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WOOLWORTHS HOLDINGS LIMITED - RESULTS OF SHARE REPURCHASE OF ORDINARY SHARES BY
WAY OF A GENERAL AUTHORITY
WOOLWORTHS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1929/001986/06)
Share code: WHL ISIN: ZAE000028288
("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 a further 26 879 600 ordinary shares
representing 3% 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"). To
date, the company has cumulatively repurchased a total of 55 552 806 ordinary
shares representing an aggregate of 6.1% of its ordinary shares.
2. DETAILS OF THE SHARE REPURCHASE
Total number of shares repurchased 55 552 806 6.1% of Woolworths`
ordinary share
capital in issue on
the date of granting
of the general
authority
Total value of shares repurchased (rands) 235 898 409
Average price paid (rands) 4,25
Highest price paid (rands) 4,68
Lowest price paid (rands) 3,68
Period of repurchases 6 Nov 2001-
29 Oct 2002
Number of shares which may still
be repurchased 36 112 148 10% of Woolworths`
ordinary share
capital in issue on
the date of granting
of the general
authority, less the
55 552 806 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:
Restated for
Per annual report, cumulative 6.1% Change
30 June 2002 share repurchase %
Headline earnings per share
(cents) 1 44,0 45,5 3.4
Earnings per share (cents)1 28,5 29,1 2.1
Net asset value per share
(cents)1 264,2 258,4 (2.2)
Net tangible asset value per
share (cents)1 261,9 256,1 (2.2)
1. The pro forma financial effects are calculated based on the results for the
year ended 30 June 2002 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
7.2% per annum.
6. SHARES LISTED ON THE JSE
As the 55 552 806 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.
31 October 2002
Cape Town
Sponsor
HSBC
Date: 31/10/2002 05:45:44 PM Produced by the JSE SENS Department
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