NED - Nedbank Group Limited - Closed Period Share Repurchase Programme
NED
NED
NED - Nedbank Group Limited - Closed Period Share Repurchase Programme
Nedbank Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/010630/06)
Share code JSE: NED Share code NSX: NBK
ISIN code: ZAE000004875
(`Nedbank Group` or `the company`)
Closed Period Share Repurchase Programme
During 2005, Nedbank Group implemented a black economic empowerment
transaction, which comprised of a number of schemes empowering a broad base of
previously disadvantaged beneficiaries.
The end of the lock-in period for certain of these schemes is 1 January 2011,
namely the Aka-Nedbank Eyethu Trust, the Nedbank Eyethu Corporate Scheme Trust
and the Nedbank Eyethu Non-Executive Directors Trust (collectively, `the
maturing schemes`). Accordingly, shareholders are advised that Nedbank Group
intends to exercise the call options that were granted to it by the maturing
schemes to repurchase Nedbank Group ordinary shares (`the specific
repurchase`).
The specific repurchase was approved by shareholders in general meeting on 22
July 2005. The purpose of the resolutions approved by shareholders at that
meeting was, inter alia, to authorise the company to exercise call options
granted to it by the maturing schemes to repurchase a calculated number of
Nedbank Group ordinary shares held by these schemes when the call options
became exercisable.
It is intended that the specific repurchase will take place during a closed
period, as defined in the JSE Limited Listings Requirements, which commences
on 1 January 2011 and is anticipated to end on or about 28 February 2011 when
the company`s annual financial results are scheduled to be released on SENS.
The number of Nedbank Group ordinary shares to be repurchased by the company
in terms of the specific repurchase will be a maximum of 15 914 914 shares at
a maximum price of R1 per share.
Johannesburg
28 December 2010
Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Investment bank to Nedbank Group:
Nedbank Capital
Date: 28/12/2010 13:56:17 Produced by the JSE SENS Department.
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