WHL - Woolworths - Fulfilment of conditions precedent regarding the
WHL
WOWOW
WHL - Woolworths - Fulfilment of conditions precedent regarding the
acquisition by ABSA Group Limited
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1929/001986/06
Share code: WHL ISIN: ZAE000063863
("Woolworths")
FULFILMENT OF CONDITIONS PRECEDENT REGARDING THE ACQUISITION BY ABSA GROUP
LIMITED OF 50% PLUS ONE SHARE OF WOOLWORTHS FINANCIAL SERVICES (PROPRIETARY)
LIMITED
Further to the announcements published on SENS on 16 April 2008 and 21 August
2008, Woolworths shareholders are advised that all the conditions precedent
relating to the acquisition by Absa Group Limited of 50% plus one share of the
issued ordinary share capital of Woolworths Financial Services (Proprietary)
Limited, the financial services business of Woolworths ("the Transaction"), have
now been fulfilled. Accordingly, the effective date of the Transaction was 1
October 2008.
It is the intention of the board of Woolworths to distribute R2.25 billion of
the cash proceeds arising from the Transaction and the net cash realised from
the transfer of the financial services assets into the joint venture. The
distribution to shareholders will be implemented by way of a special dividend of
R750 million, and, subject to prevailing market conditions at the time, an open
market share repurchase of the balance.
A further announcement on the distribution will be made in due course.
Cape Town
2 October 2008
Investment bank
The Standard Bank of South Africa Limited
Legal advisor
Taback and Associates (Proprietary) Limited
Sponsor and Structuring Advisor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02/10/2008 08:00:02 Produced by the JSE SENS Department.
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