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Johannesburg - Investec (INP, INL) said Tuesday that it is to acquire the entire issued ordinary share capital of UK-based professional services group Rensburg Sheppards not already owned by it for 916p a share.
Investec currently has an interest in approximately 47% of Rensburg Sheppards' existing issued share capital and has a long and established relationship with Rensburg Sheppards.
The offer will be implemented by way of a Court sanctioned scheme of arrangement under Part 26 of the Companies Act. In terms of the offer, Rensburg Sheppards shareholders will receive 1.63 fully paid newly issued Investec shares for each fully paid Rensburg Sheppards share currently held.
No dividends will be paid by Rensburg Sheppards between the date of this announcement and the effective date. The Investec shares issued to Rensburg Sheppards shareholders pursuant to the offer will rank for Investec's final dividend in respect of the year ending March 2010, expected to be paid in August 2010.
The offer values each Rensburg Sheppards Share at 916p and the entire issued and to be issued share capital of Rensburg Sheppards at approximately £412m based on the closing price of Investec of 562p on March 29 2010.
- I-Net Bridge