Nedbank on Tuesday announced that it had concluded the odd-lot offer to shareholders who owned less than 100 Nedbank ordinary shares. Photo: Supplied

JOHANNESBURG – Nedbank on Tuesday announced that it had concluded the odd-lot offer to shareholders who owned less than 100 Nedbank ordinary shares.

Nedbank repurchased a total of 7 056 639 Nedbank Group ordinary shares, representing 1.41 percent of the total issued ordinary share capital of Nedbank Group for R1 950 996 404.94.

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.

The Nedbank Group ordinary shares repurchased by Nedbank Group in terms of the odd-lot offer will be cancelled and delisted on Friday, December 21, and accordingly the total issued ordinary share capital of Nedbank Group will be reduced from 500 239 303 to 493 182 664 Nedbank Group ordinary shares.

Payment will be made by electronic funds transfer into the certificated shareholders’ bank account on Tuesday, December 18. Payment to dematerialised shareholders (owned through a broker or CSDP) will be made as per agreement with the Shareholder and the CSDP or broker.

Nedbank announced its intention to repurchase the shares of odd-lot holders on October 15 when Old Mutual Limited (OML) distributed 158 726 732 Nedbank Group shares to its shareholders, representing 31.73 percent of Nedbank shares in issue. 

The distribution of these shares resulted in OML’s shareholding in Nedbank being reduced from a majority of about 52 percent to a strategic minority of 19.9 percent held through shareholder funds.

The offer provided odd-lot holders with a means of exiting their shareholding at a premium with no brokerage fees and also presented Nedbank with the opportunity to reduce the ongoing administration costs of a relatively large share register.

Odd-lot holders were provided with the opportunity to elect to retain or sell their odd-lot holdings.

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