At 31 March
£’000 |
|
2008 |
2007 |
| 38. Minority interests |
|
|
|
| |
|
|
|
| Minority interest in partially held subsidiaries |
|
47 178 |
36 850 |
| Perpetual preferred securities issued by subsidiaries |
|
251 637 |
241 081 |
| |
|
298 815 |
277 931 |
| |
|
|
|
| Perpetual preferred securities issued by subsidiaries |
|
|
|
| Issued by Investec plc subsidiaries |
|
|
|
| €200 000 000 (2007: €200 000 000) fixed/floating rate guaranteed non-voting non-cumulative perpetual preferred securities ("preferred securities") were issued by Investec Tier 1 (UK) LP, a limited partnership organised under the laws of England and Wales on 24 June 2005. The preferred securities , which are guaranteed by Investec plc, are callable at the option of the issuer, subject to the approval of the Financial Services Authority, on the tenth anniversary of the issue and, if not called, are subject to a step up in coupon of one and a half times the initial credit spread above the three month euro-zone interbank offered rate. Until the tenth anniversary of the issue, the dividend on the preferred securities will be at 7.075 per cent.The issuer has the option not to pay a distribution when it falls due but this would then prevent the payment of ordinary dividends by the company. |
|
159 420 |
136 051 |
| |
|
|
|
| Under the terms of the issue there are provisions for the preferred securities to be substituted for preference shares issued by the company if Investec plc's capital ratios fall below the minimum level permitted by the regulator. |
|
|
|
| |
|
|
|
| Issued by Investec Limited subsidiaries |
|
|
|
| 15 000 000 (2007:15 000 000) non-redeemable, non-cumulative, non-participating preference shares of one cent each, issued at a premium of R99.99 per share. |
|
92 217 |
105 030 |
| |
|
|
|
| Preference shareholders will be entitled to receive dividends at a rate of 75% of the South African prime interest rate, of the face value of the preference shares held. Preference shareholders receive dividends in priority to any payment of dividends to the holder of any other class of shares in the capital of the company not ranking prior or pari passu with the perpetual preference shares. |
|
|
|
| |
|
|
|
| An ordinary dividend will not be declared by Investec Bank Limited unless the preference dividend has been declared. If declared preference dividends are payable semi-annually at least seven business days prior to the date on which Investec Bank Limited pays its ordinary dividends, if any, but shall be payable no later than 120 business days after 31 March and 30 September respectively. |
|
251 637 |
241 081 |
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