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WHL
WOWOW
WHL - Woolworths Holdings Limited - Repurchase announcement
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001986/06)
ISIN: ZAE000063863
SHARE CODE: WHL
("Woolworths" or "the Company")
REPURCHASE ANNOUNCEMENT
1. INTRODUCTION
Woolworths herewith announces the repurchase of 25 878 892 (3.11% of the
issued ordinary shares) Woolworths ordinary shares since and in accordance
with the general authority granted by Woolworths shareholders at the annual
general meeting held on 19 November 2009 ("the repurchase").
2. AUTHORISED REPURCHASE LIMITS
In terms of the special resolution:
(a) the general authority is limited to a maximum of 20% of
Woolworths issued share capital; and
(b) any repurchase may not be made at a price greater than
10% above the weighted average of the market value of the
ordinary shares for the five business days immediately
preceding the date of such repurchase.
A maximum of 166 438 148 ordinary shares could be repurchased in terms of the
general authority obtained from shareholders.
3. IMPLEMENTATION
Details are as follows:-
Total number of ordinary shares repurchased 25 878 892
Total value of ordinary shares repurchased R454 033
728.13
Highest price paid per ordinary share R23.44
Lowest price paid per ordinary share R16.77
Average price paid per ordinary share including costs R17.58
The number of ordinary shares which may still be
repurchased by the company in terms of the general 140 559 256
authority
Ordinary shares in issue on 19 November 2009 832 190 740
Ordinary shares in issue on date of this announcement 847 044 788
Number of shares held in treasury after the repurchase 81 761 465
The repurchases were effected through the order book operated by the JSE Limited
("JSE") and done without any prior understanding or arrangement between the
Company and the counter party.
4. SOURCE OF FUNDS
Repurchases to date have been, and future repurchases will also be, funded
from available cash resources.
5. OPINION OF THE DIRECTORS
The directors of Woolworths have considered the impact of the repurchases
and are of the opinion that:-
5.1 Woolworths and the group 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;
5.2 the assets of Woolworths and the group will be in excess of the liabilities
of the Company and the group for a period of 12 months after the date of
this announcement, measured in accordance with the accounting policies used
in the last published financial statements;
5.3 the ordinary share capital and reserves of Woolworths and the group will be
adequate for ordinary business purposes for a period of 12 months from the
date of this announcement; and
5.4 the working capital of Woolworths and the group will be adequate for
ordinary business purposes for a period of 12 months from the date of this
announcement.
6. FINANCIAL EFFECTS
The table below sets out the unaudited pro forma financial effects of the
repurchase on earnings per share ("EPS"), headline EPS, net asset value
("NAV") and net tangible asset value ("NTAV") per share and diluted EPS and
HEPS based on the unaudited condensed group results for the 26 weeks to 27
December 2009.
The unaudited pro forma financial effects are the responsibility of the
directors and have been prepared for illustrative purposes only to provide
information about how the repurchase may impact shareholders on the
relevant reporting date and because of its nature may not give a fair
reflection of the Company`s financial position, changes in equity, results
of operations or cash flows after implementation of the repurchase or of
the Company`s future earnings.
The financial effects of the repurchases are as follows:
Before After %
(note ) Change
Earnings per share (cents) 84.7 85.4 1.2
Headline earnings per share 85.4 86.1 1.2
(cents)
Net asset value per share (cents) 407.7 381.5 -6.4
Tangible net asset value per 359.7 332.6 -7.5
share (cents)
Fully diluted earnings per share 82.7 83.4 1.2
(cents)
Fully diluted headline earnings 83.4 84.1 1.2
per share (cents)
Note:
1. Extracted from the published unaudited results of the Company for the 26
weeks ended 27 December 2009.
7. JSE LISTING
As all the ordinary shares have been repurchased by a wholly-owned
subsidiary of Woolworths, none of the ordinary shares will be cancelled nor
will the JSE listing in respect of those shares be terminated.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 23/04/2010 16:00:01 Produced by the JSE SENS Department.
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