| Tue 20 May 2008, 10:40 | | PWK - Pick N Pay Holdings Limited - Further statem |
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PWK
PWK
PWK - Pick N Pay Holdings Limited - Further statement and notice of annual
general meeting
PICK N PAY HOLDINGS LIMITED
Registration Number 1981/009610/06
ISIN: ZAE000005724
JSE Share Code: PWK
("Company")
FURTHER STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
FURTHER STATEMENT
Shareholders are advised that the Company`s consolidated annual financial
statements (Annual report) for the year ended 29 February 2008 will be posted to
shareholders today, and contain the following modifications to the reviewed
condensed consolidated results ("results") published on 22 April 2008.
The calculation of the Company`s consolidated headline earnings and headline
earnings per share for the year ended 29 February 2008, as published on 22 April
2008, did not take into account 35.5 million Pick n Pay Stores Limited treasury
shares ("treasury shares") held by a subsidiary company and the share trust.
These treasury shares should be treated as cancelled for the purposes of the
Company`s consolidated earnings, thereby increasing the Company`s effective
control of Pick n Pay Stores Limited ("Pick n Pay") to 55.57% (compared to its
50.85% direct holding) and decreasing the effective holding of minorities.
This correction is purely a technical adjustment to the Company`s consolidated
financial statements which has resulted in reallocations within classes of
equity in the statement of changes in equity. This reallocation is between
minority interests and other reserves and has had no effect on the total equity,
cash flows and dividends to be received by the Company or paid to the Company`s
shareholders.
A summary of the changes to the results published on 22 April 2008 is as
follows:
Revised As disclosed
disclosure on 22 April
2008
Headline earnings for the year - million R502.0 R459.3
Headline earnings per share - cents 97.92 89.60
For further details of this adjustment, please refer to the Annual Report which
is available on our website www.picknpay.co.za.
The Company`s final dividend (number 53) per share is unchanged at 57.65 cents
(2007: 52.35 cents).
KPMG Inc. has now completed their audit of the results and the annual financial
statements of the Company. Their unqualified audit report is presented in the
annual report and is available for inspection at the registered office of the
Company.
NOTICE OF THE ANNUAL GENERAL MEETING
The notice of the annual general meeting will be posted to shareholders today,
with the Annual Report, and notice is hereby given that the annual general
meeting of the Company will be held at 09h30 on Wednesday, 11 June 2008 in the
conference center of the registered office, Pick n Pay Office Park, 101 Rosmead
Avenue, Kenilworth, Cape Town, 7708, to transact business as stated in the
notice of the annual general meeting.
Cape Town Sponsor
20 May 2008 Investec Bank Limited
Date: 20/05/2008 10:40:07 Produced by the JSE SENS Department.
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