Company Data
| Last traded |
R168.34 |
| Change |
R-0.80 |
| % Change |
-0.47% |
| Cumulative volume |
299,281 |
| Market cap |
R85.43bn |
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May 24 2012 17:31
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Johannesburg - Nedbank Group [JSE:NED] said on Tuesday that it would exercise the call options granted to it by certain maturing schemes to repurchase Nedbank Group ordinary shares.
During 2005, Nedbank Group implemented a black economic empowerment (BEE) transaction, which comprised a number of schemes empowering previously disadvantaged beneficiaries.
The end of the lock-in period for certain of these schemes is January 1 2011. The schemes include the Aka-Nedbank Eyethu Trust, the Nedbank Eyethu Corporate Scheme Trust and the Nedbank Eyethu Non-Executive Directors Trust.
"Accordingly, shareholders are advised that Nedbank Group intends to exercise the call options that were granted to it by the maturing schemes to repurchase Nedbank Group ordinary shares," it said.
The specific repurchase was approved by shareholders at a general meeting on July 22 2005.
Nedbank said that the repurchase will take place during a closed period, as required by JSE rules. The closed period commences on January 1 2011 and is expected to end on or about February 28 2011, when its annual results are scheduled for release.
"The number of Nedbank Group ordinary shares to be repurchased by the company in terms of the specific repurchase will be a maximum of 15 914 914 shares at a maximum price of R1 per share," the group said.