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Acknowledgement of Ninety One’s Confirmation of Intention to Float on the London Stock Exchange and JSE
Investec Limited Investec plc
Incorporated in the Republic of South Africa Incorporated in England and Wales
Registration number 1925/002833/06 Registration number 3633621
JSE share code: INL LSE share code: INVP
NSX share code: IVD JSE share code: INP
BSE share code: INVESTEC ISIN: GB00B17BBQ50
ISIN: ZAE000081949
17 February 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
This announcement is an advertisement for the purposes of the Prospectus Rules of the Financial Conduct
Authority ("FCA") and not a prospectus and not an offer of securities for sale in any jurisdiction, including in or into
the United States, Australia, Canada or Japan.
Neither this announcement, nor anything contained herein, nor anything contained in the Registration
Document referred to herein shall form the basis of, or be relied upon in connection with, any offer or commitment
whatsoever in any jurisdiction. Investors should not subscribe for or purchase any ordinary shares referred to in
this announcement or the Registration Document except on the basis of the information contained in a combined
prospectus and pre-listing statement in its final form (the "Prospectus"), including the risk factors set out therein,
that may be published by Ninety One plc and Ninety One Limited (together, “Ninety One” and together with their
respective subsidiaries as at the date of Admission (as defined below), the "Ninety One Group") in due course in
connection with a possible offer of shares in Ninety One and, in the case of Ninety One plc, (i) the possible
admission of its ordinary shares (“Ninety One plc Shares”) to the premium listing segment of the Official List of the
FCA and to trading on the Main Market of the London Stock Exchange (“LSE”); and (ii) the possible secondary
inward listing and admission to trading of the Ninety One plc Shares on the Main Board of the Johannesburg Stock
Exchange (“JSE”) and, in the case of Ninety One Limited, the possible primary listing and admission to trading of
its ordinary shares (“Ninety One Limited Shares” and together with the Ninety One plc Shares, the “Ninety One
Shares”) on the Main Board of the JSE.
A copy of any Prospectus published by Ninety One will, if published, be available for inspection from the registered
offices of Ninety One Limited, at the offices of Ninety One’s solicitors and online at www.investec.com/demerger
and www.investecassetmanagement.com/disclosure (in each case, subject to certain access restrictions).
As part of the dual-listed company structure, Investec plc and Investec Limited notify both the LSE and the JSE of
matters which are required to be disclosed under the Disclosure Guidance and Transparency Rules and Listing
Rules of the FCA and/or the JSE Listing Requirements.
Investec plc, Investec Limited
Acknowledgement of Ninety One’s Confirmation of Intention to Float on the London Stock Exchange and
Johannesburg Stock Exchange
Investec (comprising Investec plc and Investec Limited) today acknowledges the announcement made by Ninety
One regarding its intention to proceed with an Initial Public Offering (the “IPO” or “Global Offer”) of Ninety One
Shares and certain details of the IPO. The Intention to Float follows the announcements by Investec on 10 February
2020 regarding the successful outcome of the Investec shareholder vote to proceed with the demerger and listing
of Ninety One and Investec’s announcements on 31 January 2020 of Ninety One’s Expected Intention to Float and
release of a Ninety One registration document (the “Registration Document”).
Enquiries:
Investor Relations
Investec Group Investor Relations
Carly Newton
carly.newton@investec.co.uk
+44 (0) 207 597 4493
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Sole Global Co-Ordinator, Joint Bookrunner, UK Sponsor and Financial Adviser
J.P. Morgan Cazenove
+44 (0) 207 742 4000
JSE Sponsor
J.P. Morgan Equities South Africa (Pty) Ltd
+27 (0) 115 070 300
Joint Bookrunners
Investec Bank
+44 (0) 207 597 5970
BofA Merrill Lynch
+44 (0) 207 628 1000
Financial Adviser
Fenchurch Advisory Partners
+44 (0) 207 382 2222
Media Enquiries
Investec Group PR Advisers
Lansons (UK)
Tom Baldock
+44 (0) 207 566 9716 | +44 (0) 7860 101 715
tombaldock@lansons.com
Brunswick (South Africa)
Graeme Coetzee
+27 (0) 11 502 7419 | +27 (0) 63 685 6053
gcoetzee@brunswick.co.za
FORWARD-LOOKING STATEMENTS
This announcement may include statements that are, or may be deemed to be, "forward-looking statements".
These forward-looking statements may be identified by the use of forward-looking terminology, including the terms
"believes", "estimates", “plans”, “projects”, "anticipates", "expects", "intends", "may", "will" or "should" or, in each
case, their negative or other variations or comparable terminology or by discussions of strategy, plans, objectives,
goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results.
Any forward-looking statements reflect Ninety One’s current view with respect to future events and are subject to
risks relating to future events and other risks, uncertainties and assumptions relating to the Ninety One Group's
business, results of operations, financial position, liquidity, prospects, growth and strategies. Forward-looking
statements speak only as of the date they are made. Investec and Ninety One expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any forward-looking statements contained in this
announcement or any other forward-looking statements they may make whether as a result of new information,
future developments or otherwise.
IMPORTANT INFORMATION
The information contained in this announcement is for background purposes only and does not purport to be full or
complete. No reliance may be placed by any person for any purpose on the information contained in this
announcement or its accuracy, fairness or completeness.
This announcement is not for distribution, directly or indirectly, in or into the United States (including its territories
and possessions, any State of the United States and the District of Columbia), Australia, Canada or Japan or any
other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction .The distribution
of this announcement may be restricted by law and persons into whose possession any document or other
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information referred to herein comes should inform themselves about and observe any such restriction. Any failure
to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This
announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for, or
otherwise invest in, securities in the United States, Australia, Canada or Japan. The Ninety One Shares referred
to herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities
Act"). The Ninety One Shares may not be offered or sold in the United States except pursuant to an exemption
from or in a transaction not subject to the registration requirements of the Securities Act. There will be no public
offer of securities in the United States.
In any member state of the European Economic Area and the United Kingdom, this announcement and any offer
if made subsequently is, and will be, directed only at persons who are "qualified investors" within the meaning of
the Prospectus Regulation (Regulation (EU) 2017/1129).
This announcement does not constitute or form a part of any offer or solicitation or advertisement to purchase
and/or subscribe for securities in South Africa, including an offer to the public for the sale of, or subscription for, or
the solicitation or advertisement of an offer to buy and/or subscribe for, shares as defined in the South African
Companies Act, No. 71 of 2008 (as amended) or otherwise (the “SA Companies Act”) and will not be distributed to
any person in South Africa in any manner that could be construed as an offer to the public in terms of the SA
Companies Act. This announcement does not constitute a prospectus registered and/or issued in terms of the SA
Companies Act. Nothing in this announcement should be viewed, or construed, as “advice”, as that term is used in
the South African Financial Markets Act, No. 19 of 2012, as amended, and/or Financial Advisory and Intermediary
Services Act, No. 37 of 2002, as amended.
Any subscription or purchase of Ninety One Shares in the possible IPO should be made solely on the basis of
information contained in the Prospectus which may be issued by Ninety One in connection with the IPO. The
information in this announcement is subject to change. Before subscribing for or purchasing any Ninety One
Shares, persons viewing this announcement should ensure that they fully understand and accept the risks which
will be set out in the Prospectus if published. No reliance may be placed for any purpose on the information
contained in this announcement or its accuracy or completeness. Neither this announcement, nor anything
contained in the Registration Document referred to herein, shall form the basis of or constitute any offer or invitation
to sell or issue, or any solicitation of any offer to purchase or subscribe for any Ninety One Shares or any other
securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection
with, any contract therefor.
The Ninety One Group may decide not to go ahead with the IPO and there is therefore no guarantee that Admission
will occur. Alternatively, the demerger and Admission may occur without the Global Offer going ahead. Potential
investors should not base their financial decision on this announcement. Acquiring investments to which this
announcement relates may expose an investor to a significant risk of losing all of the amount invested.
Persons considering making investments should consult an authorised person specialising in advising on such
investments. Neither this announcement, nor the Registration Document referred to herein, constitutes a
recommendation concerning a possible offer. The value of shares can decrease as well as increase. Potential
investors should consult a professional advisor as to the suitability of a possible offer for the person concerned.
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Date: 17-02-2020 09:00:00
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