Nedbank Group - Correction in respect of lapsing o
NED
NED
Nedbank Group - Correction in respect of lapsing of share options
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN: ZAE000004875
("Nedbank Group" or "the group")
CORRECTION IN RESPECT OF LAPSING OF SHARE OPTIONS HELD BY DIRECTOR
In terms of an announcement dated 13 March 2006, it was stated that certain
share options for Nedbank Group ordinary shares held by Mr ML Ndlovu would be
lapsing in April 2006. As a result of ML Ndlovu changing status from executive
director to non-executive director on 1 May 2005, the performance-related
vesting criteria have fallen away and these options, listed below, will
therefore not be lapsing in April 2006.
In terms of the rules governing the applicable long-term incentive scheme (the
Nedcor Group (1994) Share Option Scheme), when an employee retires, the vesting
criteria fall away, the options vest immediately and the participant has 18
months from the date of retirement in which to exercise these options.
Number of
options Strike
Name awarded price
ML Ndlovu 10 000 R88,00
(Non-executive 4 167 R45,00
director) 12 500 R125,00
5 208 R45,00
Sandton
24 March 2006
Sponsors
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Date: 24/03/2006 02:30:02 PM Produced by the JSE SENS Department
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