/ 23 November 1999

STANBIC CHALLENGES NEDCOR CLAIMS

STANDARD Bank Investment Corporation (Stanbic) has questioned the shareholder support claimed by Nedcor in its hostile bid. It has told the Securities Regulation Panel that the support may not be as solid as Nedcor has led the market to believe. Nedcor said on Monday it has irrevocable commitments from shareholders holding 35% of Stanbic shares ”on various terms and conditions”, the Business Day reports. Shareholders controling a further 12,4% have apparently given ”written or verbal indications of their support”. Stanbic has asked the panel if it can request that Nedcor disclose the conditions of the irrevocable support and clarify the nature of the ”verbal or written” support, the paper said.