WHL
WOWOW
WHL - Woolworths - Shareholders Approve Woolworths` Black Economic
Empowerment Transaction
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1929/001986/06
ISIN: ZAE000063863
JSE Code: WHL
("Woolworths" or "the Company")
SHAREHOLDERS APPROVE WOOLWORTHS` BLACK ECONOMIC EMPOWERMENT TRANSACTION
At the general meeting of the ordinary shareholders of Woolworths
("shareholders") held today, Tuesday 12 June 2007, the requisite majority
of shareholders approved all resolutions proposed at the meeting in
relation to the Black Economic Empowerment transaction, which provides
eligible Woolworths employees an approximate 10% shareholding. The
resolutions approved included, inter alia:
- special resolutions to amend the authorised share capital of the
Company and amend the Articles of Association of the Company to create
the convertible, redeemable, non-cumulative participating preference
shares (ESOS shares); and
- ordinary resolutions to approve the Woolworths Employee Share
Ownership Trust deed and place the ESOS shares under the control of
the directors.
The implementation of the BEE transaction is subject to the fulfillment of
the following remaining conditions precedent:
- the registration of the special resolutions by the Registrar of
Companies; and
- the Master of the High court of South Africa issuing letters of
authority to the first trustees.
Cape Town
12 June 2007
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 12/06/2007 12:06:07 Produced by the JSE SENS Department.
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