| Mon 12 Aug 2002, 0:00 | | Nedcor - Results Of The Claw-back Offer And Genera |
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Nedcor - Results of the claw-back offer and general meeting
Nedcor Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/010630/06)
Share code: NED ISIN: ZAE000004875
("Nedcor")
Results of the claw-back offer and general meeting
1. Introduction
Shareholders are referred to the announcements dated Wednesday, 19 June
2002, and Wednesday, 26 June 2002, and the circular to shareholders
dated Thursday, 11 July 2002, setting out details of a subscription by
Old Mutual (South Africa) Limited or any of its wholly- owned
subsidiaries ("Old Mutual") for the rights to be allotted 3 269 002 new
ordinary shares ("shares") at 12 900 cents per share ("the
subscription") and a renounceable claw-back offer (the "claw-back
offer") to Nedcor shareholders. In terms of the claw-back offer, Nedcor
offered for subscription by way of letters of allocation to its
shareholders recorded in the register as such on Wednesday, 10 July 2002
("the record date"), 3 269 002 shares at an issue price of 12 900 cents
per share in the ratio of 1,32408 shares for every 100 shares held on
the record date.
2. Subscription
A total of 3 269 002 shares were allotted upon subscription by Old
Mutual on Wednesday, 10 July 2002, of which 1 728 730 shares were
immediately credited to Old Mutual`s Central Securities Depository
Participant ("CSDP") on the basis of Old Mutual`s shareholding in
Nedcor.
3. Results of the claw-back offer
Applications for 76 684 shares ("applications"), constituting 2,3% of
the subscription, were received from shareholders (or their renouncees)
other than Old Mutual. The subscription price of R9 892 236 in respect
of the applications will be refunded by Nedcor to Old Mutual. The
balance of 1 463 588 shares, constituting 44,8% of the subscription, not
applied for by other Nedcor shareholders and their renouncees, has been
credited to Old Mutual`s CSDP.
Following the finalisation of the claw-back offer, the Old Mutual plc
group holds 137 991 921 shares, representing 53,0% of Nedcor`s issued
share capital.
4. Results of general meeting
The special and ordinary resolutions required to proceed with the odd-
lot offer to Nedcor shareholders holding less than 25 Nedcor shares at
the close of business on Friday, 23 August 2002 ("odd-lot offer") and to
effect an increase in Nedcor`s authorised share capital and amendments
to the articles of association and employee incentive scheme were
approved by the requisite majority of Nedcor shareholders at the general
meeting of Nedcor shareholders held on Monday, 12 August 2002.
Shareholders are referred to the circular to shareholders dated
Thursday, 11 July 2002 and the announcement dated Tuesday, 30 July 2002
containing details of the odd-lot offer, including salient dates and
times.
Johannesburg
12 August 2002
Investment bank and joint sponsor
Nedcor Investment Bank
Corporate law advisers and consultants
Edward Nathan & Friedland (Pty) Ltd
(Registration number 1999/026464/07)
Lead sponsor for this transaction
Merrill Lynch South Africa (Pty) Ltd
Registration number 1995/001805/07
Registered Sponsor and Member of the JSE Securities Exchange South
Africa
Subscriber to the claw-back offer
Old Mutual
Date: 12/08/2002 05:54:00 PM Produced by the JSE SENS Department
