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Stanchart Capital Raise Announcement

Standard Chartered Bank Botswana Limited (“SCBB”) has announced it seeks to raise capital by way of an issuance of Undated Unsecured Non-Cumulative Subordinated Capital Securities in the sum of BWP 400 million (“the Capital Securities”) to Standard Chartered Bank (“SCB”), a company incorporated in England by Royal Charter (with reference cumber ZC18), which company, as the last practicable date (being 31 January 2018) held 0.831% of the issued ordinary shares of SCBB and is a holding company of Standard Chartered Holdings (Africa) BV which as at the last practicable date (being 31 January 2018) held 74.156% of the issued ordinary shares of SCBB, and therefore a related party. The terms of the Capital Securities will be documented by way of an agreement between SCB and SCBB. As at 31 January 2018, SCBB has (i) BWP 247.26 million of Tier 2 Capital in issue in the form of subordinated notes issued under the Company’s P500million Debt Issuance Programme and (ii) subordinated debt in the total sum of BWP 389 million owing to SCB. In order to continue to meet the minimum capital requirements of Bank of Botswana, and to create a cushion against unexpected impairments caused by a difficult business environment SCBB intends to issue the Capital Securities in the total amount of BWP 400 million, which will comprise Additional Tier 1 Capital for the Bank, to SCB and utilise part of that capital to retire the BWP 247.26 million of Tier 2 Capital by exercise of SCBB’s right of redemption. The pricing shall be the distribution rate which shall be the bench mark rate plus the spread. The distribution rate means the rate in percentage per annum, notified by the Issuer to the Security Holder, equal to the yield on the Government of Botswana bonds, having a maturity of five years as set forth in the Bank of Botswana PULF Reuters page that is published daily by the Bank of Botswana at 1500hrs. The spread shall be 3.75% per annum. The transaction does not involve any assets. It is a capital injection which results in the creation of an asset in the form of cash and a liability of the same amount with a zero net impact. The effect on the net asset per share is nil. The transaction will benefit SCBB by ensuring an adequate capital position for the bank and provide it with the ability to support asset growth in line with its strategic agenda.   more >>

BTCL Closed Period

The preparation of BTC’s financial results for the full year ended 31st March 2018 has started and the financial results are expected to be published on or before 30th June 2018. BTC has declared a closed period from 4th April 2018 to the date of publication of the financial results, which is envisaged to be on or before 30th June 2018. Any changes to the publication date will be communicated in writing. During this period, members of the BTC Board, Staff of BTC and their immediate family members are prohibited from dealing in BTC shares, except as provided under the BTC Share Dealing Policy, as it could be deemed that they may be aware of unpublished price sensitive information. Unpublished price sensitive information is information affecting a company, which if released is likely to materially affect the company’s share price.   more >>