BVTNID - Nedbank Limited - Adjustment to the terms
JSE BVTNID
NEDB
BVTNID - Nedbank Limited - Adjustment to the terms and conditions of the
Nedbank`s Bidvest Group Limited share instalment
Nedbank Limited
Share Code: BVTNID
ISIN Code: ZAE000105482
The BVT Corporate Event
BB Investments Limited will acquire 1.82 shares for every 100 shares held and a
cash consideration of ZAR 121.00 per share acquired will be paid.
Details Of The Event:
Last day to trade in order to be eligible for the corporate event is Wednesday,
30 April 2008. The first dealing date in the new securities will be Monday, 5
May 2008. Payment date is Monday, 12 May 2008.
The Issuer will amend the Share Instalment Terms and Conditions in the following
way:
A cash payment will be made to BVTNID share instalment holders based on the
below cash payments.
Therefore a holder with 100 BVTNID will be affected in the following ways:
The first cash payment on the 1.82% will be calculated as follows:
R53.75 (R121.00- R67.25(Strike price of BVTNID))* number of share instalments
held*1.82%.
The second cash payment will be made on the fraction. On 100 BVTNID`s, the
entitlement of 98.18 will be rounded down to 98 share instalments and the
fraction i.e. 0.18 will be paid out with the calculation as follows:
0.18 * (Close on BVT on Wednesday, 30 April 2008 - R67.25 (BVTNID strike)).
The BVT share instalment will pay an interest amount on the total amount of
share instalments repurchased to compensate for the loss of interest on 106
days, which is calculated as follows:
R 67.25 (Strike price) X 12.35% = R 8.31 (Interest paid upfront)
106/365 = 29.04% (Days remaining in period before maturity)
R 8.31 X 29.04% = 241 cents (interest payable per BVTNID)
Interest due = Number of BVTNID instalments bought back X 241 cents.
The issue size will be amended from 100 000 000 to 98 000 000.
The BVTNID conversion ratio will thus remain at a ratio of 1 to 1.
For more information contact Nedbank Equity Derivatives on (011) 535 4030.
135 Rivonia Road, Sandton
21 April 2008
Sponsor Nedbank Capital
Date: 21/04/2008 11:33:01 Produced by the JSE SENS Department.
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