LONDON, Aug. 13, 2002 (PRIMEZONE) -- Old Mutual draws attention to today's announcement by its subsidiary Nedcor Limited ("Nedcor"), the South African banking group, in which it has a 53% stake, detailing the terms and financial effects of the offer for the issued shares of NIB, other than the shares already held by Nedcor, by way of a scheme of arrangement. Nedcor currently has an 84% stake in NIB.
In terms of the offer NIB shareholders will receive 3.03030 new Nedcor shares for every 100 NIB shares held. Approximately 8 300 000 new Nedcor shares will be issued to NIB shareholders following the successful implementation of the scheme. Old Mutual holds a 5.4% stake in NIB and consequently will receive 2 767 662 new Nedcor shares upon implementation of the scheme.
The full text of the Nedcor announcement is available on SENS, the JSE Securities Exchange News Service and on Old Mutual's website, www.oldmutual.com. A paper copy of the full Nedcor announcement is available from Investor Relations, Old Mutual Plc, 3rd Floor, 57 Berkeley Square, London W1J 6ER.