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FOSCHINI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1937/009504/06)
("Foschini")
REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
Shareholders are advised that Foschini has now purchased 7,458,900 (3.10%)
of its own shares on the open market through its wholly owned subsidiary,
Foschini Stores (Pty) Ltd, acting in terms of the general authority granted
by shareholders at a general meeting held on 14 December 2000 ("the general
authority").
In accordance with the Listings Requirements of the JSE Securities Exchange
South Africa, Foschini discloses the following:
Repurchases of shares
Total number of shares 7,458,900 3.10% of the
repurchased company's ordinary
share capital in
issue on the date of
granting of the
general authority
Total value of shares 45,837,935
repurchased (Rands)
Average Price Paid 6.15
(rands)
Highest price paid 7.25
(Rands)
Lowest price paid (Rands) 5.75
Period of repurchases 29 May
2001 to 24
July 2001
Number of shares which 40,640,748
may still be repurchased
by Foschini in terms of
the general authority
20% of the Company's
ordinary share
capital in issue on
the date of granting
of the general
authority, less the
7,458,900 shares now
repurchased
The share purchases were funded from available cash resources.
Directors' statement
The directors have considered the effect of the repurchases and are of the
opinion that:
the ability of Foschini and the group to continue to pay their debts in the
ordinary course of business will not be affected by the repurchases for the
period of 12 months after the date of this announcement;
the assets of Foschini and the group exceed their liabilities, measured in
accordance with the accounting policies used in the company's audited annual
financial statements for the year ended 31 March 2001;
the ordinary capital and reserves of Foschini and the group are adequate for
their requirements for the period of 12 months from the date of this
announcement; and
the working capital of Foschini and the group are adequate for their
requirements for the period of 12 months from the date of this announcement.
Financial effects of the repurchase
Based on Foschini's audited annual financial statements for the year ended
31 March 2001 and assuming that the shares had been repurchased on 1 April
2000, the effect on the earnings and net asset value per share would have
been as follows:
Cents per share Before the After the % change
repurchase repurchase
Earnings 48.8 48.8 +0.15
Headline earnings 50.1 50.2 +0.23
Net asset value 765.5 768.8 +0.44
Tangible net asset 759.0 762.1 +0.41
value
Assumptions:
1. The numbers after the share repurchase assume a loss of interest
received of 10.80% per annum before taxation (7.56% per annum after
taxation).
2. The earnings and headline earnings per share after the share repurchase
are based on Foschini's issued share capital less shares repurchased, but
not cancelled.
Stock exchange listing
The shares repurchased will not be cancelled from the issued share capital
of Foschini, but will be retained by the wholly owned subsidiary of the
Company, Foschini Stores (Pty) Ltd.
Cape Town
25 July 2001
Sponsor
UBS Warburg Securities (SA) (Pty) Ltd
A financial services group of UBS AG
Member of the JSE Securities Exchange South Africa
Registration number: 1995/011140/07
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