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Old Mutual related information

2021 Old Mutual unbundling of Nedbank shares (c12%)

On 23 June 2021, Old Mutual Limited advised that, following an internal review of its c.19,4% shareholding in Nedbank Group, the board of directors of Old Mutual has decided to exit the majority (12,2%) of this shareholding, subject to the receipt of all the requisite regulatory approvals, through an unbundling to Old Mutual shareholders. On 26 October 2021, in a 'Finalisation Announcement', Old Mutual confirmed that all the regulatory approvals required to implement the unbundling have been obtained and that the unbundling will be implemented in accordance with the timetable set out in the Old Mutual Finalisation Announcement. Each Old Mutual shareholder will receive 1.31954 Nedbank Group shares for every 100 Old Mutual shares they own. The Old Mutual announcements can be found at https://www.oldmutual.com/investor-relations/news/stock-exchange-announcements.

Nedbank Group SENS announcement (23 June 2021)

Nedbank Group SENS announcement (26 October 2021)

Nedbank - Old Mutual relationship agreement

The Nedbank - Old Mutual relationship agreement (RA) governs the terms of the OML and Nedbank Group relationship.

Old Mutual Limited and Nedbank Group relationship agreement (2018)

Old Mutual and Nedbank Group relationship agreement (2004)

2018 Old Mutual unbundling of Nedbank shares (c32%)

The Managed Separation process between Nedbank and Old Mutual was officially completed in October 2018. On Monday, 15 October 2018, Nedbank Group shares were distributed to Old Mutual Limited shareholders. OML shareholders received 3.21176 Nedbank Group shares for every 100 OML shares they owned.

Guidance note to UK shareholders

- Link Investor Services new account opening form

- Link Investor Services withdrawal form

Guidance note to Malawi shareholders

Guidance note to Namibia shareholders

Guidance note to Zimbabwe shareholders

2018 odd-lot offer

Nedbank Group shareholders are referred to the announcement published on the Securities Exchange News Service (SENS) on Monday, 15 October 2018, confirming Nedbank Group’s odd-lot offer. Nedbank made a cash offer to all eligible shareholders to repurchase their Nedbank shares at a 5% premium to the 10-day volume-weighted average price of a Nedbank Group share at the close of business on Monday, 3 December 2018.

At the general meeting of Nedbank Group held on Thursday, 22 November 2018, all resolutions were passed by the requisite majority of Nedbank Group shareholders and Nedbank Group proceeded to implement the odd-lot offer in accordance with the timelines as communicated.

Click here to read the 2018 Nedbank Odd-lot SENS announcement.

Click here to read the 2018 Nedbank Odd-lot Offer circular.

Click here to see the results of the general meeting held on 22 November 2018.

Click here to read the finalised announcement relating to the 2018 Odd-lot offer pricing.

Click here to read the results of the 2018 Odd-lot offer and payment mechanics.

Frequently asked questions (FAQs)

What is an odd-lot offer?

An odd-lot offer is a standard corporate action undertaken by JSE-listed companies (in line with JSE Listings Requirements), whereby the company makes an offer to repurchase its shares from eligible shareholders holding less than 100 shares (referred to as Odd-lot holders).

Why did Nedbank propose an odd-lot offer?

The odd-lot offer by Nedbank Group to eligible Odd-lot holders would, amongst others, reduce the complexity and ongoing administrative costs associated with a significantly larger shareholder base (which would have increased significantly from approximately 20 000 to about 500 000 shareholders after the 2018 Old Mutual unbundling), the majority of whom are Odd-lot holders.

What were the benefits of participating in the 2018 odd-lot offer?

Odd-lot holders who elect to sell their odd-lot holdings and those odd-lot holders who do not make an election by 14 December 2018 would have benefited as follows:

Sell their odd-lot shares at a 5% premium to the 10-day volume-weighted average price of a Nedbank Group ordinary share at the close of business on Monday, 3 December 2018;
They are offered liquidity (free-trading ability) to dispose of their odd-lot holdings without incurring any transaction costs or brokerage fees; and
Securities transfer tax, if any, will be paid by Nedbank Group at a rate of 0,25%.

What were the key dates relating to the 2018 odd-lot offer?

Click here for key dates relating to the odd-lot offer.

What happened if I did not want to sell my shares?

If you wished to retain your Nedbank Group shares, you had to specifically make an election to do so. If you did not make an election, you would automatically have been regarded as having accepted the odd-lot offer and chosen to dispose of your Nedbank Group shares to Nedbank Group and received the cash consideration.

If you have any questions regarding the Nedbank odd-lot offer, please contact our transfer secretaries:

SA and UK shareholders

JSE Investor Services (Pty) Ltd (JIS)

Tel: 086 140 0110 or 086 154 6566 (if calling from South Africa) or

+27 (0)11 713 0800 or +27 11 029 0251 (if calling from overseas)

Email: Investorenquiries@linkmarketservices.co.za

Web address: www.linkmarketservices.co.za

Address: 13th Floor, 19 Ameshoff Street, Braamfontein, 2001

Postal address: PO Box 10462, Johannesburg, 2000

NAMIBIA shareholders

Transfer Secretaries Proprietary Limited

Tel: +264 (0)61 227 647