LEW - Lewis - Results of AGM and statement by Chie
LEW
LEW
LEW - Lewis - Results of AGM and statement by Chief Executive Officer
LEWIS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2004/009817/06)
JSE share cost code: LEW
ISIN: ZAE000058236
("Lewis" or "the company")
1. Approval of Resolutions
At the annual general meeting of the Lewis Group shareholders held on Friday 3
August 2007, the special resolution and all the ordinary resolutions contained
in the notice of the meeting dated 21 May 2007 were passed with the requisite
majorities.
2. Statement by Chief Executive Officer
The following statement was made by the Chief Executive Officer, Alan Smart, at
the Annual General Meeting:
"REVENUE
The first four months ended July 2007 can be split into three distinct revenue
patterns:
Revenue for April and May up 11% on last year
Revenue for June up 7% on last year
Revenue for July up 11% on last year (estimate as month ends on 5th August
2007).
The implementation of the National Credit Act on 1st June 2007 did as expected
have an impact on revenue for the first two weeks as both the consumer and our
staff adjusted to the requirements of the new act.
The public service strike in June was an additional challenge.
However the second half of June recovered well resulting in the reversal of the
early June revenue shortfalls. July results have been encouraging and with the
introduction of a new merchandise range in August together with strong
advertising promotions, we are optimistic that we will continue to trade
positively in the upcoming months.
DEBTORS BOOK
The overall condition of the book has not shown any material deterioration
during the first four months. June collections were however slightly down on
budget as a result of the public service strike. The credit application decline
rate has remained constant at 22% of new applications.
SHARE BUY BACK PROGRAMME
The share buy back programme has continued during the period with a further 1.7%
of shares being repurchased. The total shares repurchased amount to 9.2% of
the issued share capital."
The above information has not been reviewed or reported on by the company`s
auditors.
Cape Town
3 August 2007
Sponsor: UBS South Africa (Pty) Ltd
Date: 03/08/2007 10:41:01 Produced by the JSE SENS Department.
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