Nedcor Limited - Withdrawal Of Conditional Offer T
PRIVATE SECTOR PARTNERSHIP WITH SAAMBOU BANK LIMITED (UNDER CURATORSHIP)
NEDCOR LIMITED
(incorporated in the Republic of South Africa)
(Registration number 1966/010630/06)
Share code: NED ISIN: ZAE000004875
("Nedcor")
ANNOUNCEMENT OF WITHDRAWAL OF CONDITIONAL OFFER TO NEGOTIATE A PUBLIC
PRIVATE SECTOR PARTNERSHIP WITH SAAMBOU BANK LIMITED (UNDER CURATORSHIP)
("SAAMBOU")
From the outset of Saambou's curatorship, Nedcor has indicated its
willingness to participate in the resolution of Saambou and its depositors'
distress and the return of stability to the banking system.
On 16 April 2002 Nedcor responded to the request of the curator of Saambou
(the "Curator") for expressions of interest to participate in a Public
Private Sector Partnership for Saambou and submitted a letter setting out
the framework, terms and conditions on which Nedcor would be willing to
pursue discussions. One of the conditions was the impact of Nedcor's
possible participation in any other banking opportunities which may arise
concurrently with the potential Saambou Public Private Sector Partnership.
In view of Nedcor's announcement on 22 April 2002 of its offer to acquire
BOE Limited and the announcement today that the condition precedent of
securing the necessary funding has been met, Nedcor has considered its
position in relation to a Saambou Public Private Sector Partnership and
decided to withdraw from further discussions with the Curator. The Curator
has been informed accordingly.
Sandton
29 April 2002
Investment Bank and Joint Sponsor
Nedcor Investment Bank
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