LONDON, United Kingdom, June 12, 2003 (PRIMEZONE) -- Old Mutual plc (Other OTC:ODMTF) (LSE:OML): The Company has been informed, by a notification received today, that Mr R C M Laubscher, an executive Director of the Company and Chief Executive Officer of its 53% owned South African banking subsidiary, Nedcor Limited ("Nedcor"), was awarded the following options over shares in Nedcor under the Nedcor Group (1994) Employee Incentive Scheme on 11 June 2003:
No of Nedcor shares in the Option price per Vesting date Expiry date
grant share
11,250 ZAR94.00 11 June 2006 11 June 2009
11,250 ZAR94.00 11 June 2007 11 June 2009
No payment was made by Mr Laubscher for the grant of these options, which were granted by reference to the price of Nedcor's shares that prevailed on June 10, 2003. Vesting of the options is subject to the fulfilment of performance conditions laid down by the Remuneration Committee of Nedcor as part of the grant.
Following the above grant, Mr Laubscher now has options over a total of 475,500 shares in Nedcor under the Nedcor Group (1994) Employee Incentive Scheme.
ENQUIRIES:
Old Mutual plc, Tel: +44 20 7569 0100, Investor Relations Department