| Mon 10 May 2004, 17:10 | | Nedcor Limited - Results of the Rights Issue |
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Nedcor Limited - Results of the Rights Issue
Nedcor Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1966/010630/06)
Share Code: NED ISIN No.: ZAE000004875
("Nedcor" or "the company")
This notice is not for distribution, directly or indirectly, in or into the
United States, Canada, Australia or Japan. This notice does not constitute an
offer or an invitation to subscribe for, purchase or dispose of any securities
of Nedcor Limited in the United States, Canada, Australia, Japan or any
jurisdiction in which such an offer or solicitation is unlawful. The securities
of Nedcor Limited have not been registered under the US Securities Act of 1933
(the "Securities Act") or under the applicable securities laws of Canada,
Australia, or Japan and may not be offered, sold or delivered within the United
States, Canada, Australia or Japan absent registration under, or exemption from
the registration requirements of, the Securities Act or the applicable
securities laws of Canada, Australia or Japan. No public offering of securities
will be made in the United States, Canada, Australia or Japan.
1. Results of the Rights Issue
The announcement below sets out the results of the renounceable rights
issue of 114,481,010 new ordinary shares of R1 par value ("Rights Shares")
by Nedcor to its shareholders at a subscription price of R45.00 per Rights
Share to raise R5,152 million ("the Rights Issue"), which closed on Friday
7th May ("Record Date"):
Shareholders in Nedcor, their renouncees and transferees ("shareholders")
subscribed for 130 134 855 Rights Shares, equivalent to 113.67% of the
total number of Rights Shares offered in terms of the Rights Issue. The
applications were received as follows:
* 113 323 369 Rights Shares, being 98.99% of the Rights Shares were
allocated to shareholders in respect of rights entitlements subscribed
for;
* 16 811 486 Rights Shares were applied for by shareholders wishing to
acquire Rights Shares in addition to their rights entitlements
("excess applications"), representing an over subscription of
approximately 14.5 times the excess Rights Shares available;
* The balance of the 1 157 641 Rights Shares available were allocated on
an equitable basis to Nedcor shareholders who made excess applications
(taking into account the number of ordinary shares in Nedcor held by
the shareholder on the record date of the Rights Issue, being 8 April
2004, together with those taken up as a result of the Rights Issue),
as follows:
- A = 0.75421% X (B+C)
Where
- A = the number of Rights Shares to be allocated, which were
rounded up to the nearest 100 shares, provided that this number
does not exceed the number of Rights Shares for which application
has been made;
- B = the number of Nedcor shares held at the record date of the
Rights Issue, namely Friday 8th April; and
- C = the number of Rights Shares which the shareholder took up in
terms of the Rights Issue.
As the Rights Issue was fully subscribed no Rights Shares were taken up by
the underwriters.
The Rights Shares issued were listed in the "Financials-Banks" sector of
the JSE Securities Exchange lists with effect from the commencement of
business on Monday, 3rd May.
Certificated shareholders will have the share certificates in respect of
the Rights Shares subscribed for posted to them today and dematerialised
shareholders will have their safe custody accounts with their Central
Securities Depository Participants or brokers credited today with the
Rights Shares subscribed for.
2 Authorised and issued share capital
The total amount of authorised and issued share capital of Nedcor before
and after the Rights Issue is as follows:
Before the Rights Issue R"million
Authorised
600 000 000 ordinary shares of par value 100 cents each 600
Issued
276 754 314 ordinary shares of par value 100 cents each 277
After the Rights Issue R"million
Authorised
600 000 000 ordinary par value shares of 100 cents each 600
Issued
391 235 324 ordinary par value shares of 100 cents each 391
Johannesburg
10 May 2004
Joint global co- Corporate law Investment bank and joint
ordinators to Nedcor advisers and sponsor
for the Rights Issue consultants
Deutsche Bank Edward Nathan & Nedbank Capital
Merrill Lynch Friedland
International
Underwriters to Nedcor Lead Sponsor Joint auditors and
for the Rights Issue reporting accountants to
Nedcor
OMSA Merrill Lynch South KPMG
Merrill Lynch Africa Deloitte
International
Deutsche Bank
Joint transaction
Sponsors
Deutsche Securities
(SA) (Pty) Ltd
Merrill Lynch South
Africa
