| Thu 4 Jul 2002, 0:00 | | Foschini - Repurchase Of Ordinary Shares On The Open Market |
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Foschini - Repurchase Of Ordinary Shares On The Open Market
Foschini Limited
(Incorporated in the Republic of South Africa)
(Registration number 1937/009504/06)
(Share Code FOS)
(ISIN Code ZAE000031019)
("Foschini")
REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
Further to the announcement made on 25 July 2001, shareholders are advised
that Foschini has purchased an additional 7 014 824 of its own shares, at a
cost of R52 531 179, 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, and renewed
at the Annual General Meeting of the company held on 4 September 2001 ("the
general authority"). This has resulted in a cumulative repurchase of 14 473
724 (6,02%) of its own shares.
In accordance with the Listings Requirements of the JSE Securities Exchange
South Africa, Foschini discloses the following:
Repurchases of shares
Total number of shares 14 473 724 6.02% of the
repurchased company`s ordinary
share capital in
issue on the date of
granting of the
general authority
Total value of shares 98 369 114
repurchased (Rands)
Highest price paid 8,85
(Rands)
Lowest price paid (Rands) 5,75
Average price paid 6,80
(Rands)
Period of repurchases 29 May
2001 to 2
July 2002
Number of shares which 33 625 924 20% of the Company`s
may still be repurchased ordinary share
by Foschini in terms of capital in issue on
the general authority the date of granting
of the general
authority, less the
14 473 724 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:
1. 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;
2. 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 2002;
3. 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
4. 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 2002 and assuming that the shares had been repurchased on 1 April
2001, the effect on the earnings and net asset value per ordinary share
would have been as follows:
Cents per share Before the After the % change
repurchase repurchase
Earnings 86,6 87,2 0,69
Headline earnings 87,9 88,5 0,68
Net asset value 808,7 807,3 -0,17
Tangible net asset 803,2 801,8 -0,17
value
Assumptions:
1. The numbers after the share repurchase assume a loss of interest received
of 10.35% per annum before taxation (7.245% per annum after taxation).
2. The earnings and headline earnings per ordinary 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
4 July 2002
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)
Date: 04/07/2002 05:10:00 PM Produced by the SENS Department
