LONDON, Sept. 27, 2002 (PRIMEZONE) -- Old Mutual plc ("Old Mutual") (LSE:OML) (Other OTC:ODMTF) draws attention to today's announcement by its subsidiary, Nedcor Limited ("Nedcor") (Other OTC:NDCRF), the South African banking group, in which it has a 53% stake, detailing an amendment to the terms of Nedcor's offer to acquire by means of a scheme of arrangement the issued shares of Nedcor Investment Bank Holdings Limited ("NIB") not already owned by it. Nedcor currently has an 84% stake in NIB.
The revised terms of the offer consideration to NIB shareholders now comprise 3.33333 Nedcor shares per 100 NIB shares. Nedcor previously offered 3.03030 Nedcor shares per 100 NIB shares.
Approximately 9.3 million new Nedcor shares will be issued to NIB shareholders following the successful implementation of the scheme. The Old Mutual group (excluding Nedcor) holds a 5.4% stake in NIB and consequently will receive approximately 3.0 million new Nedcor shares upon implementation of the scheme.
The full text of Nedcor's announcement is available on the JSE Securities Exchange News Service (SENS) and also 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, Lansdowne House, 57 Berkeley Square, London W1J 6ER.