| Tue 5 Mar 2002, 0:00 | | WOOLTRU LTD |
|
Share Code: WLO ISIN Code: ZAE000007993
Share Code: WLN ISIN Code: ZAE000008744
Share Code: WLOP ISIN Code: ZAE000008009
Share Code: WLP1 ISIN Code: ZAE000008017
Abridged Income statement
Unaudited Note 14
Six months ended Year ended
31 December 30 June
2001 2002 2001
Restated Restated
Notes Rm Rm Rm
Revenue 3 1 188,6 1 696,9 2 887,1
Continuing operations 5,9 23,4 37,9
Discontinuing operations 182,7 1 673,5 2 849,2
Cost of sales (547,2) (838,7) (1 334,2)
Gross profit 641,4 858,2 1 552,9
Continuing operations 5,9 23,4 37,9
Discontinuing operations 635,5 834,8 1 515,0
Depreciation and amortisation (32,9) (45,1) (86,8)
Occupancy costs (101,1) (147,8) (266,1)
Employment costs (182,8) (271,1) (494,7)
Other operating costs (111,7) (248,9) (560,6)
Profit from operations 212,9 145,3 144,7
Continuing operations (2,1) 10,4 (2,3)
Discontinuing operations 215,0 134,9 147,0
Finance costs (16,0) (39,5) (75,2)
Continuing operations (15,9) (25,4) (58,8)
Discontinuing operations (0,1) (14,1) (16,4)
Share of associates and joint
venture profit 4 152,1 128,0 207,7
Continuing operations - - -
Discontinuing operations 152,1 128,0 207,7
Net profit before exceptional items 349,0 233,8 277,2
Exceptional items 5 (189,4) (184,3) (167,3)
Continuing operations (24,6) (54,0) (83,0)
Discontinuing operations (164,8) (130,3) (84,3)
Net profit before taxation 159,6 49,5 109,9
Taxation (67,8) (44,4) (72,8)
Continuing operations - - (0,4)
Discontinuing operations (67,8) (44,4) (72,4)
Net profit after taxation 91,8 5,1 37,1
Minority interests (60,5) (51,2) (108,8)
Continuing operations - - (0,1)
Discontinuing operations (60,5) (51,2) (108,7)
Net profit/(loss) attributable to
ordinary shareholders 31,3 (46,1) (71,7)
Continuing operations (42,6) (69,0) (144,6)
Discontinuing operations 73,9 22,9 72,9
Number of shares issued (millions) 475,9 475,9 475,9
Weighted average number
of shares (millions) 475,9 468,8 472,3
Earnings/(loss) per share (cents) 6,6 (9,8) (15,2)
Diluted earnings/(loss) per share (cents) 6,0 (10,0) (15,9)
Headline earnings per share (cents) 6 46,5 31,2 18,7
Headline loss per share from
continuing operations (cents) 6 (2,8) (1,5) (8,5)
Special dividend (cents) 15,0 - -
(Declared and paid after the
accounting period)
Group analysis
Unaudited Note 14
Six months ended Year ended
31 December 30 June
2001 2002 2001
Restated Restated
Notes Rm Rm Rm
Segment revenue * 1 188,6 1 696,9 2 887,1
Truworths International 969,2 826,1 1 599,7
Topics 154,4 192,9 312,5
CAN - 591,9 792,0
Properties 11,6 24,1 46,3
Wooltru (includes interest received) 10,8 41,1 75,3
Interest and dividends received and
consolidation adjustments 42,6 20,8 61,3
Segment result ** 365,0 273,3 352,4
Truworths International 154,4 118,3 219,3
Topics 8,0 (22,3) (37,8)
CAN - 9,6 (104,5)
Properties 2,5 15,2 22,6
Wooltru (includes interest received
and paid) 13,4) (30,8) (90,3)
Woolworths - associate company 83,8 68,2 123,2
Massmart - associate company 73,3 57,9 84,5
Affinity Logic - joint venture (5,0) 1,9 -
Interest and dividends received, interest
paid and consolidation adjustments 61,4 55,3 135,4
* Excludes interest and dividends received except where indicated.
** Excludes interest and dividends received and interest paid except where
indicated.
Abridged balance sheet
Unaudited Note 14
Six months ended Year ended
31 December 30 June
2001 2002 2001
Restated Restated
Notes Rm Rm Rm
ASSETS
Non-current assets 2 216,9 2 423,5 2 249,4
Property, plant and equipment 315,6 596,4 344,9
Investment in associates 4 & 8 1 620,6 1 456,3 1 503,2
Other investments 8 36,6 20,4 57,7
Loans 242,9 343,7 340,6
Deferred tax 1,2 6,7 3,0
Current assets 1 299,9 1 648,9 1 458,4
Inventories 217,2 549,4 255,1
Trade and other receivables 753,4 821,2 841,5
Bank balances and cash equivalents 329,3 278,3 361,8
Total assets 516,8 4 072,4 3 707,8
EQUITY AND LIABILITIES
Equity 2 901,0 2 851,8 2 775,5
Ordinary shareholders' interest 2 459,5 2 474,6 2 359,0
Preference share capital 1,5 1,5 1,5
Minority interests 440,0 375,7 415,0
Non-current liabilities 160,8 225,2 168,0
Long-term liabilities: interest-bearing - 0,2 -
Long-term liabilities: interest-free - 33,2 14,9
Retirement benefit obligations 36,5 32,2 30,0
Deferred tax 124,3 159,6 123,1
Current liabilities 455,0 995,4 764,3
Short-term liabilities: interest-bearing 21,9 331,5 282,5
Trade and other payables 311,8 611,6 367,4
Amount owing to associate
and joint venture 69,3 46,8 59,4
Taxation 52,0 5,5 55,0
Total equity and liabilities 3 516,8 4 072,4 3 707,8
Net asset value per share (cents) 517 520 496
Abridged cash flow statement
Unaudited Note 14
Six months ended Year ended
31 December 30 June
2001 2002 2001
Restated Restated
Rm Rm Rm
Cash flow from operating activities
Cash generated from operations 185,5 44,3 22,9
Net investment income 84,7 16,2 124,7
Taxation paid (68,6) (91,2) (101,3)
Dividends paid (16,0) (49,5) (64,3)
Net cash inflow/(outflow) from operations 185,6 (80,2) (18,0)
Cash flow from investing activities
Net investment in property, plant
and equipment (22,6) (82,9) (5,7)
Net investment in subsidiaries
and businesses 24,6 - (11,1)
Net loans and other investments 108,9 46,0 (39,7)
Proceeds on restructuring of
profit guarantees - - 60,0
Settlement of long-term liability:
interest-free - (19,0) -
Net cash inflow/(outflow) from
investing activities 110,9 (55,9) 3,5
Cash flow from financing activities
Shares issued - 41,9 45,0
Shares repurchased (29,6) - -
Long-term borrowings repaid - (312,6) (325,2)
Net cash outflow from
financing activities (29,6) (270,7) (280,2)
Net increase/(decrease) in cash and
cash equivalents 266,9 (406,8) (294,7)
Net cash of associate no
longer consolidated (49,0) 83,7 83,7
Net cash inflow from Sportsgirl 0,3 7,2 15,0
Cash and cash equivalents at beginning
of period 19,9 215,9 215,9
Cash and cash equivalents at
end of period 238,1 (100,0) 19,9
Abridged statement of changes in
ordinary shareholders' interest
Unaudited Note 14
Six months ended Year ended
31 December 30 June
2001 2002 2001
Restated Restated
Rm Rm Rm
Ordinary shareholders' interest 2 359,0 2 559,6 2 559,6
Changes in accounting policies
prior year adjustment - (37,1) (37,1)
Movements for the period:
Share capital and share premium on
issue of shares - 40,6 40,6
Recognised gains and losses
Retained profit/(accumulated loss) 74,8 (162,6) (187,5)
Net profit/(loss) attributable
to ordinary shareholders 31,3 (46,1) (71,7)
Distribution to ordinary
Shareholders - (43,6) (43,6)
Net unrealised gains on
hedging instruments 23,4 - -
Transfer from/(to)
non-distributable reserves 20,1 (72,9) (72,2)
Non-distributable reserves 25,7 74,1 (16,6)
Exchange difference on
translation of foreign entities 45,8 1,5 9,1
Revaluation of land
and buildings - - (18,0)
Sale of land and buildings - (0,3) (79,9)
Transfer (to)/from retained
Profit (20,1) 72,9 72,2
Ordinary shareholders' interest
at end of period 2 459,5 2 474,6 2 359,0
Notes
1.The basis of preparation of the financial information complies with South
African Generally Accepted Accounting Practice and the accounting policies
used are consistent with those applicable for the 30 June 2001 financial
statements other than those mentioned in note 7.
2.The directors intend calling a shareholders' meeting in respect of the
distribution in specie of the investments in Woolworths, Truworths
International and Massmart. Wooltru Insurance Brokers, inthebag and the
major portion of the land and buildings have been disposed of during the
period. Final disposal documentation is in the process of being signed for
Topics and Affinity Logic. All of the above have therefore been disclosed as
discontinuing operations. Refer to the individual sections for further
details.
Six months ended Year ended
Dec 2001 Dec 2000 June 2001
Rm Rm Rm
3. Revenue
Sales, royalties and franchise fees 1 122,3 1 608,8 2 702,4
Interest received 50,6 52,9 116,6
Dividends received 3,6 3,8 8,7
Rental 11,2 23,0 44,4
Other 0,9 8,4 15,0
1 188,6 1 696,9 2 887,1
4. Share of associates and joint venture
profit includes dividends received
from associates of 51,8 38,3 77,1
5. The exceptional items relate to:
Impairment of group investment in
discontinuing operation - Topics (141,7) - -
Massmart promissory note unwind (34,1) - -
CNA disposal price adjustment 14,8 - -
Early realisation of CNA proceeds
Guarantee (5,2) - -
Unwind of lease agreement suretyships (2,1) - -
Unbundling expenses (3,6) (6,5) (7,6)
Disposal of Wooltru Insurance Brokers (3,4) - -
Disposal of inthebag 18,2 - -
Distribution from discontinuing
operation - Sportsgirl 0,3 7,2 15,0
(Decrease)/increase in attributable
shareholders' funds on issue of shares
by subsidiaries and associate (17,1) 138,6 182,0
Reversal of/(provision for) diminution
of shares in share purchase trust 19,3 (47,5) (34,3)
Profit on sale of land and buildings 12,8 0,2 75,5
Property developments write down - - (13,5)
Termination of IT contract - (89,8) (90,9)
Closure of Constantia Greetings, a
division of CAN - (33,1) (30,2)
Impairment of group investment in
discontinuing operation - CNA - (145,3) -
Loss on disposal of CNA - - (162,6)
Impairment of assets - - (8,6)
Restructuring of profit guarantees - - (35,0)
Provision against loan to joint venture - - (25,6)
Restructuring of operations - - (9,6)
Loss on disposal of JFK - - (2,2)
Payment in respect of Ivano - (2,5) (2,5)
Onerous contracts - - (1,4)
Restraint of trade - - (1,0)
Other 1,2 - (1,4)
(140,6) (178,7) (153,9)
Discontinuance of Country Road's
US operation (47,8) - -
Makro Woodmead fire 8,6 - -
Restructuring of operations (3,2) - -
Impairment of assets (2,2) - (5,4)
Loss on disposal of Sip 'n Save (4,2) - -
IT asset write off - (5,6) (6,0)
Other - - (2,0)
(189,4) (184,3) (167,3)
Taxation - - 17,9
Minorities (0,2) (3,5) (15,1)
(189,6) (187,8) (164,5)
6. Headline earnings per share
are calculated as follows:
Net profit/(loss) attributable to
ordinary shareholders 31,3 (46,1) (71,7)
Net exceptional items (note 5) 189,6 187,8 164,5
Re-inclusion of restructuring
costs in exceptional items (3,2) - (4,1)
Reversal of property development
write down in exceptional items - - (13,5)
Associates' goodwill write off 8,4 - 0,3
(Profit)/loss on sale of plant
and equipment (4,7) 4,5 12,8
Headline earnings 221,4 146,2 88,3
Headline earnings per share (cents) 46,5 31,2 18,7
Headline earnings per share from
continuing operations are
calculated as follows :
Headline earnings 221,4 146,2 88,3
Headline earnings from
discontinuing operations (234,9) (153,0) (128,4)
Headline loss from
continuing operations (13,5) (6,8) (40,1)
Headline loss per share
from continuing operations
(cents) (2,8) (1,5) (8,5)
7. In order to comply with AC 135 - Investment Property, the group changed
its accounting policies with respect to its investment property and owner
occupied property. Gains and losses arising from a change in fair value of
investment property are now included in net profit or loss for the period in
which they arise. As required by AC 135 the effect of this adoption is
reported as an adjustment to the opening retained earnings as at 1 July
2001. Owner occupied property is now reflected at original cost less
accumulated depreciation. This change in accounting policy has been effected
retrospectively. The group, except for Woolworths, an associate, changed its
policy with respect to providing for post retirement medical aid liabilities
from one of no provision to one of full provision as recommended by AC 116 -
Employee Benefits in the financial year to June 2001. Woolworths, an
associate, has retrospectively changed its policy in this respect in the
current financial period. The changes in accounting policies have resulted
in a prior year adjustment retrospectively being processed and comparative
figures being restated. The effects are as follows:
Effect on opening shareholders' interest:
Opening retained profit as
previously reported 597,8 597,8
Changes in accounting policies:
- post retirement benefits (24,2) (24,2)
- depreciation (12,9) (12,9)
Opening retained profit as restated 560,7 560,7
Current and comparative period profit effects:
Changes in accounting policies:
- post retirement benefits (2,6) (1,7) (3,3)
- depreciation (1,9) (2,1) (4,2)
- profit on disposal of
property - 0,4 0,4
Consequential impact on
exceptional items - 0,4 0,7
Net decrease in profits (4,5) (3,0) (6,4)
8. Investment in associates and other
investments include:
listed investments of 1 624,1 1 459,8 1 506,8
with a market value of 2 776,1 3 184,4 2 249,9
and unlisted investments of 33,1 16,9 54,1
which the directors value at 47,5 241,9 67,8
9. Commitments in respect of
capital expenditure:
approved by directors 40,1 47,1 104,3
contracted for 5,7 2,6 33,9
10. Unutilised banking facilities
amount to: 2 043,8 2 399,0 2 085,5
There is no limit on the group's
authority to raise interest-bearing debt
11. The group leases the majority of its land and buildings and a small
amount of equipment under operating leases. The lease agreements of certain
of the group's store and related premises provide for a minimum annual
rental payment and additional payments determined on the basis of turnover.
At the period end the group's future minimum operating lease commitments
were as follows:
Expiring within one year 166,9 289,9 172,9
Expiring later than one but not
later than five years 597,9 848,0 599,9
Expiring after five years 857,8 1 278,9 1 123,4
Contingent liabilities amount to 286,8 1 959,2 1 915,0
The Massmart promissory notes are reflected in contingent liabilities.
12. Other than for Massmart there is no material seasonal variation between
trading for the first six months and the second six months. It is
anticipated that the traditional seasonality of Massmart's business will
result in lower earnings in the second six months.
13. Certain comparative figures have been regrouped and restated.
14. The previously reported 30 June 2001 figures were audited. These
restated figures arise from the change in accounting policy set out in note
7 and such restatements have not been audited or reviewed by the group's
independent auditors.
UPDATE ON PROGRESS WITH THE UNBUNDLING
Considerable progress has been made since the announcement of the year-end
results, on 31 August 2001, the major aspects of which have been reported in
the financial press or on SENS.
In summary:
* The Wooltru guarantees in respect of the Massmart Promissory Notes have
been unwound.
* An agreement in principle has been reached with the management of Affinity
Logic for the sale by Wooltru of its holding in this company for an amount
of R45 million.
* Sales of property within the Kensington development have reached R124,5
million and other portfolio sales have realised R93,8 million.
* Agreements have been reached with participants that will enable the
Executive Share Purchase Trust to be unwound by the end of the financial
year. To date, as part of this process, Wooltru shares, held by the trust in
excess of its needs, have been sold for an amount of R80,4 million and
further sales and the repayment of participants' loans have brought in an
additional R28,5 million.
* An agreement, subject to certain conditions, has been reached with a
consortium for the sale of Topics for R15 million.
All borrowings have been repaid and at 25 February 2002 Wooltru had cash on
hand amounting to R70,6 million. Other than the listed investments, the
remaining assets held by Wooltru consist of the unsold balance of the
property portfolio, now valued by the directors at R69,7 million, debts due
from the Share Scheme, valued at approximately R60 million, and the debt due
from the purchasers of CNA for R50 million. When the agreements for the
sales of Affinity Logic and Topics become unconditional, further amounts,
totalling R60 million, will become due. Dividends amounting to R73,2 million
will be received from the listed investments in the middle of March. On the
basis that the unbundling will take place without Capital Gains Tax ("CGT")
or Secondary Tax on Companies ("STC") being incurred, it is anticipated that
expenditure of approximately R90 million will be necessary to cover costs
and liabilities to the date of the final liquidation of Wooltru.
Wooltru's investments in listed companies consist of 410 447 149 shares in
Woolworths Holdings Limited, 248 361 702 shares in Truworths International
Limited and 80 438 820 shares in Massmart Holdings Limited.
Wooltru's issued share capital consists of 198 741 877 Ordinary shares and
277 179 825 "N" Ordinary shares. In accordance with the rights to dividends
and capital, Wooltru intends that Ordinary and "N" Ordinary shareholders
will be treated equally in the unbundling.
Although all commercial requirements for the unbundling have been met,
certain aspects of the enabling legislation, in terms of which the
unbundling is to take place, require clarification before Wooltru can
proceed. This is to ensure that the company will qualify for the exemptions
from CGT and STC.
The first requirement in order to qualify for the various tax exemptions is
that all shares have to be distributed in specie to all shareholders.
Wooltru cannot comply with this requirement in respect of shareholders in
the USA and certain other foreign countries without an exemption from the
South African revenue authorities or an exemption from the foreign
authorities.
The second requirement is that not more than 50% of the assets of the
company being unbundled may consist of "financial instruments", as defined.
Under this definition, it is possible that Woolworths and Truworths will not
qualify for the exemption.
Wooltru is in ongoing discussions with the relevant authorities to obtain
clarity in regard to these issues, and will advise shareholders of progress
as and when appropriate.
GROUP RESULTS
The results of the group are not easily compared with the results of prior
years. The results of CNA, Wooltru Insurance Brokers and inthebag are
excluded from the current year's results. In addition, the rental base of
the property portfolio has been reduced through the realisation of
properties and the proceeds from these realisations have been applied to the
reduction of group borrowings.
The contribution to group headline earnings from Woolworths, Truworths and
Massmart increased by 27,2% to R230,3 million, in line with the strong
performances by each of these companies. Profits from discontinuing
operations (Topics, Affinity Logic, Properties, inthebag, Wooltru Insurance
Brokers and CNA) have increased from a loss of R28,0 million to a profit of
R4,6 million. The losses attributable to the ongoing activities of Wooltru
Limited increased from R6,8 million to R13,5 million.
Headline earnings increased by 51,4% to R221,4 million. Headline earnings
per share increased by 49,0% to 46,5 cents per share.
WOOLWORTHS
Woolworths Holdings increased revenue by 19,5% to R4,4 billion. Profit
before tax and exceptional items from continuing operations increased by
33,6% to R300,1 million. Headline earnings per share from continuing
operations showed an increase of 32,3% to 20,9 cents per share.
The decision to exit Country Road from the US market resulted in write-offs
and associated costs of R112,8 million after minority interests, which
restricted the increase in headline earnings from all operations to 14,0%.
Net profit before exceptional items grew by 23,8% to R285,4 million.
Trading in all divisions of Woolworths continued to grow encouragingly.
Turnover grew by 18,5% to R3,5 billion and profit before tax and exceptional
items grew by 26,9% to R289,8 million.
If the current performance in both South Africa and Australia continues,
management anticipates that results for the second half will be positive.
TRUWORTHS INTERNATIONAL
Revenue grew by 18,0% to R1,0 billion, resulting in a 31,8% increase in
operating profit before exceptional items to R197,3 million. Headline
earnings per share improved by 27,4% to 28,8 cents per share.
The positive trend in sales, which favourably impacted the results for the
first six months, continued through the period and trading was ahead of
plan. The increase in sales of 17,6% included like on like sales growth of
10,6%.
Management's outlook for the remainder of the financial year is cautious.
However, notwithstanding the current economic environment and challenging
market conditions, the positive trend in sales has continued in January and
February.
MASSMART
Sales increased by 33,4% to R8,0 billion and net profit before exceptional
items increased by 37,9% to R271,3 million. Headline earnings per share
increased by 40,8% to 102,5 cents per share. Headline earnings before the
incorporation of the results of the recently acquired Jumbo Cash and Carry
and the Browns and Weirs chains grew 32,0%. Like on like sales growth was
14,0%.
Each of the four major business segments reported profit before tax
increases well in excess of sales growth.
In the absence of a sharp deterioration in the South African economy,
management is confident that Massmart will continue to show a real growth in
earnings per share at the forefront of the retail sector. Sales growth for
the 34 weeks to 17 February 2002 was 37,0%.
TOPICS
Revenue decreased by 19,8% to R160,7 million, but net profit before
exceptional items improved from a loss last year of R18,9 million to a
profit of R11,9 million. Headline earnings improved to a profit of R8,8
million. These results incorporate the benefits of the Christmas trading
period. Historical second half trading patterns are such that Topics is
expected to show a break-even for the full financial year against a loss of
R28,2 million for June 2001, which reflects the steady turnaround in trading
performance brought about by the new management team.
The decrease in revenue is primarily accounted for by the closure of two
divisions (Kids and Mens) and the closure of certain stores. Like on like
sales decreased by 7,6%. Profitability was improved through improved margin
and control over operating expenses.
AFFINITY LOGIC
With the unwind of the profit warranties given to Datatec Limited, Affinity
Logic accelerated investments in the development of new service platforms
and a number of long-term outsourcing contracts were restructured and new
contracts entered into. These factors have impacted on the profitability for
the period under review and will continue to impact for the remainder of the
current financial year.
The contribution to Wooltru's headline earnings decreased from a profit of
R1,8 million, in the previous year, to a loss of R4,6 million.
SPECIAL DIVIDEND
Share Code: WLO ISIN Code: ZAE000007993
Share Code: WLN ISIN Code: ZAE000008744
As the unbundling of the listed investments has taken longer to effect than
was originally planned, the further receipt of dividends from Woolworths,
Truworths and Massmart was not anticipated at the time of the previous
statement on dividend policy. This statement was to the effect that no
further dividends would be paid, other than those that would be paid in
specie with the distribution of the listed assets and from the net proceeds
received from the realisation of group assets.
However, the directors are satisfied that the retention of the dividends
received from Woolworths, Truworths and Massmart at this stage is in excess
of the group's projected capital adequacy requirements and have therefore
decided to pass these dividends directly on to the Wooltru shareholders.
Accordingly, the directors have resolved to declare a special dividend of 15
cents per Ordinary and "N" Ordinary share to holders of the company's shares
reflected in the company's register on the record date Thursday, 28 March
2002.
Shareholders are advised that the last day of trade ("cum" the dividend) in
order to participate in the dividend will be Wednesday, 20 March 2002. The
shares will trade "ex" the dividend from commencement of business on Friday,
22 March 2002. The dividend will be payable in South African Rand on
Tuesday, 2 April 2002.
Share certificates may not be dematerialised or re-materialised between
Thursday, 14 March 2002, and Thursday, 28 March 2002, both days inclusive.
In accordance with the company's articles of association, the directors have
determined that dividend amounts of less than 500 cents due to any one
holder of the company's shares held in certificated form will not be paid,
but aggregated with other such amounts and donated to a registered charity
to be nominated by the directors.
ANNUAL GENERAL MEETING
It had been the intention to hold the AGM together with the shareholders'
meeting to be called to approve the unbundling of the listed investments.
The Registrar of Companies has approved an application to postpone the
holding of the AGM, which would otherwise have had to be held by 8 March
2002.
With the uncertainty surrounding the date of the unbundling, the directors
have decided to proceed with the AGM, which will be held on Thursday, 18
April 2002. Notice to this effect will be circulated to shareholders in due
course.
PROSPECTS
As previously stated, the value of Wooltru is no longer related to its
earning potential, but is a function of the realisable value of its
investments.
The value of the listed assets is determinable by reference to their share
prices as quoted on the JSE Securities Exchange South Africa. The property
portfolio is hoped to realise close to the directors' valuation and the
outstanding moneys are due within the next six months.
The delay in the unbundling is caused by the need to comply with the
requirements of the unbundling legislation.
The directors are actively pursuing all avenues to expedite the unbundling.
Shareholders will be kept informed of progress with these endeavours.
On behalf of the Board of Directors
J B Rabb J D Newton
Managing Director Finance Director
4 March 2002
Directorate and administration
Wooltru Limited (Registration number: 1936/008278/06)
Chairman: L A Tager*
Directors: J B Rabb (Managing), M J Lamberti, D M Lubner*,
M S Mark, J D Newton, S N Susman, J C van der Horst*
* Non-executive
Company secretary: r j mcwilliams
Registered office: 5 Corporation Street, Cape Town 8001, South Africa
Postal address: PO Box 671, Cape Town 8000, South Africa
Website: http://www.wooltru.co.za
Transfer secretaries:
Mercantile Registrars Limited
10th Floor, 11 Diagonal Street, Johannesburg 2001, South Africa
PO Box 7184, Johannesburg 2000, South Africa
Transfer Secretaries (Pty) Limited
Shop 12, Kaiserkrone Centre, Post Street Mall, Windhoek, Namibia
PO Box 2401, Windhoek, Namibia
Date: 05/03/2002 09:00:00 AM Produced by the JSE SENS Department
