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LEW
LEW
LEW - Lewis Group Limited - 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 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 15
August 2008, the special resolution and all the ordinary resolutions contained
in the notice of the meeting dated 19 May 2008 were passed with the requisite
majorities. The special resolution will be lodged with the Registrar of
Companies in terms of section 200(1) of the Companies Act, 1973 (as Amended).
2. STATEMENT BY CHIEF EXECUTIVE OFFICER
The following statement was made by the Chief Executive Officer, Alan Smart at
the Annual General Meeting:
"REVENUE
Revenue for the four months ended July 2008 increased by 7.4% compared to a 10%
increase in revenue for the same period last year.
Trading conditions remain difficult with no clear pattern of trade emerging.
Store promotions and the application of re-serve strategies to settled, current
and new customers has been a prime focus in maximising sales opportunities.
DEBTORS BOOK
Collections for the three months ended June 2008 were 98% of budget. Debtor
costs for this period (bad debts and impairment provision) have increased as
follows:
Debtor Costs
Quarter Quarter Quarter Quarter
June 2008 June 2007 June 2007 June 2006
R63m R48m R48m R38m
Increase R15m R10m
Impairment Provision (Doubtful Debts)
The impairment provision as a percentage of net debtors as at 30th June 2008 is
as follows:
Quarter Year Quarter Year
June 2008 March 2008 June 2007 March 2007
14.4% 13.5% 15.6% 14.9%
Increase 0.9% 0.7%
SHARE BUY BACK PROGRAMME
The share buy back programme has continued during the period with a further 1.5%
of issued shares being repurchased."
The above information has not been reviewed or reported on by the company`s
auditors.
Cape Town
15 August 2008
Date: 15/08/2008 11:40:10 Produced by the JSE SENS Department.
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