Nedcor Limited - Agreement to sell Stenham Group
NEDCOR LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN code: ZAE000004875
(`Nedcor`)
AGREEMENT TO SELL STENHAM GROUP
Nedcor has entered into an agreement to sell Stenham Group Limited (`Stenham`),
its overseas private client wealth management subsidiary, to a consortium backed
by Stenham management. In terms of the sale agreement, Nedcor will receive an
aggregate consideration of GBP19,0 million. The total consideration is comprised
of a pre-sale dividend of GBP1,4 million together with a sale consideration of
GBP17,6 million.
The sale is subject to regulatory approval.
Stenham was acquired by BoE in September 2001. Following BoE`s merger with
Nedcor in 2002, Stenham has formed part of the international wealth management
division of Nedcor Wealth Management. In the course of its current strategic
review, Nedcor concluded that Stenham did not fit its strategy of concentrating
on core competencies and markets, and accordingly a decision was taken to
dispose of this investment.
Sandton
8 June 2004
For further information kindly contact:
Tier 1 Investor Relations
Tel: +27 (0)21 702-3102
Sponsors:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Date: 08/06/2004 12:18:03 PM Produced by the JSE SENS Department
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