Investec Bank Limited has made a final announcement regarding the expiry of its Equity Linked Note – IBLIIC, linked to the Index MSCI World Net Total Return USD Index. The note, which was issued on 15 July 2020, has reached its maturity date, and the final index level determination date is set for 10 July 2023.
The Equity Linked Note, with an initial investment amount of USD2,938,583.60, has come to its expiration, and the holders of the note are entitled to a Cash Settlement Amount. As per the announcement, the Cash Settlement Amount has been determined to be R78,537,435.41 for an investment amount of R50,000,000. This payment will be made to the holders of the note on 17 July 2023.
A summary of key dates and amounts related to the Equity Linked Note – IBLIIC are presented in the following table:
|Issue Date||15 July 2020|
|Initial Investment Amount||USD2,938,583.60|
|Expiry Date/Last Day to Trade||10 July 2023|
|Maturity Date/Settlement Date||17 July 2023|
|Cash Settlement Amount||R78,537,435.41|
|Expiry Date||Monday, July 10, 2023|
|Last Date to Trade||Monday, July 10, 2023|
|Suspension Date||Tuesday, July 11, 2023|
|Record Date||Thursday, July 13, 2023|
|Payment/Redemption Date||Monday, July 17, 2023|
|Termination Date||Tuesday, July 18, 2023|
The last day to trade the note was also set for 10 July 2023, after which trading of the note was suspended on 11 July 2023. The record date for the Equity Linked Note is scheduled for 13 July 2023, and the payment and redemption date are set for 17 July 2023. The termination date for the note is scheduled for 18 July 2023.