West92

Could any of you see it in your accounts btw? I have seen somewhere else someone posted that they could see it in their accounts but I could not see it in mine

Hi, I have received the following email from IG: Old Mutual completed its ‘managed separation’ strategy by unbundling its majority shareholding in Nedbank Group on 15 October 2018. As part of this unbundling process, Old Mutual shareholders are eligible to receive 0.0321 Nedbank shares for every Old Mutual share they held on 11 October 2018. Unfortunately, we won’t be able to offer you shares in Nedbank or rematerialise the stock for you because it’s listed in South Africa where we have no appointed agent – but we’ll offer you cash instead. How will the cash offer be calculated? For every Old Mutual share you held up until 11 October 2018, we’ll offer you the cash value of 0.0321 Nedbank shares. This will be calculated according to Nedbank’s closing price on 10 October 2018 of ZAR248.59, and will be converted into pounds sterling at the applicable exchange rate. So if you held 100 Old Mutual shares, you’ll receive the equivalent of ZAR797.97 (100 x 0.0321 x ZAR248.59 = ZAR797.97). Do you think it is right that IG is using the value as at 10 October? This is because the price of the stock has risen by 10% over this period but IG is not recognising it. I believe they're profiting from this deal, and bullying retail customers. Could anyone advice? Thanks Wee