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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
Further to the announcement on 20 March 2006, shareholders are advised
that Lewis has now purchased an additional 3% of its own shares on the
open market through Lewis Stores (Proprietary) Limited ("Additional
Shares"), acting in terms of the general authority granted by
shareholders at a general meeting held on 5 August 2005 ("the General
Authority"). This has resulted in a cumulative repurchase of 6.36% of
its own shares.
In accordance with the Listings Requirements of the JSE Limited, the
following information is disclosed:
Repurchases of shares:
Additional Shares Cumulative
repurchases
Total number of shares 3,000,100 6.365,000
repurchased
% of the company"s ordinary
share 3% 6.36%
capital in issue
Total value of shares R 157 860 300 R 308 802 911
repurchased
Average price paid R52.62 R48.52
Highest price paid R57.00 R57.00
Lowest price paid R44.65 R41.75
Period of repurchases of 21 March 2006 to 21 September 2005 to
shares, 27 July 2006 27 July 2006
excluding closed periods
Number of shares which may
still be
repurchased by Lewis in 3,635,000 3,635,000
terms of the
General Authority
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:
1. the ability of Lewis to continue to pay its 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 Lewis exceed its liabilities, measured in accordance
with the accounting policies used in the group"s audited annual
financial statements for the year ended 31 March 2006 for a period of
12 months from the date of this announcement;
3. the ordinary capital and reserves of Lewis are adequate for its
requirements for the period of 12 months from the date of this
announcement; and
4. the working capital of Lewis is adequate for its requirements for
the period of 12 months from the date of this announcement.
Financial effects of the repurchase:
The table below sets out the effect that the share repurchase would
have had on the earnings and net asset value per share of Lewis, based
on Lewis"s audited annual financial statements for the year ended 31
March 2006. These financial effects have been prepared to assist Lewis
shareholders to assess the impact the share repurchase would have had
on the financial position and results of operations of Lewis. These
financial effects are the responsibility of the Lewis directors and
have been prepared for illustrative purposes only. Due to their nature,
they may not fairly present Lewis" financial position or results of
operations of Lewis.
Cents per share Before the After the % change
Repurchase Repurchase
(1)
Earnings (2) 461.2 472.0 2.34%
Normalised earnings (2) 521.2 535.3 2.71%
Headline earnings (2) 464.5 475.6 2.39%
Normalised headline
earnings(2) 524.6 538.9 2.73%
Net asset value (3) 2425.0 2331.4 (3.86%)
Tangible net asset value (3) 2425.0 2331.4 (3.86%)
Assumptions:
1. The numbers set out in the "Before the Repurchase" column has
been extracted from the annual results for the year ended 31
March 2006.
2. The earnings, normalised earnings, headline earnings and
normalised headline earnings per share in the "After the
Repurchase" column are based on the following assumptions:
- the total share repurchases were made on 1 April 2005; and
- an opportunity cost of 7.34% per annum before taxation
(5.21% per annum after taxation) has been applied to such
purchases.
3. The net asset value and tangible net asset value per share in
the "After the Repurchase" column are based on the assumption
that the shares were purchased on 31 March 2006.
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
28 July 2006
Sponsor: UBS South Africa (Pty) Ltd
Date: 28/07/2006 05:00:11 PM Produced by the JSE SENS Department
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