| Fri 16 Apr 2010, 12:40 | | NED - Nedbank Group - Dealings in Securities by Non-Executive Director |
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NED
NED
NED - Nedbank Group - Dealings in Securities by Non-Executive Director
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
("Nedbank Group" or "the company")
DEALINGS IN SECURITIES BY NON-EXECUTIVE DIRECTOR
In terms of paragraph 3.63 - 3.66 of the Listings Requirements of the JSE
Limited, the following information is disclosed in respect of dealings by a
non-executive director of Nedbank Group and Nedbank Limited.
The following Nedbank Group ordinary shares (previously acquired by the
individual listed below) have been committed by the undermentioned individual
to the 2010 Matched Share Scheme on 15 April 2010:
Name Number of shares committed Value @ R137,88
TA Boardman 4 351 R599 915,88
(Non-executive director)
The shares committed are in terms of the rules as set out in the Nedbank Group
(2005) Share Option, Matched Share and Restricted Share Scheme and approval
for participation was granted whilst Mr Boardman was still an executive
director.
The value of the shares was determined using an average price of Nedbank Group
shares between 23 March and 31 March 2010.
The Matched Share Scheme allows for voluntary participation in that up to 50%
of an employee`s after-tax bonus may be used to acquire shares in the company.
The employee can also commit shares already owned by them up to an equivalent
value of 50% of the employee`s after tax bonus. The employee may dispose of
these shares at any time prior to the vesting date, being 1 April 2013, which
will cancel their participation in the Scheme in respect of these shares. On
the vesting date 50% of the shares still held in trust in respect of the
participant`s portfolio as per the Scheme rules will be matched on a one for
one basis and a further 50% of the shares held on vesting date will be matched
on a one for one basis if a predetermined company performance target for the
period 2010 to 2012 is met.
In addition, the following Nedbank Group ordinary shares have been committed
by the undermentioned individual to the 2010 Matched Share Scheme on 15 April
2010:
Name Number of shares committed Value @ R137,88
TA Boardman 16 318 R2 249 925,84
(Non-executive director)
These shares are committed in terms of the compulsory bonus deferral scheme
introduced by the Remuneration Committee in 2009, under which deferred amounts
can be invested in the Matched Share Scheme described above. The deferred
amount will be forfeited should, in the sole opinion of the board, material
irregularities or misrepresentation of financial results come to light during
the deferral period.
The required prior written clearance for the commitment of these shares and
participation in the Matched Share Scheme has been obtained.
Sandton
16 April 2010
Sponsors
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor in Namibia
Old Mutual Investment Services (Namibia) (Pty) Ltd
Date: 16/04/2010 12:40:02 Produced by the JSE SENS Department.
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