 |
|
| Directors' report |
| |
|
| |
Extended business review |
|
|
|
| |
|
We are an international, specialist banking group that provides a diverse range of financial products and services to a niche client
base in three principal markets, the UK, South Africa and Australia, as well as certain other markets. We are organised into five
principal business divisions: Private Client Activities, Capital Markets, Investment Banking, Asset Management and Property Activities.
In addition, our head office provides certain group-wide integrating functions such as Risk Management, Information Technology,
Finance, Investor Relations, Marketing, Human Resources and Organisational Development. It is also responsible for our central
funding as well as other activities, such as trade finance.
The operating financial review provides an overview of our strategic position, performance during the financial
year and outlook for the business. It should be read in conjunction with the sections in operating
financial review to our
business responsibility which elaborate on the
aspects highlighted in this review.
The directors' report deals with the requirements of the combined consolidated Investec group, comprising the legal entities
Investec plc and Investec Limited. |
|
| |
|
| Authorised and issued share capital |
|
| Investec plc and Investec Limited |
|
| Details of the share capital are set out in called up share capital. |
|
| |
|
| Investec plc |
|
| |
|
| During the year the following shares were issued: |
|
| • |
3 003 040 ordinary shares on 25 June 2007 at 213 pence per share. |
| • |
3 772 740 special converting shares on 25 June 2007 at par. |
| • |
37 449 427 ordinary shares on 8 August 2007 at 587.5 pence. |
| • |
1 253 825 ordinary shares on 23 November 2007 at 196 pence per share. |
| • |
2 867 154 special converting shares on 23 November 2007 at par. |
|
|
| |
|
| Investec Limited |
|
| |
|
| During the year the following shares were issued: |
|
| • |
Allotment on 20 June 2007 and issue on 25 June 2007 of 3 772 740 ordinary shares of R0.0002 each at a premium of R32.4098
per share (total issue price of R32.41 per share). |
| • |
Allotment on 20 June 2007 and issue on 25 June 2007 of 3 003 040 special convertible redeemable preference shares at par. |
| • |
Allotment and issue on 8 August 2007 of 37 449 427 special convertible redeemable preference shares at par. |
| • |
Allotment and issue on 23 November 2007 of 2 867 154 ordinary shares of R0.0002 each at a premium of R25.0498 per share
(total issue price of R25.05 per share). |
| • |
Allotment and issue on 23 November 2007 of 1 253 825 special convertible redeemable preference shares at par. |
|
|
| |
|
| Financial results |
|
| The combined results of Investec plc and Investec Limited are set out in the financial statements and accompanying notes for the
year ended 31 March 2008. |
|
| |
|
| Ordinary dividends |
|
| Investec plc |
|
| |
|
| An interim dividend was declared to shareholders as follows: |
|
| • |
11.5 pence per ordinary share to non-South African resident shareholders (2007: 10 pence) registered on 14 December 2007. |
| • |
to South African resident shareholders registered on 14 December 2007, a dividend paid by Investec Limited on the SA DAS
share, equivalent to 5.5 pence per ordinary share and 6 pence per ordinary share paid by Investec plc. |
|
|
| |
|
The dividends were paid on 21 December 2007.
The directors have proposed a final dividend to shareholders registered on 25 July 2008, which is subject to the approval of the
members of Investec plc at the Annual General Meeting which is scheduled to take place on 7 August 2008 and, if approved, will
be paid on 12 August 2008 as follows: |
|
| • |
13.5 pence per ordinary share to non-South African resident shareholders (2007: 13 pence) registered on 25 July 2008. |
| • |
to South African resident shareholders registered on 25 July 2008, a dividend paid by Investec Limited on the SA DAS share,
equivalent to 9.0 pence per ordinary share and 4.5 pence per ordinary share paid by Investec plc. |
|
|
| |
|
| Shareholders in Investec plc will receive a distribution of 13.5 pence (2007: 13 pence) per ordinary share. |
|
| |
|
| Investec Limited |
|
An interim dividend of 159.5 cents per ordinary share (2006: 138 cents) was declared to shareholders registered on
14 December 2007 and was paid on 21 December 2007.
The directors have proposed a final dividend of 202 cents per ordinary share (2007: 180 cents) to shareholders registered on
25 July 2008 to be paid on 12 August 2008. The final dividend is subject to the approval of members of Investec Limited at the
Annual General Meeting scheduled for 7 August 2008.
The holders of 3 700 000 Investec Limited shares have agreed to waive their rights to dividends payable up to 31 March 2008. |
|
| |
|
| Preference dividends |
|
| Investec plc |
|
| |
|
| Perpetual preference shares |
|
Preference dividend number 3 for the period 1 April 2007 to 30 September 2007, amounting to 32.93 pence per share, was
declared to members holding preference shares registered on 30 November 2007 and was paid on 11 December 2007.
Preference dividend number 4 for the period 1 October 2007 to 31 March 2008, amounting to 32.67 pence per share, was
declared to members holding preference shares registered on 20 June 2008 and will be paid on 3 July 2008. |
|
| |
|
| Preferred securities |
|
| The third annual distribution, fixed at 7.075 per cent, on the €200 million fixed/floating rate, guaranteed, non-voting, non-cumulative
perpetual preferred callable securities issued by Investec Tier 1 (UK) LP on 24 June 2005, is due on 24 June 2008 and will be paid
on 24 June 2008. |
|
| |
|
| Investec Limited |
|
| |
|
| Non-redeemable, non-cumulative, non-participating preference shares |
|
Preference dividend number 6 for the period 1 April 2007 to 30 September 2007 amounting to 454.04 cents per share was
declared to members holding preference shares registered on 30 November 2007 and was paid on 11 December 2007.
Preference dividend number 7 for the period 1 October 2007 to 31 March 2008 amounting to 501.41 cents per share was
declared to members holding preference shares registered on 20 June 2008 and will be paid on 3 July 2008. |
|
| |
|
| Redeemable cumulative preference shares |
|
| Dividends amounting to R38 108 887.64 were paid on the redeemable cumulative preference shares. |
|
| |
|
| Directors and secretaries |
|
Details of directors and secretaries of Investec plc and Investec Limited are reflected under executive directors and at the beginning of
the annual report.
In accordance with the Articles of Association, SE Abrahams, CA Carolus, H Fukuda OBE, HS Herman, GMT Howe, B Kantor,
IR Kantor, Sir Chips Keswick, MP Malungani and PRS Thomas retire by rotation at the forthcoming Annual General Meeting but,
being eligible, offer themselves for re-election.
DE Jowell resigned as a director of Investec plc and Investec Limited with effect from 30 September 2007. |
|
| |
|
| Page | 1 | 2 | |
|
print this page
e-mail this page
