Nedcor Limited - Announcement
Nedcor Limited
Incorporated in the Republic of South Africa
Registration number 1966/010630/06
JSE code: NED
ISIN: ZAE000004875
("Nedcor")
Nedcor raises capital
Further to the announcement dated 15 September 2003, Nedbank Limited ("Nedbank")
has raised R500 million of tertiary capital through the issue of a subordinated
debenture. In addition, Nedbank has raised a further R500 million of secondary
capital through the issue of unsecured, callable subordinated notes, the
proceeds of which will be received on 30 September 2003, bringing the total
capital raised to R1 billion.
These capital raising activities are aimed at providing a sufficient buffer
above the statutory requirements to allow for volatility and future asset
growth. Should market conditions be conducive, Nedbank may consider the issue
of a further tranche of approximately R500 million of the currently listed non-
redeemable, non-cumulative preference shares ranking as primary capital.
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