The Standard Bank of South Africa Limited has made an important announcement regarding the RLN005 Notes. Investors and stakeholders in South Africa are eagerly awaiting the First Interim Redemption, which is set to take place on October 2, 2023.
The RLN005 Notes, with a stock code of RLN005 and ISIN Code ZAE000314910, are entering a significant phase in their lifecycle. The First Interim Period, which began earlier this year, will conclude on September 25, 2023. Due to a 5-day settlement period between the Trade Date and the Issue Date, the First Interim Redemption Amount will be paid on October 2, 2023, applying the same 5-day settlement period between the First Interim Period Maturity Date (September 25, 2023) and the Payment Date of the First Interim Redemption Amount.
Table 1: Key Dates
|Last Day to Trade
|September 19, 2023
|September 20, 2023
|September 22, 2023
|October 2, 2023
On the Payment Date, Standard Bank will disburse ZAR 605.00 per Note to the holders of RLN005 Notes. It’s important to note that this First Interim Payment Amount includes the repayment of 50% of the capital of the initial purchase price of the Notes. To account for this reduction in the initial capital used to purchase the Notes, the Issuer will reduce the base costs of the Notes, which is the specified denomination of the Notes, to ZAR 500.00 per Note.
Table 2: First Interim Payment Amount Breakdown
|Amount per Note
|Capital Redemption amount (ZAR500.00 per Note)
|Interest Earned (21% Return on Capital Redemption amount)
Investors can expect a capital redemption amount of ZAR 500.00 per Note and an interest earned amounting to ZAR 105.00 per Note.
This announcement marks a significant development for investors holding RLN005 Notes, as it outlines the timeline and details for the upcoming redemption. Investors who are planning to trade these Notes should take note of the Last Day to Trade on September 19, 2023, and the Ex-date on September 20, 2023.