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Nedcor Limited - Dealings in securities by a director
Nedcor Limited
The undermentioned share options granted to Richard Laubscher in 1992, largely
in respect of his appointment as Chief Executive of Nedcor Bank Ltd, came up for
expiry on 7 September 2002 having vested between 1993 and 1997. Mr Laubscher
held the options for the full ten years to expiry from date of acceptance, in
line with his customary holding pattern, and the gain reflects the share price
performance over that ten-year period. In 1996, Nedcor reduced the term of its
share option grants from ten years to six, and in 1999 some three-year options
were awarded. This has caused a coincidence of option expiries and resultant
exercises during 2002.
The following information is thus disclosed, in compliance with rule 3.72 of the
JSE Listings Requirements, in respect of shares purchased directly from the
Nedcor Group (1994) Employee Share Purchase Trust ("the Trust"), and not through
a market intermediary on the JSE Securities Exchange:
Name of director Richard Charles Montague Laubscher
Date of transaction 6 September 2002
Nature of trade Shares purchased via exercise of ten-year expiring
options
Class of securities Ordinary shares
Number of shares 86 300
Purchase price R15.60 per share
Name of director Richard Charles Montague Laubscher
Date of transaction 6 September 2002
Nature of trade Shares purchased via exercise of ten-year expiring
options
Class of securities Ordinary shares
Number of shares 100 000
Purchase price R14.87 per share
The above share options were granted in January 1992 and September 1992 at the
ruling market price as part of a standard allocation of options to staff. A
total of 359 999 options were granted to 23 staff at R15.60 and 3 894 700
options to 136 staff at R14.87. All options which were unexercised at year-end
were disclosed in the Nedcor Ltd and Old Mutual plc annual reports.
Mr Laubscher will be retaining the net shares purchased through the exercise of
these options, having sold the following shares to settle some of the costs
arising from the exercise:
Name of director Richard Charles Montague Laubscher
Date of transaction 9 September 2002
Nature of trade Shares sold via a market intermediary on the JSE
Securities Exchange
Class of securities Ordinary shares
Number of shares 43 500
Selling price R99.32 per share
The effect of the abovementioned share transactions may be summarised as
follows:
Name of director Richard Charles Montague
Laubscher
Percentage of the issued shares purchased 0.071%
Percentage of the issued shares sold 0.017%
Date when Nedcor was informed of the purchases 6 September 2002
Date when Nedcor was informed of the sale 9 September 2002
Total number of shares held following
the purchases and sale 375 047
Percentage of issued shares represented
by total holding 0.144%
Date: 09/09/2002 05:33:18 PM Produced by the JSE SENS Department
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