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LEW
LEW
Lewis Group Limited - Repurchase Of Ordinary Shares On The Open Market
Lewis Group Limited
(Registration Number 2004/009817/06)
Share Code: LEW
ISIN Code: ZAE000058236
("Lewis")
REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
Shareholders are advised that Lewis has now purchased 3 364 900 (3.36%) of its
own shares on the open market through Lewis Stores (Proprietary) Limited, acting
in terms of the general authority granted by shareholders at a general meeting
held on 5 August 2005 ("the General Authority").
In accordance with the Listings Requirements of the JSE Limited, Lewis discloses
the following:
Repurchases of shares:
Total number of shares repurchased: 3 364 900 (3.36% of the company"s ordinary
share capital in issue)
Total value of shares repurchased: R 150 942 611
Average price paid R 44.86
Highest price paid R 55.80
Lowest price paid R 41.75
Period of repurchases 21 September 2005 to 17 March 2006
excluding closed periods
Number of shares which may still
be repurchased by Lewis in terms
of the General Authority 6 635 100
The share purchases were funded from available funds.
Directors" statement:
The directors have considered the effect of the repurchases and are of the
opinion that:
- the ability of Lewis 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 Lewis and the group exceed their liabilities,
measured in accordance with the accounting policies used in the
group"s audited annual financial statements for the year ended 31
March 2005;
- the ordinary capital and reserves of Lewis 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 Lewis 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 Lewis"s unaudited interim financial statements for the six months ended
30 September 2005, the effect of the share repurchase on the earnings and net
asset value per share would have been as follows:
Cents per share Before the After the % change
Repurchase (1) Repurchase
Earnings (2) 163.4 165.0 0.98%
Normalised earnings (2) 222.5 226.1 1.64%
Headline earnings (2) 160.6 162.2 1 00%
Normalised headline earnings (2)219.7 223.3 1.62%
Net asset value (3 & 4) 2 154.9 2 165.7 0.50%
Tangible net asset value (3 & 4) 2 154.9 2 165.7 0.50%
Assumptions:
1. The numbers set out in the "Before the Repurchase" column are extracted from
the reported interim results for the six months ended 30 September 2005, except
for net asset values which have been calculated as per item 3 below.
2. The earnings, normalised earnings, headline earnings and normalised headline
earnings per share numbers in the "After the Repurchase" column represent the
earnings, normalised earnings, headline earnings and normalised headline
earnings per share based on the following assumptions:
- the shares were purchased on 1 April 2005; and
- an opportunity cost of 7.25% per annum before taxation (5.15% per annum
after taxation) was applied to such purchases.
3. The net asset value and tangible net asset value per share has been
calculated using the weighted average shares in issue.
4. The net asset value and tangible net asset value per share numbers in the
"After the Repurchase" column represents the net asset value and tangible net
asset value per share based on the assumption that the shares were purchased on
1 April 2005.
Stock exchange listing:
The shares repurchased will not be cancelled from the issued share capital of
Lewis, but will be retained by its subsidiary, Lewis Stores (Proprietary)
Limited.
Cape Town
20 March 2006
Sponsor: UBS South Africa (Pty) Ltd
Date: 20/03/2006 05:30:03 PM Produced by the JSE SENS Department
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