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Woolworths - Results of share repurchase
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1929/001986/06)
ISIN ZAE000028288
Share Code: WHL
("Woolworths" or "the company")
RESULTS OF SHARE REPURCHASE OF ORDINARY SHARES BY WAY OF A GENERAL AUTHORITY
1. INTRODUCTION
HSBC Investment Services (Africa) (Pty) Limited is authorised to announce
that the company has cumulatively repurchased 28,673,206 ordinary shares
representing 3.1% of its ordinary shares on the open market through its
wholly owned subsidiary E-Com Investments 16 (Pty) Limited in accordance
with the general authority granted to the company at the annual general
meeting of Woolworths shareholders held on 21 November 2001 ("the share
repurchase").
2. DETAILS OF THE SHARE REPURCHASE
Total number of shares 28,673,206 3.1% of
repurchased Woolworths`
ordinary share
capital in
issue on the
date of
granting of the
general
authority
Total value of shares 115,060,879
repurchased (rands)
Average price paid 4.01
(rands)
Highest price paid 4.30
(rands)
Lowest price paid 3.68
(rands)
Period of repurchases 6 Nov 2001-
19 Jun 2002
Number of shares which 62,991,749 10% of
may still be repurchased Woolworths`
ordinary share
capital in
issue on the
date of
granting of the
general
authority, less
the
28,673,206
shares now
repurchased
3. SOURCE OF FUNDS
Repurchases to date have been funded from available facilities and future
repurchases will be funded on the same basis.
4. DIRECTORS` STATEMENT
The directors of Woolworths have considered the impact of the share
repurchase and are unanimously of the opinion that:
- the company and the group will be able in the ordinary course of business
to pay their debts for a period of twelve months from the date of this
announcement;
- the assets of the company and the group, fairly valued in accordance with
Generally Accepted Accounting Practice, will remain in excess of the
liabilities of the company and the group for a period of twelve months from
the date of this announcement;
- the issued ordinary capital and reserves of the company and the group are
adequate for the purposes of business for a period of twelve months from the
date of this announcement; and
- the working capital available to the company and the group is sufficient
for the company`s and the group`s requirements for a period of twelve months
from the date of this announcement.
5. FINANCIAL EFFECTS OF THE REPURCHASE
The table below sets out the financial effects of the share repurchase:
Before the After the Change
share share %
Repurchase Repurchase
Headline earnings per share 18.7 18.9 1.1%
(cents)1
Earnings per share (cents)1 7.4 7.2 (2.7)%
Net asset value per share 258.2 254.7 (1.4)%
(cents)1
Net tangible asset value 255.2 251.7 (1.4)%
per share (cents)1
Number of shares in issue 3 907.0 888.1 (2.1)%
1. The pro forma financial effects are calculated based on the results for
the six months ended 31 December 2001 assuming that the share repurchase to
date had been carried out on 1 July 2001.
2. The results after the share repurchase assume an after tax cost of funds
of 6.9% per annum.
3. As the shares are being repurchased by a subsidiary company of
Woolworths, such shares shall not be cancelled nor the share capital
reduced. However, for the purposes of calculating earnings per share,
headline earnings per share, net asset value per share and net tangible
asset value per share, the number of shares in issue after the repurchase by
the subsidiary has been reduced by the number of shares repurchased.
6. SHARES LISTED ON THE JSE
As the 28,673,206 shares have been repurchased by a subsidiary of
Woolworths, and not by the company itself, no application will be made to
the JSE Securities Exchange South Africa for the termination of the listing
of the repurchased ordinary shares in Woolworths.
21 June 2002
Cape Town
Sponsor
HSBC Investment Services (Africa) (Pty) Limited
Date: 21/06/2002 10:00:00 AM Produced by the SENS Department
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