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NED - Nedbank Group - Specific Repurchase of Nedbank Group Ordinary Shares and
Dealings in Securities by Non-Executive Directors
Nedbank Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/010630/06)
Share code JSE: NED Share code NSX: NBK
ISIN code: ZAE000004875
(`Nedbank Group` or `the company`)
SPECIFIC REPURCHASE OF NEDBANK GROUP ORDINARY SHARES AND DEALINGS IN SECURITIES
BY NON-EXECUTIVE DIRECTORS
Specific repurchase
1. Introduction and background
Shareholders are referred to the announcement, setting out the closed-
period share repurchase programme, released on SENS on 28 December 2010 and
are advised that Nedbank Group has exercised call options that were granted
to it by the Aka-Nedbank Eyethu Trust (`Aka Trust`), the Nedbank Eyethu
Corporate Scheme Trust (`the Corporate Scheme Trust`) and the Nedbank
Eyethu Non-executive Directors Trust (`Non-executive Directors Trust`) to
repurchase Nedbank Group ordinary shares (`the specific repurchase`).
2. Details of the specific repurchase
On 6 January 2011 the company repurchased 1 321 260 Nedbank Group ordinary
shares from the Aka Trust, 8 006 209 Nedbank Group ordinary shares from the
Corporate Scheme Trust and 621 898 Nedbank Group ordinary shares from the
Non-executive Directors Trust in terms of the specific repurchase,
equivalent to 1,9% of the total issued ordinary share capital of Nedbank
Group. Following the specific repurchase, Nedbank Group held 56 337 059
treasury shares.
The consideration paid in respect of the specific repurchase is as follows:
2.1 1 321 260 Nedbank Group ordinary shares repurchased from the Aka Trust
at an average price of R0,72 per share, for a total consideration of
R954 209;
2.2. 8 006 209 Nedbank Group ordinary shares repurchased from the Corporate
Scheme Trust at an average price of R0,74 per share, for a total
consideration of R5 901 184; and
3.3 621 898 Nedbank Group ordinary shares repurchased from the Non-
executive Directors Trust at an average price of R0,75 per share, for
a total consideration of R465 616.
The Nedbank Group ordinary shares repurchased will be cancelled and their
listing terminated on or about 12 January 2011.
3. Source of funds
The specific repurchase has been funded out of available cash resources.
4. Financial effects
The total consideration paid in terms of the specific repurchase is R7,3
million and the shares repurchased are equivalent to 1,9% of the total
issued ordinary share capital of Nedbank Group. The financial effects of
the specific repurchase on Nedbank Group`s earnings per share, headline
earnings per share, net asset value per share and net tangible asset value
per share are not material, based on Nedbank Group`s reviewed financial
results for the six months ended 30 June 2010, and accordingly have not
been disclosed.
Dealings in securities by non-executive directors
In terms of the specific repurchase, the company acquired Nedbank Group ordinary
shares from the Non-executive Directors Trust, some of which were held for the
benefit of some of the current non-executive directors. In terms of paragraphs
3.63 to 3.66 of the Listings Requirements of JSE Limited, the following
information is disclosed in respect of such shares:
Name: TCP Chikane
Capacity: Non-executive director of Nedbank Group
Date of transaction: 6 January 2011
Average price per security: R0,75
Highest price per security: R1,00
Lowest price per security: R0,001
Class of securities: Nedbank Group ordinary shares
Number of securities: 60 203
Total value: R45 152
Nature of transaction: Sale of shares in terms of the specific repurchase
Nature of trade: Off-market
Extent of interest: Indirect beneficial
Name: B de L Figaji
Capacity: Non-executive director of Nedbank Group
Date of transaction: 6 January 2011
Average price per security: R0,75
Highest price per security: R1,00
Lowest price per security: R0,001
Class of securities: Nedbank Group ordinary shares
Number of securities: 78 573
Total value: R58 930
Nature of transaction: Sale of shares in terms of the specific repurchase
Nature of trade: Off-market
Extent of interest: Indirect beneficial
Name: NP Mnxasana
Capacity: Non-executive director of Nedbank Group
Date of transaction: 6 January 2011
Average price per security: R0,75
Highest price per security: R1,00
Lowest price per security: R0,001
Class of securities: Nedbank Group ordinary shares
Number of securities: 32 364
Total value: R24 273
Nature of transaction: Sale of shares in terms of the specific repurchase
Nature of trade: Off-market
Extent of interest: Indirect beneficial
1 In terms of the specific repurchase all of the capitalisation shares held by
the Non-executive Directors Trust were repurchased for a total consideration of
R1.
The specific repurchase was exercised under resolution of the board of directors
of Nedbank Group, with approval from shareholders at the general meeting held on
22 July 2005. Accordingly, the Non-executive directors had no discretion in the
matter and in the circumstances were not required to obtain prior written
clearance for the sale of shares in terms of the specific repurchase.
Johannesburg
6 January 2011
Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Limited
Investment bank to Nedbank Group:
Nedbank Capital
Date: 06/01/2011 17:00:01 Supplied by www.sharenet.co.za
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