Nedbank Group Ltd - NED - Share chat

This company is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management.

Is there any update relating to these shares from the Old Mutual (OMU) deal? We haven’t heard anything since that chat message on the Freetrade app.

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@SpaceTrader what did the message say? Has a deal been agreed to sell to OMU?

This is what I got… on Nov 19th, 2021.

"
Important update on your investment in Old Mutual Limited:

Old Mutual Limited declared it would ‘unbundle’ a portion of its shareholding in Nedbank Group Limited and issue Nedbank shares to ordinary shareholders of Old Mutual Limited via a stock distribution (distribution in specie).

The Unbundling was completed on the 8th November 2021 and shareholders have received 1.31954 Nedbank Shares for every 100 Old Mutual Ordinary Shares held. The Ex date was the 4th November 2021.

Unlike Old Mutual Limited, which is able to be traded and settled in the UK, Nedbank shares are solely listed on the Johannesburg Stock Exchange and the Namibian Stock Exchange which we are unable to facilitate trading on via the app.

The shares are currently held with the share registrar for Nedbank in South Africa (SA) and recorded on the SA share register. Therefore, we are unable to add Nedbank Shares to your Freetrade portfolio. We are in discussions with the share registrar to arrange for your Nedbank shares to be sold on the Johannesburg Stock Exchange but at this time we cannot confirm how long this process will take.

We will be in touch once we receive further information on when your Nedbank Shares will be sold.
"

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