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Edgars Consolidated Stores Limited
"Edcon"
Registration number 1946/022751/6
Incorporated in the Republic of South Africa
ISIN number: ZAE000018388
Share Code: ECO
REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
Shareholders are advised that Edcon has purchased 5 744 460 (10%) of its own
shares on the open market, acting in terms of the general authority granted by
shareholders at the annual general meeting held on 17 July 2002 ("the general
authority") to purchase up to 10% of its own shares. The repurchase program
under this general authority has now been completed.
In accordance with the Listings Requirements of the JSE Securities Exchange
South Africa ("JSE"), Edcon discloses the following:
Repurchases of shares
Total number of shares repurchased 5 744 460
Total value of shares repurchased 319,087,154.31
(Rands)
Average price paid (Rands) 55.55
Highest price paid (Rands) 60.00
Lowest price paid (Rands) 38.85
1 August 2002 to
Period of repurchases 28 January 2003
(Excluding closed
periods)
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 30 March 2002;
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 28
September 2002 and assuming that the shares had been repurchased on 1 April
2002, 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 320.1 326.5 2.0
Headline 289.9 292.9 1.0
earnings
Net asset value 4 692.0 4 449.6 (5.2)
Assumptions
The numbers after the share repurchase assume a loss of interest received of
13.08% per annum before taxation (8.5% 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 5 744 460 shares repurchased will be cancelled from the issued share capital
of Edcon and restored to the status of authorised but unissued shares and the
shares that have been repurchased will be delisted.
Johannesburg
28 January 2003
Sponsor
Cazenove
Date: 28/01/2003 05:32:46 PM Produced by the JSE SENS Department
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