WOOLTRU LIMITED
Incorporated in the Republic of South Africa
(Registration number 1936/008278/06)
("Wooltru")
Profit warning
Shareholders are referred to a statement made on 8 December 2000 in which
Wooltru confirmed its intention to release value to shareholders by pursuing an
unbundling strategy. The group stated that whilst this process was underway, it
would be inappropriate to forecast earnings for the year ending 30 June 2001.
For this reason, certain published forecasts have not been updated for some
time.
The results recently released by Woolworths Holdings Limited, Truworths
International Limited and Massmart Holdings Limited ("Massmart") have all
indicated growth in earnings as compared with the same period last year.
However, the Board believes that Wooltru's investors may not have fully taken
into account the start-up costs of In-the-Bag and substantial costs of clearing
the excess stock at Topics.
In addition, Wooltru's results will be impacted by the dilution in the group's
interest in Massmart, which arose out of the conversion of debentures and
Massmart's recent listing.
Accordingly, shareholders are advised that Wooltru's earnings for the six
months to 31 December 2000 are expected to be well below those reported for the
corresponding period last year.
The above matters will be dealt with fully in the announcement of the results
of Wooltru for the six months ended 31 December 2000, which the Board intends
to release on 15 March 2001.
20 February 2001
Financial advisors
CAZANOVE South Africa (Pty) Limited
(Registration number 98/11736/07)
Member of the JSE Securities Exchange South Africa
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Registered sponsor and
Member of the JSE Securities Exchange South Africa
Registration number 1995/001805/07
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