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Nedbank to buy back shares from minority shareholders

Odd-lot holders are shareholders who hold less than 100 Nedbank shares, estimated to be 1.5% of its ordinary shares in issue.

FILE: Nedbank. Picture: EWN

JOHANNESBURG - Nedbank Group Ltd said on Monday it will buy back its stock from shareholders who hold less than 100 Nedbank shares as a result of a spin-off by its biggest shareholder Old Mutual.

Old Mutual, which holds 52% of Nedbank, has been dismantling its conglomerate structure, created after a series of acquisitions, since it moved its headquarters and primary listing to London in 1999.

As part of the plan, it spun-off a majority stake in Nedbank on Monday and now holds around 19.9%.

Nedbank, whose businesses include retail banking and asset management, said in September it had estimated that after the spin-off, it will have a large number of shareholders, increasing from about 20,000 to 500,000.

“For Nedbank Group it will, inter alia, reduce the complexity and ongoing administration costs associated with a significantly larger shareholder base including a sizeable number of Odd-lot holders,” it said in a statement.

Odd-lot holders are shareholders who hold less than 100 Nedbank shares, estimated to be 1.5% of its ordinary shares in issue.

Nedbank’s offer price will be at a 5% premium to the 10-day volume weighted average price of a Nedbank share at the close of business on 3 December, it said. The deal is subject to shareholder approval.

The minority shareholders will be given an opportunity to decide whether to sell their holding or retain it.