttheirCSDPorbrokerinthemannerandwithinthetimestipulatedintheagreemententeredintobetweenthemandtheirCSDPorbroker:
– tofurnishthemwiththeirvotinginstructions;or
– intheeventthattheywishtoattendthegeneralmeeting,toobtainthenecessaryletterofrepresentationtodoso.
3. TheaboveResolutionisajointelectorateactionundertheMemorandumofIncorporationofInvestecLimitedandaccordingly,boththeholdersofordinarysharesinInvestecLimitedandtheholdersofthespecialconvertibleredeemablepreferencesharesinInvestecLimitedareentitledtovote.VotingwillbeonapollwhichwillremainopenforsufficienttimetoallowtheInvestecplcgeneralmeetingtobeheldandforthevoteoftheholderoftheInvestecLimitedspecialconvertibleredeemablepreferencesharestobeascertainedandcastonapoll.
21
4. Onthepoll:
• eachordinaryshareinInvestecLimited(otherthanthosesubjecttovotingrestrictions)willhave1(one)vote;
• theshareholderoftheInvestecLimitedspecialconvertibleredeemablepreferenceshareswillcastthesamenumberofvotesaswerevalidlycastforandagainsttheequivalentresolutionattheInvestecplcgeneralmeeting;
• theshareholderoftheInvestecLimitedspecialconvertibleredeemablepreferenceshareswillbeobligedtocastthesevotesforandagainsttherelevantresolution inaccordancewiththevotescast forandagainsttheequivalentresolutionby InvestecplcordinaryshareholdersonthepollattheInvestecplcgeneralmeeting;
• throughthismechanism,thevotesoftheInvestecplcordinaryshareholdersattheInvestecplcgeneralmeetingwillbereflectedatInvestecLimited’sgeneralmeetinginrespectofeachjointelectorateaction;and
• theresultsofthejointelectorateactionwillbeannouncedafterbothpollshaveclosed.
5. Aformofproxyisenclosed.Theappointmentofaproxywillnotpreventashareholderfromsubsequentlyattendingandvotingatthemeetinginperson.
6. TherecorddateforthepurposesofdeterminingwhichshareholderswillbeentitledtoparticipateinandvoteatthemeetingandthenumberofvoteswhichmaybecastthereatwillbedeterminedbyreferencetoInvestecLimited’ssecuritiesregisteratcloseofbusinesson18July2016or,if themeetingisadjourned,48(forty-eight)hoursbeforethetimefixedfortheadjournedmeeting,asthecasemaybe.
7. Anycorporationwhichisashareholdercanappointoneormorerepresentativeswhoexerciseonitsbehalfallofitspowersasashareholderprovidedthattheydonotdosoinrelationtothesameshares.
8. Asof14June2016(thelatestpracticabledatepriortopublicationofthisnotice)Investecplc’sissuedordinarysharecapitalconsistsof656,424,689ordinarysharesofGBP0.0002each. Investecplcholds0(zero)ordinaryshares intreasury forvotingrightpurposesandthereforethetotalnumberofvotingrightsinInvestecplcis656,424,689.
9. Asof14 June2016(the latestpracticabledateprior topublicationof thisnotice) InvestecLimited’s issuedordinarysharecapitalconsistsof298,173,370ordinarysharesofR0.0002each. InvestecLimitedholds24,406,900ordinaryshares intreasuryandthereforethetotalnumberof votingrightsinInvestecLimitedis273,766,470.
10. Investecplchas issued1(one)specialconvertingshareand InvestecLimitedhas issuedspecialconvertibleredeemablepreferencesharestofacilitatejointvotingbyshareholdersofInvestecplcandInvestecLimitedonjointelectorateactions.Asof14June2016(thelatestpracticabledatepriortopublicationofthisnotice)thecombinedtotalnumberofvotingrightsofInvestecplcandInvestecLimitedis930,191,159.
11. Acopyofthisnoticecanbefoundatwww.investec.com.
22 PRINTEDBYINCE(PTY)LTD REF.JOB010709
Investec Limited(Registrationnumber1925/002833/06)
JSEsharecode:INL|ISIN:ZAE000081949BSEsharecode:INVESTEC
NSXsharecode:IVD
INVESTEC LIMITED FORM OF PROXY
Form of Proxy
Only for use by shareholders who have not dematerialised their Investec Limited shares or who have dematerialised their shares and selected ‘own name’ registration with Computershare’s CSDP.
ForusebyInvestecLimitedshareholderswhohavenotdematerialisedtheirsharesorwhohavedematerialisedtheirInvestecLimitedsharesbutwith‘ownname’registrationattheInvestecLimitedgeneralmeetingtobeheldat12:00(Johannesburgtime)on20July2016attheregisteredofficeofInvestecLimited,100GraystonDrive,Sandown,Sandton,SouthAfrica.
ShareholderswhohavedematerialisedtheirInvestecLimitedsharesmustinformtheirCentralSecuritiesDepositoryParticipants(CSDP)orbrokeroftheirintentiontoattendtheInvestecLimitedgeneralmeetingandrequesttheirCSDPorbrokertoissuethemwiththenecessarylettersofrepresentationtoattendorprovidetheirCSDPorbrokerwiththeirvotinginstructionsshouldtheynotwishtoattendtheInvestecLimitedgeneralmeetinginperson.
I/We(printname(s)infull)
of(fulladdress)
Telephonenumber: Cellphonenumber:
Emailaddress:
beingholder(s)of ordinarysharesofR0.0002each
doherebyappoint
1. orfailinghim/her
2. orfailinghim/her
orfailingthem,thechairmanofthemeetingasmy/ourproxytovoteforme/usandonmy/ourbehalfatthegeneralmeetingofInvestecLimitedtobeheldon20July2016at12:00(Johannesburgtime)andatanyadjournmentthereof.
In favour of Against Abstain
Investec Limited
Special business: Investec plc
1 Specialresolution:Off-marketpurchaseofpreferencesharesfromComputershareCompanyNomineesLimitedandComputershareNominees(Pty)Limited
Signature: Date:
Ashareholderentitledtoattendandvoteatthegeneralmeetingisentitledtoappointaproxy(whoneednotbeashareholderofthecompany)toattend,and,onapoll,tovoteinhisplace.Theresolutionistobedecidedonapollandashareholderorhisproxyshallhaveonevoteforeveryshareheld.
Notes and summary of rights under section 58 of the South African Companies Act, No 71 of 2008, as amended
1. A shareholder entitled to attend and vote at the general meeting is entitled to appoint any one or more individuals (who need not be ashareholderofthecompany)asaproxytoattend,speakand,onapoll,tovoteinhisplaceatthegeneralmeeting,providedthat,ifmorethanoneproxyisconcurrentlyappointedbyashareholder,eachproxyisappointedtoexercisetherightsattachingtodifferentsharesheldbythatshareholder.Suchshareholdermayinsertthenameofaproxyorthenamesoftwoalternativeproxiesoftheshareholder’schoiceinthespaceprovided,withorwithoutdeleting‘thechairmanofthemeeting’,providedthatanysuchdeletionmustbesignedinfullbytheshareholder.Thepersonwhosenamestandsfirstontheformsofproxyandwhoispresentatthegeneralmeetingwillbeentitledtoactasproxytotheexclusionofthosewhosenamesfollow.Shouldaproxynotbespecified,thiswillbeexercisedbythechairmanofthegeneralmeeting.
2. Theresolutionistobedecidedonapollandashareholderorhisproxyshallhaveonevoteforeveryshareheld.Youarenotobligedeithertocastallyourvotesortocastallyourvotesinthesameway.Pleaseinstructyourproxyhowtovotebyeither:
(i) marking theappropriateboxwithan“X”next toeachresolution, inwhichevent theproxywill castall yourvotes in themannersospecified;or
(ii) settingoutthenumberofvotestobecastineachbox(i.e. infavourofand/oragainstand/orbywayofabstention)inrespectofeachresolutionprovidedthat,ifforanyresolutiontheaggregatenumberofvotestobecastwouldexceedthetotalnumberofsharesheld,youwillbedeemedtohavegivennospecificinstructionastohowyouwishyourproxytovoteinrespectofthatresolution.
Yourproxywillhavediscretiontovoteinrespectofyourtotalholdingonanyresolutiononwhichyouhavenot(oraredeemednottohave)givenspecificinstructionastohowtovoteand,unlessinstructedotherwise,onanybusinesswhichmayproperlycomebeforethemeeting.
3. Thedatemustbefilledinonthisformofproxywhenitissigned.
4. Ifyouaresigninginarepresentativecapacity,whetherforanotherpersonorforanorganisation,then,inorderforthisformtobevalid,youmustincludeapowerofattorneyorotherwrittenauthoritythatauthorisesyoutosign(oracertifiedcopyofsuchpowerorauthority).
5. Inthecaseofacompany,theformsofproxyshouldeitherbesealedbythecompanyorsignedbyadirectororanauthorisedsignatory(andtheprovisionsofparagraph4shallapplytosuchauthorisedsignatory).
6. Inthecaseofjointholdersonlyoneneedstosign.Ifmorethanonejointholdervotes,whetherinpersonorbyproxy,onlythemostseniorshareholderwhorendersavote,whetherinpersonorbyproxy,willbecounted.Forthispurpose,seniorityisdeterminedbytheorderinwhichshareholders’namesappearintheregisterforthatshare.
7. Anyalterationorcorrectionmadetothisformofproxymustbeinitialledbythesignatoryorsignatories.
8. Aminormustbeassistedbyhis/herparent/guardianandtherelevantdocumentaryevidenceestablishinghis/herlegalcapacitymustbeattachedtothisformofproxyunlesspreviouslyrecordedbythecompanyorwaivedbythechairmanofthegeneralmeeting.
9. Thechairmanofthegeneralmeetingmayrejectoracceptanyformsofproxywhichiscompletedand/orreceivedotherthanincompliancewiththesenotes.
10. Thereturnofthisformofproxywillnotpreventyoufromattendingthemeetingandvotinginperson.
11. Aproxymaynotdelegatehis/herauthoritytoactonbehalfoftheshareholder,toanotherperson.
12. Theappointmentofaproxyorproxies:
(a) is suspended at any time to the extent that the shareholder chooses to act directly and in person in the exerciseof any rights as ashareholder;
(b) isrevocableinwhichcasetheshareholdermayrevoketheproxyappointmentby:
(i) cancellingitinwritingormakingalaterinconsistentappointmentofaproxy;and
(ii) deliveringacopyoftherevocationinstrumenttotheproxyandtothecompany.
13. Shouldtheinstrumentappointingaproxyorproxieshavebeendeliveredtothecompany,aslongastheappointmentremainsineffect,anynoticethatisrequiredbytheSouthAfricanCompaniesAct,2008,orthecompany’sMemorandumofIncorporationtobedeliveredbysuchcompanytotheshareholder,mustbedeliveredbysuchcompanyto:
(a) theshareholder;or
(b) theproxyorproxies, iftheshareholderhasdirectedthecompanytodosoinwritingandhaspaidanyreasonablefeechargedbythecompanytordoingso.
14. The proxy appointment remains valid only until the end of the relevant meeting at which it was intended to be used, unless revoked ascontemplatedinsection58(5)oftheSouthAfricanCompaniesAct,2008.
15. Itisrequestedthatthisformofproxybedepositedatthecompany’stransfersecretaries:
ComputershareInvestorServices(Pty)Limited70MarshallStreetJohannesburg,2001POBox61051.Marshalltown2107
nolaterthan12:00(Johannesburgtime)on18July2016.