If you have NCBA shares, here's a simplified explanation of the two "paths" a shareholder can take:

1. The "Small Holder" Path (Cash Only)
If you own fewer than 7,519 NCBA shares, the offer considers your resulting stake in Nedbank (NED) too small to manage efficiently.
The Rule: Instead of getting new shares, you are "bought out" entirely in cash.
The Payout: You receive KES 105.00 for every share you tender.
Why it matters: This is actually a premium price compared to the larger holders.

2. The "Large Holder" Path (Mixed Pay)
If you own 7,520 NCBA shares or more, you follow the standard deal structure.
The Rule: For the 66% of your shares you "tender" (sell/swap), you get paid in two ways: 80% in Nedbank shares and 20% in cash.
The Value: Based on current exchange ratios and prices, this mix is worth approximately KES 98.72 per share.
Why it matters: You end up as a shareholder in both NCBA (for your remaining 34%) and Nedbank, but the immediate value per share is lower than the cash-only group.

Looks like easy money. Key reason I didn't participate is lack of a clear date on when that money will hit my account. What if it takes too long?