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Update on the Nedbank Group Final 2019 Dividend in context of the SARB Guidance Note G4/2020
Nedbank Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
JSE alpha code: NEDI
(‘Nedbank Group’)
UPDATE ON THE NEDBANK GROUP FINAL 2019 DIVIDEND IN CONTEXT OF THE SARB
GUIDANCE NOTE G4/2020
Nedbank Group notes the SARB’s guidance note G4/2020: “Recommendations on the distribution of
dividends on ordinary shares and payment of cash bonuses to executive officers and material risk
takers, in light of the negative economic impact of the Coronavirus Disease (Covid-19) pandemic and
the temporary regulatory capital relief provided by the Prudential Authority” and we are supportive of the
guidance. We also refer shareholders to the explanations provided by the Deputy Governor of the SA
Reserve Bank in this regard during a teleconference he hosted with analysts and investors at 9:30 am
on Tuesday, 7 April 2020.
Our current assessment of the guidance note and related explanations is that it distinguishes between
those dividends that are already declared and as a result the relevant legal requirements that the
guidance note refers to (ie S46 of the Companies Act) are therefore applicable; and those future
declarations and related distributions that are expected not to take place while the Covid-19 pandemic
uncertainty continues.
As a result of this assessment, Nedbank Group currently expects that the 2019 final dividend of 695
cents per ordinary share will be paid on Monday, 20 April 2020, in accordance with the declaration
announcement made on 3 March 2020. Future dividend declarations and related distributions will be
impacted for so long as the guidance note is applicable. Management and the Board are consulting their
advisors and monitoring evolving developments in this regard and will make further announcements as
necessary.
Nedbank Group remains well capitalised with a strong liquidity profile.
The information contained in this announcement has not been reviewed or reported on by Nedbank
Group’s auditors.
Sandton
8 April 2020
Sponsors to Nedbank Group in South Africa:
Nedbank CIB
Merrill Lynch South Africa (Pty) Limited
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Date: 08-04-2020 08:30:00
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