LONDON, Oct. 8, 2002 (PRIMEZONE) -- Old Mutual (Other OTC:ODMTF) (LSE:OML) draws attention to today's announcements by its subsidiaries Nedcor Limited ("Nedcor") (Pink Sheets:NDCRY), the South African banking group, in which it has a 53.2% stake, and NIB, detailing the sanctioning by the High Court of South Africa (Transvaal Provincial Division) of the scheme of arrangement proposed by Nedcor, between NIB and its shareholders, other than Nedcor. Nedcor will, upon the fulfilment of all conditions precedent in relation to the scheme, acquire the entire issued share capital of NIB. Nedcor currently has an 84% stake in NIB, and Old Mutual a further 5.4% stake.
The full text of Nedcor's announcement is available on the JSE Securities Exchange News Service (SENS) and also 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, Lansdowne House, 57 Berkeley Square, London W1J 6ER.
ENQUIRIES:
Old Mutual, London, James Poole, Tel: 44 20 7569 0100
College Hill, London, Tony Friend, Tel: 44 20 7457 2020