| Tue 18 Sep 2007, 7:30 | | FOS - Foschini Limited - Repurchase Of Ordinary Shares On The Open Market |
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FOS FOSP
FOS
FOS - Foschini Limited - Repurchase Of Ordinary Shares On The Open Market
FOSCHINI LIMITED
Reg. No.: 1937/009504/06
Share codes: FOS & FOSP
ISIN codes: ZAE000031019 & ZAE000031027
Repurchase of ordinary shares on the open market
1. Introduction
Further to the announcement made on 4 July 2002, shareholders are advised
that Foschini has purchased an additional 7 637 350 ordinary shares,
representing 3,18% of its own shares, at a cost of R 324 498 956, on the
open market in accordance with the general authority granted by Foschini
shareholders at the annual general meeting of the company held on 5
September 2007 to repurchase a maximum of 48 099 648 ordinary shares (being
20% of the issued share capital).
2. Implementation
The details relating to the repurchase of the 7 637 350 Foschini ordinary
shares between 3 July 2002 and 14 September 2007 are as follows:
Number of ordinary shares repurchased 7 637 350
Value of ordinary shares repurchased R324 498 956
Highest price paid per ordinary share (cents) 6 431,47
Lowest price paid per ordinary share (cents) 865,00
Average price paid per ordinary share (cents) 4 248,84
Cumulative number of ordinary shares repurchased 22 111 074
Cumulative value of ordinary shares repurchased R422 868 070
Number of ordinary shares which may still be 25 988 574
repurchased in terms of the general authority
Ordinary shares in issue on date of this 240 498 241
announcement
The requirements of paragraph 5.72 of the JSE Listings Requirements have
been complied with in the repurchasing of these shares.
3. Source of funds
Repurchases to date have been funded from available cash resources.
4. Opinion of the directors
The directors have considered the impact of the share repurchase and are of
the opinion that:
4.1 The company and its subsidiaries will be able, in the ordinary course of
business, to pay its debts for a period of 12 months from the date of this
announcement.
4.2 The consolidated assets of the company and its subsidiaries are in excess
of the consolidated liabilities, measured in accordance with the accounting
policies used in the audited results for the year ended 31 March 2007.
4.3 The ordinary share capital and consolidated reserves of the company and its
subsidiaries will be adequate for a period of 12 months from the date of
this announcement.
4.4 The working capital of the company and its subsidiaries will be adequate
for a period of 12 months from the date of this announcement.
5. Financial effects
The pro forma financial effects set out below are the responsibility of the
directors of Foschini and are provided for illustrative purposes only. Due
to the nature of pro forma financial information, it may not give a fair
reflection of shareholders` financial position, changes in equity, results
of operations or cash flows after the repurchase.
Before the After the Change
repurchase repurchase (%)
(cents) (cents)
Earnings per share 534,2 539,4 0,96
Headline earnings per share 534,2 539,4 0,96
Net asset value 1 804,0 1 840,2 2,01
Net tangible asset value 1 789,4 1 827,3 2,12
Note 1: The above calculations are based on Foschini`s audited results for
the year ended 31 March 2007.
Note 2: The financial effects are calculated based on the assumption that
the repurchases had been carried out on the 1st of April 2006.
6. JSE Limited Listing
All the shares purchased have been repurchased by a subsidiary of Foschini
and are being held in the subsidiary company as treasury stock.
Cape Town
18 September 2007
SPONSOR
UBS South Africa (Pty) Ltd
-ENDS
Date: 18/09/2007 07:30:01 Produced by the JSE SENS Department.
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