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EDGARS CONSOLIDATED STORES LIMITED
"Edcon"
Registration number 1946/022751/6
Incorporated in the Republic of South Africa
ISIN number : ZAE 000018388
Share Code : ECO
REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
Shareholders are advised that Edcon has now purchased 4 295 319 (7,48%) of
its own shares on the open market through its wholly-owned subsidiary,
United Retail Limited, acting in terms of the general authority granted by
shareholders at the annual general meeting held on 19 July 2001 ("the
general authority").
In accordance with the Listings Requirements of the JSE Securities Exchange
South Africa, Edcon discloses the following:
Repurchases of shares
Total number of shares 4 295 319 7.48 % of Edcon's
repurchased ordinary share
capital in issue on
the date of granting
of the general
authority
Total value of shares 108 124 697
repurchased (Rands)
Average price paid 25.17
(Rands)
Highest price paid 29.88
(Rands)
Lowest price paid 23.80
(Rands)
Period of repurchases 20 July 2001 to
27 February
2002
Number of shares which 1 449 141 10% of Edcon's
may still be repurchased ordinary share
by Edcon in terms of the capital in issue on
general authority the date of granting
of the general
authority, less the
4 295 319 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 Edcon 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 Edcon and the Group exceed their liabilities, measured in
accordance with the accounting policies used in Edcon's audited annual
financial statements for the year ended 31 March 2001;
the ordinary capital and reserves of Edcon 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 Edcon 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 Edcon's interim financial statements for the six months ended 29
September 2001 and assuming that the shares had been repurchased on 1 April
2001, 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 91.0 91.4 0.4
Headline 91.0 91.4 0.4
earnings
Net asset value 4019 4139 3.0
Assumptions
The numbers after the share repurchase assume a loss of interest received of
9,74% per annum before taxation (6,84% per annum after taxation).
The earnings and headline earnings per share after the share repurchase are
based on Edcon's issued share capital less shares repurchased, but not
cancelled.
JSE Securities Exchange listing
The shares repurchased will not be cancelled from the issued share capital
of Edcon nor will the JSE listing in respect of these shares be terminated.
They will be retained by the wholly-owned subsidiary of Edcon, United Retail
Limited.
Johannesburg
28 February 2002
Sponsor
Cazenove
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