(Registration number 1936/008278/06)
(Incorporated in the Republic of South Africa)
("Wooltru" or "the Company")
Share Code: WLO ISIN Code: ZAE000007993
Share Code: WLN ISIN Code: ZAE000008744
Share Code: WLOP ISIN Code: ZAE000008009
Share Code: WLP1 ISIN Code: ZAE000008017
Further realisation of assets
Cazenove is authorised by Wooltru to announce that the Wooltru 1982
Executive Share Purchase Trust (the "share trust") has realised R 80.4
million in cash through the sale of 8 500 000 Wooltru ordinary shares and
1 555 000 Wooltru "N" ordinary shares at a price of R 8.00 per share. The
shares were accumulated by the trust in anticipation of future employee
share awards, which, as a result of the proposed unbundling of Wooltru, are
no longer required.
The proceeds, which formed part of the liquid investments referred to in the
announcement issued on 21 November 2001, will be applied to the repayment of
the loan owing by the share trust to Wooltru. This payment will eliminate
Wooltru's remaining debt. The sale was effected by means of an accelerated
placing in which Cazenove acted as sole book-runner.
The balance of the loan owing by the share trust to Wooltru is repayable
when shares, held by employees in terms of the rules of the share trust, are
either taken up or become available for sale as agreements are cancelled.
Whilst the timing of the unbundling of the listed investments in Woolworths,
Truworths and Massmart is in no way affected by the repayment of the share
trust loan, an earlier repayment will facilitate the timing of the ultimate
liquidation of Wooltru. Accordingly, the Wooltru Board has instructed the
trustees of the share trust to procure the cancellation or early termination
of all employee agreements with the share trust within the shortest possible
time. Negotiations are currently under way which will enable the share
trust to be unwound by 30 April 2002 and the loan repaid.
At current market values, the further proceeds that would be received by
Wooltru would amount to approximately R85 million.
Financial Adviser to Wooltru
Cazenove
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