| Mon 27 Mar 2006, 12:27 | | Nedbank - Notice of Expiry & rollover process - sc |
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JSE STXNIBSBKNIBGFINIBAGLNIBINPNIBBILNIBSABNIBANGNIBSAPNIBSOLNIBTKGNIBIMPNIBMT
NEDB
Nedbank - Notice of Expiry & rollover process - "scheme of arrangement" for
Nedbank Share Instalments.
Nedbank Limited
NOTICE OF EXPIRY & ROLLOVER PROCESS - "SCHEME OF ARRANGEMENT" FOR NEDBANK SHARE
INSTALMENTS
AGLNIB (ZAE000064986), ANGNIB (ZAE000064994), BILNIB (ZAE000065009), FSRNIB
(ZAE00065017), GFINIB (ZAE000065025), IMPNIB (ZAE000065033), INPNIB
(ZAE000065041), MTNNIB (ZAE000065058), RCHNIB (ZAE000065066), SABNIB
(ZAE000065074), SAPNIB (ZAE000065082), SBKNIB (ZAE000065124), SLMNIB
(ZAE000065090), SOLNIB (ZAE000065108), STXNIB (ZAE000065116), TKGNIB
(ZAE000065132).
The trustees of the above Share Instalments have declared that unless Nedbank
Equity Markets is notified in writing by holders of the proceeding share
instalments that they intend on making the completion payment in order to
receive the underlying securities before 5.00pm on the 22nd of March, 2006 the
following will apply to the expiry of these Share Instalments.
1. Where a Share Instalment expires with an intrinsic value of less than the
price of the new rollover Share instalment, ie; the "C" series. (for example
AGLNIB will rollover into AGLNIC ) the holder of that Share Instalment will
receive the Intrinsic value of the Share instalment. The value of the new Share
Instalment ("C" Series) will be calculated prior to expiry and holders will be
advised. The intrinsic value of the "B" series is the calculated difference
between the official JSE closing price on the 29th of March, 2006 and the
completion payment of the Share instalment.
2. Where the Share Instalment expires with an intrinsic value of greater than
the price of the new rollover Share Instalment, the "C" series. (for example
AGLNIB will rollover into AGLNIC) the holder of that Share Instalment will
receive one Share Instalment in the new "C" series for every one Share
Instalment held in the "B" series, plus the holders will receive a cash amount
per Share Instalment held, equal to the Intrinsic value of the "B" series less
the value of the new "C" series.
NB: The completion payment for the new "C" series of Share instalments will be
approximately equal to 50% of the underlying share price at close of the 29th of
March, 2006. The "C" series will commence trading on the 30th of March 2006.
Salient Dates for the Scheme of arrangment:
1. Last date to advise Nedbank Equity Markets of intent to pay the completion
payment in order to receive the underlying stock, 5.00pm 22nd March 2006.
2. Expiry of "B" series, close of trade on 29th March 2006.
3. New Share Instalment "C" series begins trading 30th of March 2006.
4. Record date for Share Instalment "B" series expiry on 29th March 2006 will be
5th of April 2006.
5. Payment date for cash amounts as a result of the "B" series expiries will be
the 6th of April 2006.
For further information please contact Nedbank Equity Markets on (011) 535 4030
Brett McLaren
Nedbank Equity Derivatives
Nedbank Capital
+27 11 535 4030
+27 11 759 7289
+83 458 0380
Date: 27/03/2006 12:27:03 PM Produced by the JSE SENS Department
