LONDON, June 27, 2002 (PRIMEZONE) -- Old Mutual draws attention to yesterday's announcement by its subsidiary Nedcor Limited ("Nedcor"), the South African banking group, in which it has a 53% stake, detailing the terms of the Clawback Offer to Nedcor shareholders. Old Mutual (South Africa) Limited or any wholly owned subsidiary will subscribe for shares in Nedcor and Nedcor shareholders will then have the right to acquire their pro rata portion of the new shares.
The full text of the Nedcor announcement is available on SENS, the JSE Securities Exchange News Service and 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, 57 Berkeley Square, London W1J 6ER.