REG - Investec PLC - Update: Investec Wealth UK combination

InvestecAnnouncement

02/08/2023 07:00

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RNS Number : 9838H  Investec PLC  02 August 2023

 INVESTEC PLC                          INVESTEC LIMITED

 (Incorporated in England and Wales)   (Incorporated in the Republic of South Africa)

 (Registration number 3633621)         (Registration number 1925/003833/06)

 LSE share code: INVP                  JSE share code: INL

 JSE share code: INP                   JSE hybrid code: INPR

 ISIN: GB00B17BBQ50                    JSE debt code: INLV

 LEI:2138007Z3U5GWDN3MY22              NSX Share code: IVD

                                       BSE share code: INVESTEC

                                       ISIN: ZAE000081949

                                       LEI:213800CU7SM6O4UWOZ70

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART), DIRECTLY
OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION

 

FOR IMMEDIATE RELEASE

 

2 August 2023

 

Further announcement in relation to combination of Investec Wealth &
Investment UK Limited and Rathbones Group plc

 

Further to the announcements dated 4 April 2023 regarding an all-share
combination of Investec Wealth & Investment Limited ("Investec W&I
UK") and Rathbones Group Plc ("Rathbones") (the "Combination"), Investec plc
("Investec Group") is pleased to confirm that all regulatory clearances in
connection with the Combination have been received.

Accordingly, Completion of the Combination and the issue of the Consideration
Shares to Investec Group is now anticipated to occur on 21 September 2023,
subject to: (i) the Financial Conduct Authority and London Stock Exchange
agreeing to admit the Consideration Shares to the premium listing segment of
the Official List and to trading on the London Stock Exchange's Main Market
for listed securities; and (ii) no material adverse change having occurred in
respect of either Rathbones or Investec W&I UK.

Unless otherwise defined, defined terms used in this announcement shall have
the meaning given to them in the Investec Group announcement of the
Combination on 4 April 2023.

Completion will mark the beginning of a long-term strategic partnership
between Investec and Rathbones that will enhance the client proposition
across banking and wealth management services for both groups. Investec will
own 41.25% of the economic interest (29.9% voting rights) in the combined
group's enlarged share capital, reflecting our commitment to the attractive UK
wealth management sector.

Enquiries:

Investec plc

Tel: +27 (0) 11 291 0129

Qaqambile Dwayi, Investor Relations

 

Fenchurch Advisory Partners (Joint Financial Adviser to Investec Group)

Tel: +44 20 7382 2222

Malik Karim, Graham Marchant, Tom Murphy, Josh Needham

 

Investec Investment Banking (Joint Financial Adviser and Joint Corporate
Broker to Investec Group)

Tel: +44 20 7597 5970

Christopher Baird, Tom Lewin, Sean Crookes

 

Investec Bank Limited (JSE Equity Sponsor to Investec Group)

Tel: +27 11 286 7000

Monique Otto

 

Brunswick (South Africa PR advisers to Investec Group)

Tel: +27 (0) 63 685 6053

Graeme Coetzee

 

Lansons (UK PR advisers to Investec Group)

Tel: +44 (0) 78 6010 1715

Tom Baldock

 

 

Important notices:

The information contained in this announcement is inside information as
stipulated under the UK Market Abuse Regulation. Upon publication of this
announcement, this inside information is now considered to be in the public
domain. The person responsible for arranging this announcement on behalf of
Investec Group is David Miller, Company Secretary.

This announcement is for information purposes only and is not intended to, and
does not, constitute or form part of any offer, invitation or solicitation of
any offer to purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of, any securities or the solicitation of any vote or approval in any
jurisdiction, whether pursuant to this announcement or otherwise.

The release, distribution or publication of this announcement in jurisdictions
outside the United Kingdom may be restricted by laws of the relevant
jurisdictions and therefore persons into whose possession this announcement
comes should inform themselves about, and observe, any such restrictions. Any
failure to comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.

This announcement contains certain forward-looking statements, beliefs or
opinions, with respect to the potential outlook for the Enlarged Rathbones
Group. These statements, indicated by the words "would", "envisage", "believe"
and "may", and words of similar meaning, reflect Rathbones and Investec
Group's beliefs and expectations and are based on numerous assumptions and are
subject to risks and uncertainties that may cause actual results to differ
materially. No representation is made that any of these statements or
forecasts will come to pass. Forward-looking statements involve inherent known
and unknown risks, uncertainties and contingencies because they relate to
events and depend on circumstances that may or may not occur in the future and
may cause the actual results, performance or achievements of Rathbones,
Investec Group or the Enlarged Rathbones Group to be materially different from
those expressed or implied by such forward looking statements. Many of these
risks and uncertainties relate to factors that are beyond Rathbones, Investec
Group and/or the potential Enlarged Rathbones Group's ability to control or
estimate precisely and you are therefore cautioned not to place undue reliance
on such forward-looking statements.

Fenchurch Advisory Partners LLP ("Fenchurch"), which is authorised and
regulated by the Financial Conduct Authority, is acting exclusively for
Investec Group and no one else in connection with the matters referred to in
this announcement. Fenchurch will not be responsible to anyone other than
Investec Group for providing the protections afforded to clients of Fenchurch,
nor for providing advice in relation to the contents of, or matters referred
to in, this announcement. Neither Fenchurch nor any of its affiliates owes or
accepts any duty, liability or responsibility whatsoever (whether direct or
indirect, whether in contract, in tort, under statute or otherwise) to any
person who is not a client of Fenchurch in connection with the matters
referred to in this announcement, or otherwise.

Investec Bank plc ("Investec Investment Banking"), which is authorised by the
Prudential Regulation Authority (the "PRA") and regulated by the Financial
Conduct Authority and PRA in the United Kingdom, is acting exclusively as
financial adviser to Investec Group and for no one else in connection with the
matters referred to in this announcement and will not be responsible to any
person other than Investec Group for providing the protections afforded to
clients of Investec Group, nor for providing advice in relation to the content
of this announcement or any matter referred to in this announcement. Neither
Investec nor any of its subsidiaries, branches or affiliates owes or accepts
any duty, liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any person who is
not a client of Investec Group in connection with this announcement, any
statement contained herein or otherwise.

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