LEWIS GROUP LIMITED - Repurchase of shares on the open market

Repurchase of shares on the open market

Lewis Group Limited
Registration Number: 2004/009817/06
Share Code: LEW
ISIN Code: ZAE 000058236
Bond Code: LEWI
(“Lewis” or “the company”)


REPURCHASE OF SHARES ON THE OPEN MARKET


1.   INTRODUCTION

     In terms of paragraphs 5.79 and 11.27 of the JSE Listing Requirements, shareholders are advised
     that Lewis has purchased 4 326 696 of its own ordinary shares, being 6.6% of the issued share
     capital as at the beginning of the share repurchase program ( “original issued share capital”). In
     terms of the general authority granted by shareholders at the company’s annual general meeting
     held on 22 October 2021, the company has the authority to conduct a general repurchase of
     shares of up to 10% of its original issued share capital. The cumulative repurchases in terms of the
     current authority is 9.9% and, therefore, the company can repurchase a further 0.1% of its original
     issued share capital.

     The general repurchase was effected through the order book operated by the JSE trading system
     without any prior understanding or arrangement between Lewis and the counter parties. Shares
     were repurchased during a prohibited period in accordance with a closed period repurchase
     program put in place prior to the prohibited period pursuant to paragraph 5.72 of the JSE Listing
     Requirements.

     The repurchase was funded from available cash resources.

2.   DETAILS OF THE REPURCHASE

      Dates of repurchase of securities:              Between 26 November 2021 and 1 June 2022
      Highest price paid per Share:                   R 52.00
      Lowest price paid per Share:                    R 42.69
      Number of Shares repurchased:                   4 326 696
      Value of Shares repurchased:                    R 215 838 020
      The number of Shares which may still be         84 158
      repurchased by the Company in terms of the
      General Authority:
      The percentage of Shares which may still be     0.1%
      repurchased by the Company in terms of the
      General Authority:
      Total shares in issue after the share           59 448 313 shares
      repurchase (Note 1):
      Number of treasury shares held after the        Nil.
      share repurchase
      Note 1: The 59 448 313 shares reflected above assume that all shares have been delisted by the
      JSE. At the date of this announcement, 3 392 590 shares repurchased still need to be delisted by
      the JSE. Application to delist these shares will be made in due course.

 3.   STATEMENT BY THE DIRECTORS

      The directors of Lewis confirm that, after considering the effect of the above share repurchases, for
      a period of 12 months after the date of this announcement:

      -   Lewis and its subsidiaries (“the group”) will be able in the ordinary course of business to pay
          its debts;
      -   the assets of Lewis and the group will be in excess of the liabilities of Lewis and the group;
      -   the share capital and reserves of Lewis and the group will be adequate for ordinary business
          purposes; and
      -   the working capital of Lewis and the group will be adequate for ordinary business purposes.


 4.   IMPACT OF SHARE REPURCHASE PROGRAM ON FINANCIAL INFORMATION

      The impact of the share repurchase program on the financial statements of the company and the
      group is not material. The net effect has been a cash outflow of R 216.6 million and a
      corresponding reduction in shareholder’s equity and will result in the interest earned on the cash
      resources being forgone in future.

5.    NEW AUTHORITY TO REPURCHASE SHARES

      Lewis will request a new authority to repurchase shares and will advise shareholders accordingly.


 Cape Town
 2 June 2022
 Sponsor: The Standard Bank of South Africa Limited

 Debt Sponsor
 Absa Bank Limited, acting through its Corporate and Investment Banking Division

Date: 02-06-2022 05:05:00
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