Business
Investec Wealth & Investment-Rathbones Combination
Investec Wealth & Investment-Rathbones Combination.
About this update from Investec Plc
[{"type":"text","content":"\n\n\n\n\nInvestec Limited\nIncorporated in the Republic of South Africa\nRegistration number 1925/002833/06 \nJSE share code: INL\nJSE Hybrid code: INPR\nJSE debt code: INLV\nNSX share code: IVD\nBSE share code: INVESTEC\nISIN: ZAE000081949\nISIN: ZAE000063814\nLEI: 213800CU7SM6O4UWOZ70\n\n\nInvestec plc\nIncorporated in England and Wales\nRegistration number 3633621\nLSE share code: INVP\nJSE share code: INP\nISIN: GB00B17BBQ50\nLEI: 2138007Z3U5GWDN3MY22\n\n\n\n \nNOT 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\n \nFOR IMMEDIATE RELEASE\n \n21 September 2023\n \nCompletion of the Combination\nFurther to the announcements dated 4 April 2023 and 2 August 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 announce completion of the Combination.\nUnder the terms of the Combination, Rathbones has now issued to Investec Bank Plc as consideration:\n(i) 27,056,463 ordinary voting shares representing 29.9% of the Rathbones enlarged ordinary voting share capital; and \n(ii) 17,481,868 convertible non-voting ordinary shares, \nsuch that Investec Group now has an economic interest of 41.25% in Rathbones' enlarged share capital. \n \nFollowing completion, and as described in the combined prospectus and circular published on 1 June 2023 (the \"Prospectus\"), Investec Group is entitled to appoint two Non-Executive Directors (NED) of Rathbones. Investec Group has nominated Ruth Leas in her role as CEO of Investec Bank plc and Henrietta Baldock in her role as Non-Executive Director of the Investec Group, and consequently their respective appointments have now taken effect subject to regulatory approval. It was previously published that Ciaran Whelan would be one of the Investec plc representatives. Ciaran will continue to play a senior role in the integration process, utilising his extensive experience to help secure the ...