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RNS Number : 1605U
Investec PLC
16 December 2011
Investec Limited Investec plc
Incorporated in the Republic of South Incorporated in England and
Africa Wales
Registration number 1925/002833/06 Registration number 3633621
JSE share code: INL JSE share code: INP
ISIN: ZAE000081949 ISIN: GB00B17BBQ50
(jointly "Investec")
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
Disclosure, Transparency and Listing Rules of the United Kingdom
Listing Authority (the "UKLA") and/or the JSE Listing
Requirements.
Accordingly, we advise of the following:
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
16 December 2011
Investec plc ("Investec") and The Evolution Group Plc
("Evolution")
Offer Update - Approval from the FSA
Investec and Evolution are pleased to announce that the FSA has
today given its approval for the Offer. The condition to
implementation of the Scheme relating to such approval having been
obtained has now been satisfied. All regulatory and anti-trust
conditions to the Scheme have now been satisfied or waived.
The Scheme remains subject to the satisfaction of certain other
conditions, including the sanction of the Court.
As announced on 13 December 2011, the expected timetable to the
Scheme becoming effective is now as follows:
Suspension of listing of, and 4.30 p.m. on 21 December 2011
dealings in, Evolution Shares
Scheme Record Time 6.00 p.m. on 21 December 2011
Court hearing to sanction the 21 December 2011
Scheme and confirm the Capital
Reduction
Effective Date of the Scheme 22 December 2011
(if the sanction of the Court
is received)
De-listing of Evolution Shares 22 December 2011
and Listing of New Investec
Shares
Latest date for despatch of on or by 5 January 2012
certificates for New Investec
Shares
Long-stop date being the date 31 March 2012
by which the Scheme must be
implemented (unless otherwise
agreed between Evolution and
Investec)
Capitalised terms in this announcement have the same meanings as
set out in the Scheme Document.
Enquiries:
Investec
Ursula Nobrega
Stephen Koseff
Bernard Kantor +44 (20) 7597 5546
Evolution
Alex Snow +44 (20) 7071 4300
Investec Investment Banking (Financial
Adviser and Joint Corporate Broker to
Investec)
David Currie
Christopher Baird
James Ireland +44 (20) 7597 5970
Credit Suisse (Financial Adviser to Evolution)
George Maddison
Joe Hannon +44 (20) 7888 8888
Citigate Dewe Rogerson (Financial PR to
Investec)
Tom Baldock
Justin Griffiths +44 (20) 7638 9571
Pelham Bell Pottinger (Financial PR to
Evolution)
Victoria Geoghegan +44 (20) 7861 3925
Credit Suisse, which is authorised and regulated in the UK by
the Financial Services Authority, is acting exclusively for
Evolution and no one else in connection with the Offer and this
announcement and will not be responsible to anyone other than
Evolution for providing the protections afforded to clients of
Credit Suisse or for providing advice in connection with the Offer
or any matter referred to herein.
Investec Investment Banking, a division of Investec Bank plc,
which is authorised and regulated in the UK by the Financial
Services Authority, is acting for Investec and no one else in
connection with the Offer and this announcement and will not be
responsible to anyone other than Investec for providing the
protections afforded to clients of Investec Investment Banking or
for providing advice in connection with the Offer or any matter
referred to herein.
This announcement is for information 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. 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.
The availability of the Offer to Evolution 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 will be 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 Evolution 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, to the extent
applicable.
A copy of this announcement will be made available, free of
charge, at www.investec.com or www.evgplc.com by no later than 12
noon (London time) on the Business Day following the date of this
announcement.
You may request a hard copy of this announcement, free of
charge, by contacting the Company Secretary of Investec on +44 (20)
7597 4000 or the Company Secretary of Evolution on +44 (20) 7071
4300. 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.
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 10th 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 +44 (0) 20
7638 0129.
This information is provided by RNS
The company news service from the London Stock Exchange
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